Economic Policy NPP will restore macroeconomic stability, fiscal discipline - Akufo-Addo

Speaking at the Annual General Meeting (AGM) of the Ghana Employers Association (GEA), the New Patriotic Party presidential nominee also promised to prioritise Ghana's industrial and agricultural sector, adding that it will provide the country with an advantage in regional and global trade.

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Nana Akufo Addo has delivered a major speech about his plans for the economy, promising to restore macroeconomic stability and fiscal discipline.

Speaking at the Annual General Meeting (AGM) of the Ghana Employers Association (GEA), the New Patriotic Party presidential nominee also promised to prioritise Ghana's industrial and agricultural sector, adding that it will provide the country with an advantage in regional and global trade.

“A future NPP government, God willing will focus on four key areas which include building a strong resilient economy by restoring macroeconomic stability and ensuring discipline.

"These sectors provide the basis for Ghana to add value to its natural resources and optimise its comparative and competitive advantage in regional and global trade,” he said.

Akufo-Addo bemoaned the decline in the Ghanaian economy, attributing it to some counterproductive measures instituted by the ruling National Democratic Congress.

He, therefore, promised to reduces some taxes to give businesses the breathing space to expand.

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Regrettably, there is been recently a decline in the Ghanaian economy characterised by slow and stunted growth , high levels of unsustainable debt , high inflation, high interest rates and a weak and unstable currency.

“Some of the specific policy intervention is to shift the focus of the economic policy from taxation to production, removing import duties on raw materials within the context of the ECOWAS External Tariff,” he said.

The NPP leader has on various platforms promised to abolish import duties on raw materials in a bid to re-ignite manufacturing and industrial activity in the country.

He told businesses in Ashanti Region in July that the move will make local businesses competitive.

He said: "One of the first things we want to do to stimulate industrial production in Ghana is to remove import duties on industrial raw materials, we are going to do, because we have to put Ghanaian enterprises exactly where we are talking about to make them competitive, these are the things government does, …so manufacturing equipment will be zero rated.

"So Ghanaian enterprises can successfully compete with Chinese, Korean, Malaysians, Taiwanese because that is what we should be looking at etc that is why am calling you all to come on board."

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