A/R: Mahama bemoans NPP's economic policies which have ruined Ghana's 'heart of business'

Former President John Dramani Mahama has expressed great concern over the state of businesses in the Ashanti Region especially.
Speaking during his campaign in Kumasi, Mahama bemoaned the collapse of many businesses, and blamed poor governance under the New Patriotic Party (NPP) for the economic challenges plaguing the region he described as the country’s ‘heart of business’.
“When considering business owners, traders, factory operators, and repairers, the Ashanti Region stands out as a significant hub in Ghana,” Mahama said.
“If you exclude the Ashanti Region, it is challenging to find another area with such concentrated economic activity. This is why, whenever there is an economic downturn or financial instability in Ghana, its effects are most strongly felt in the Ashanti Region.”
Mahama highlighted the struggles faced by business owners in the region due to policies implemented by the NPP government. He pointed out that issues such as high taxes, excessive port duties, and the weakening cedi had worsened since the NPP took office, despite the party’s earlier promises to address these problems.
He explained the high taxes and port duties had forced some traders to seek alternative routes for importing goods.
“Many traders can no longer clear their goods at the Tema port due to exorbitant taxes. As a result, some now use the Lomé port in Togo and hire trucks to transport their goods to Ghana,” Mahama noted.
He also took a swipe at Vice President Mahamudu Bawumia’s campaign promise to shift Ghana’s economy from “taxation to production,” stating the reality had been the opposite.
Mahama noted increased taxes had crippled businesses that could have created jobs, particularly for the youth.
“The promise made by Dr Bawumia to shift the economy from ‘taxation to production’ has not materialised. Instead, taxes have increased significantly, leading to the collapse of many businesses that could have provided jobs for the youth,” Mahama emphasized
Citing specific examples, he lamented the downfall of the microfinance and banking sectors.
“The microfinance sector has seen the closure of 200 companies, leaving former employees to resort to ventures such as driving for ride-hailing services or baking bread. Similarly, the banking sector has experienced the collapse of 11 banks, resulting in the loss of 1,000 jobs,” he said.
The former president’s remarks have sparked debate among political and business circles, with many calling for urgent measures to address the economic challenges. As the campaign season intensifies, the state of the economy and its impact on livelihoods remain central to the discussions.
With Ghana going to the polls on Saturday, December 7, 2024, Mr Mahama is the National Democratic Congress (NDC) flagbearer.
Source: classfmonline.com
Trending News
President Mahama appoints Alhaji Said Sinare as Ghana’s Ambassador to the Kingdom of Saudi Arabia again
02:50Ashanti Regional police commander pledges justice for slain Kusasi chief
13:19Heated debate in Parliament over Mahama Care Bill as MP calls for urgent action amid Minority's pushback
11:45President Mahama launches coastal protection project to defend vulnerable communities
17:02Mahama gov't inherited a ‘crime scene economy’ – Finance Minister Ato Forson
15:19Minority on quest to only entertain angry NPP supporters -Mahdi Jibril
13:03Parliament debates controversial ‘Mahama Care’ bill to tackle chronic illness burden
11:24Vice President calls for stronger regional unity in fight against money laundering and terrorism financing
16:55'Cedi no apicki’ – Finance Minister declares amid strong currency gains
14:58NPP rudderless is bound to keep them in opposition for quite a long time – Alhaji Said Sinare declares
12:23