The IEA presidential town hall debate is underway at the Kempinski Hotel in Accra.

Seven presidential candidates are contesting this year's election but only three are on hand this evening to face the jury and the electorate.

The two leading candidates in the 2016 elections, president John Mahama of the National Democratic Congress and the flagbearer of the New Patriotic Party Nana Akufo-Addo are missing.

So too are Nana Konadu Agyeman Rawlings of the National Democratic Party and the Convention People's Party Ivor Greenstreet.

However, three candidates- Dr Papa Kwesi Nduom of the Progressive People's Party, Dr Edward Mahama of the People's National Convention, Joseph Osei Yeboah, an Independent Candidate are poised to take advantage of the absence of the two leading candidates to answer questions and explain their policies to the electorate in the hope that the electorate will vote  them into power in December. 

The theme for this year's debate is: "Reinforcing the pillars of Ghana's democracy." The moderator is Samson Lardy Anyenini. The debate focuses on three prong areas- Economy private sector and industrialization.

The candidates will have two minutes within which to introduce themselves after which the questions will be fired at them.

Introduction

Dr Edward Mahama begins with the round of introduction. He wants to reduce tax rate and cut down wastage in the system.

Dr Kwesi Nduom

I am Local boy from Elmina desperate to change this country. It is unfortunate that the man who has mismanaged the country for eight years is not around to account for his stewardship. I will change that with not more than 40 Ministers of state. I  will bring national discipline and improve industrialization with a proper petro chemical industry in the oil sector in the Western Region.

Joseph Osei Yeboah

The no party president, he describes himself. You can govern a nation democratically without a political party. To industrialise every natural resource the country is endowed with. Has the skill to work with all human resources. The best from all parties to work together. Stand for an all inclusive government.

Question 1 How will you achieve fiscal discipline, reduce national debt and increasing revenue.

Mahama

Spread the tax net. We spend more than we bring in. We will balance budget by matching income with expenditure. If anything there will only be budget deficit of 3% and not more than that. Will concentrate on agriculture and cottage industry which have the potential of rescuing the economy of this country.

Nduom

We are dangerous times. It is time to be lean. Will not use state funds to fund campaigns in power. Mahama will leave me with a huge problem if elected because much of the resources have been spent on campaign. We will stop the showcase projects, no fancy flyovers. Who is going to pay for that. Will channel roads into farming areas. Corruption is one area siphoning our monies. Our money is being dashed left right and centre with no accountability. You cannot run effective administration without technology. An important element is the use of technology in government.

Jacob Osei Yeboah (JOY)

We are running an expensive democracy. The billboards all around must be paid for. Single Spine Salary is part of the problem. Increasing salaries without reducing employment is part of the problem. We must create wealth as a nation by industrializing. We will inculcate a pre-auditing system of public finances. There also has to be the visibility of the public finances. We must expand tax net to include informal sectors.

Question 2: Interest Rate at 33% too high. What will you do to reduce the high interest rate

Nduom

The plan is to utilize the Pension law. I was part of the people who conceived the pension system and the need to reform the pension system but the went to Parliament and it was distorted where people then thought the private sector had to be brought in. The way to regulate is to look at the performance of the pension funds which will not be given out for frivolous project. The 401k PLAN in the US has helped in reducing high interest rate and it must be adopted.

JOY

Interest rate has to do with risk. The higher the rate the higher the risk. National Electronic Data Infrastructure will be introduced and we have to reduce the risk. Enterpreneurial bank will be established. When a young man has an idea he will discuss it with the bank upon which he will be given credit to start the business. A deliberate policy must be put in place.

Mahama

There is lack of productivity which must be looked at and government must the lead in ensuring there is higher productivity. Government is borrowing too much because it is spending more than it is generating. If houses numbered and real estate taxes are paid, revenue could be generated. Corruption is problem, especially at the ports. Government revenue is leaking and we need to seal all loop holes.

Question 3: State and explain three topmost actions that you will take to create jobs and reduce unemployment

Mahama

Agric is one way to generate employment. And through value addition in agric sector, employment can be generated. Afram plains is a fertile land. Poultry feed factories will be established. Kids will be fed with poultry. In two to three farming seasons, unemployment will be reduced to about 40%. Agric does not mean everybody must go to the farm. Value addition is important and will provide jobs.

Nduom

He wants a practical way of producing jobs. Provide market, reduce purchasing power and come up with positive attitude. On the issue of market, unless there is market for rice, it will be fruitless to engage in rice farming. In 4 years rice importation will be eliminated and 1 million jobs will be created. The same applies to yam chips. Purchasing power through the use of local materials. In my hotels the rule is that nothing is purchased outside which can be produced in Ghana. Finally a positive attitude towards entrepreneurship can help.

JOY

There is a gap between education and job market. There will be the merger between the education and industries. The data of the people will be used to its maximum benefit. There has to be a reorientation of students when they are out of school. High unemployment is a national security risk. Unemployment benefit will be given. 

How do you ensure tax burden is reduced

JOY

Every country needs taxes but we need to optimize the taxes through the use of a proper national electronic data infrastructure.

Nduom

Lazy man's approach to taxation. Energy everyone needs taxes so government slaps taxes on energy. Officials don't ask how to help companies to produce more so they can pay taxes. Rather they use taxes as punishment and come demanding if companies have paid their taxes.

Mahama

Corruption is part of the problem. Between Mills and Kufuor monies were chopped. When people borrow money they can easily change their locations if there is no address system. Will fire minister that is corrupt. If you are a minister and you chop money they take you to the presidency. Post harvest losses is another area to concentrate on.

There is a five minutes break

Two questions from Energy.

What are the pragmatic measures to take to provide sustainable power?

Mahama

The problem of Ghana's energy is not one of installed capacity. Government is not spending over its budget. Energy drives the whole economy. Dumsor collapses the whole economy. The PNC administration will negotiate with Burkina Faso authorities to release more water for use at Akosombo so that the six turbines will be used out of which Burkina can be given power. Solar power can be explored.

Nduom

Political interference in the energy sector is a problem. The rush to find a solution has led to costly solution. The leadership problem has led to bad solutions. They enter to deals to make money. You generate power, transmit and distribute then you bill and collect money. What we have done now is no solution to the problem. What we have is increase in demand. A competent political actor who will stand out of way and let the technocrats do their work. Government must pay its debt. The third solution is through solar. It is feasible.

JOY

Energy conservation is the way forward. I wrote a letter to president warning him about how Kapower and Ameri will not work yet my caution was disregarded. Biogas can also serve a dual purpose of sanitation and energy challenge.

Question: How do you make electricity affordable to non residential customers without endangering the power sector?

Mahama

Increase availability of power. Even through waste to energy.

Nduom

In a short term it will be tough because of the high taxes. It cannot be gotten rid of. The first thing is reduce tax element and to give tax incentives for other power alternatives to be explored

How do you make VRA financially viable?

JOY

We must learn to pay for the electricity we consume. The policy to subsize will not help. VRA and ECG must operate at optimal capacity. Realistic tariffs must also be paid. My government will not necessarily see high cost of tariffs. Industries are now subsidising residential users.

Nduom

How did that debt come about? When the VRA was exporting power there was no such debt. We need a good financial solution that will not over burden the consumers. Professional politicians must stand aside so the technocrats must solve the problem. The hanging debt on our necks will affect us.

Mahama

Political interference is a problem. Gas meant for VRA is diverted elsewhere for political reasons. There is the circling of debts between ECG, VRA which starts with corruption in the system. VRA itself has to be efficient. They are better paid but are inefficient. If corruption can be plucked the problem will be solved.

The debate ends. The second town hall debate comes off at in Takoradi on the 29 November, 2016.