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The Vice President and New Patriotic Party (NPP) presidential candidate, Dr. Mahamudu Bawumia, has pledged to reduce government spending and enhance private sector involvement in Ghana’s economy should he win the December 2024 election.
Addressing supporters at the Abuakwa R/C Primary School, during his ‘Community Connect Programme’ in the Atwima Nwabiagya South Constituency of the Ashanti region, Dr. Bawumia said he plans to allocate three percent of the country’s Gross Domestic Product (GDP) to private sector-led initiatives.
He believes that this measure will enhance job creation and help tackle youth unemployment.
“As a candidate, my next budget will cut government expenditure by three percent of GDP to benefit the private sector,” Dr. Bawumia stated. “This amounts to approximately GH₵30 billion, much of which will go towards infrastructure and roads, creating fiscal space and easing the burden on the government.”
He described the initiative as a long-term solution to economically empower Ghanaians.
Dr. Bawumia proposed a ‘Buy Ghana First Policy’ to prioritize locally produced goods within government agencies, aiming to reduce imports and strengthen local industry – benefitting local manufacturers, farmers, and service providers.
“By prioritizing made-in-Ghana goods and services, we will not only support local businesses but also create jobs and retain wealth within the economy,” he said, adding that government institutions would lead by example under the new policy.
The policy mandates government agencies to give preference to local products, from office supplies to construction materials, provided they meet quality standards, he said.
Dr. Bawumia outlined additional policies he envisions for economic reform, including a flat tax regime and tax amnesty among others geared towards the transformation of the country.
His tour of the Ashanti region included visits to Atwima Mponua and Atwima Nwabiagya North constituencies.
