The National Democratic Congress (NDC) says it will grant tax holidays to startup businesses and small and medium enterprises (SMEs) when voted into power.
Launching the party’s 2020 manifesto, the flagbearer, John Mahama said freeing startup businesses and SMEs from tax payment will give them the opportunity to facilitate growth and expansion.
According to him, the next NDC government will work towards formalising the informal sector since it accounts for about 90 per cent of employment but only contribute about 30 per cent to the Gross Domestic Product (GDP).
This, he says, his government will ensure to accomplish by encouraging the creation of small business associations (SBAs), assisting the sector through continuous simplification of compliance processes, strengthening the capacity of the National Board for Small-Scale Industries (NBSSI) and providing special financial support to market women and entrepreneurs.
Mr Mahama stated that manufacturing is a sector that the NDC hopes to revolutionalise, for example it will promote local production of hygiene products for women including sanitary pads and support its free distribution to school girls, revive the textile industry, establish agro-processing and manufacturing fund to facilitate investments, among others.
Speaking on domestic trade, he said the NDC will work together with related sectors and stakeholders to increase demand for locally manufactured goods by promoting Made-in-Ghana goods and assisting SMEs to upgrade their technology.
With export trade, it hopes to take advantage of the Africa Continental Free Trade Area (AfCFTA) to increase export of locally manufactured goods.
About the fate of some government institutions, the next NDC administration seeks to realign the Ministry of Trade and Industry (MOTI) with critical institutions like the Ministry of Finance (MoF), Ministry of Food and Agriculture (MoFA), the Ministry of Local Government and Rural Development (MLGRD) and the Ministry of Environment, Science, Technology and Innovation (MESTI) to deliver critical services to the private sector, as part of a comprehensive effort of creating a business- responsive and competitive environment.