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Former President John Dramani Mahama has raised significant concerns regarding the current state of businesses in Ghana, particularly in the Ashanti Region, which he characterized as the “heart of business” in the nation. During his campaign in Kumasi, Mahama attributed the economic difficulties faced by the region to inadequate governance under the New Patriotic Party (NPP), which he claims has failed in numerous enterprises.
Mahama stated, “When considering business owners, traders, factory operators, and repairers, the Ashanti Region is a prominent economic hub in Ghana. Excluding this region makes it difficult to identify another area with such a concentration of economic activity. Consequently, any economic downturn or financial instability in Ghana is most acutely felt in the Ashanti Region.”
He emphasized the challenges encountered by business owners in the region, which he attributes to the policies enacted by the NPP government. Mahama pointed out that issues such as elevated taxes, excessive port duties, and a depreciating cedi have intensified since the NPP assumed power, despite the party’s prior commitments to rectify these issues.
“During the tenure of the National Democratic Congress (NDC), concerns regarding high taxes, excessive port duties, and the weakening cedi were prevalent. At that time, the exchange rate of the cedi to the dollar was 4 cedis, and the NPP criticized these challenges. However, upon taking office, the NPP has exacerbated the situation,” Mahama remarked.
He elaborated that the burdensome taxes and port duties have compelled some traders to seek alternative routes for importing goods. “Many traders are now unable to clear their goods at the Tema port due to exorbitant taxes. Consequently, some have resorted to using the Lomé port in Togo and hiring trucks to transport their goods to Ghana.”
Mahama also criticized Vice President Dr. Mahamudu Bawumia’s assertion that the government would transition Ghana’s economy from “taxation to production,” contending that the reality has been contrary to this promise. He noted that the increase in taxes has severely hindered businesses that could have generated employment opportunities, particularly for the youth.
“The commitment made by Dr. Bawumia to shift the economy from ‘taxation to production’ has not been realized. Instead, there has been a significant rise in taxes, leading to the collapse of numerous businesses that could have created jobs for the youth,” Mahama emphasized.
He provided specific examples to illustrate his point, lamenting the decline of the microfinance and banking sectors. “The microfinance sector has witnessed the closure of 200 companies, forcing former employees to seek alternative employment such as driving for ride-hailing services or baking bread. Similarly, the banking sector has experienced the failure of 11 banks, resulting in the loss of 1,000 jobs,” he added.
Mahama’s comments have ignited discussions among political and business communities, with many advocating for immediate action to address the prevailing economic challenges. As the campaign season progresses, the state of the economy and its implications for livelihoods remain pivotal topics of conversation.
Source:NKONKONSA.com
