Vice President Dr. Mahamudu Bawumia has reiterated his commitment to leveraging blockchain technology to promote transparency and efficiency in government operations. Speaking at the inaugural Ghana CEO-Presidential Manifesto GALA dinner in Accra, he outlined plans to implement a unified digital platform that would ensure traceability across all government transactions. This initiative forms part of his broader strategy to foster a business-friendly economy and combat corruption through digital transformation.
Dr. Bawumia emphasized the critical role of digitalization in driving economic growth. He highlighted the need for Ghana to embrace the fourth industrial revolution, which he believes will position the country as a leader in technological advancement. His administration plans to launch bold initiatives aimed at simplifying processes and improving the quality of life for citizens.
Tax Reforms and Business Incentives
As part of his vision for economic reform, Dr. Bawumia announced his intention to implement a flat tax rate if elected president in the 2024 general election. This policy would simplify the corporate tax system and streamline the value-added tax (VAT) structure by consolidating various levies into a single-line item. He explained that these changes would enable businesses to treat the merged levy as part of their input and output VAT, simplifying compliance and reducing administrative burdens.
He urged the business community to reinvest savings from these reforms into job creation and business expansion. He emphasized that his government’s focus would be on creating a tax regime that is straightforward, easy to enforce, and equitable for taxpayers.
Resilient Economic Framework
Dr. Bawumia outlined plans for introducing a flat rate import duty system, aimed at reducing port charges and making the import process more affordable. He noted that his administration would implement a radically restructured tax system starting in 2025, designed to be user-friendly and less dependent on the discretion of tax officials.
He assured business leaders that these measures would support the growth of a resilient economic framework capable of delivering inclusive development. Addressing challenges faced by Ghana and its regional counterparts, he pointed out that his policies would position the country to overcome common economic hurdles and thrive in the global economy.
Harnessing Emerging Technologies
Highlighting the transformative power of emerging technologies, Dr. Bawumia underscored the importance of blockchain, artificial intelligence, data analytics, cloud computing, and the Internet of Things. He stated that these technologies have the potential to disrupt traditional industries and drive innovation. Through his digitalization agenda, he aims to equip young Ghanaians with the tools to harness these advancements, fostering a culture of innovation and technological leadership.
Dr. Bawumia expressed confidence in his ability to guide Ghana through this technological transformation, emphasizing that his digital initiatives have already demonstrated his readiness to lead the nation toward a more prosperous future. He called on voters and the business community to support his vision, promising that his policies would drive sustainable economic growth and position Ghana as a leader in digital innovation.
