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The Vice President of the NPP, Dr. Mahamudu Bawumia, has proposed amending the Fiscal Responsibility Act to manage government expenditure under his presidency and run a lean administration. According to the Ghana Chamber of Commerce and Industry, this is a step in the right direction.
Dr. Bawumia emphasized the importance of maintaining fiscal discipline during his recent speech to the nation outlining his vision following his election as flagbearer. He announced a number of measures, including amending the Fiscal Responsibility Act and significantly reducing the size of his government, to ensure that.
The Chamber of Commerce and Industry praised the NPP Flagbearer’s recommendations at a stakeholders’ meeting between Dr. Bawumia and the Chamber on Wednesday in Accra, stating that they will have a beneficial effect on the business sector.
“The Chamber supports your position to amend the Fiscal Responsibility Act to add fiscal rule that requires that budgeted expenditure in any year does not exceed 105% of the previous year’s tax revenue.”
“As indicated in your vision, the Chamber also acknowledged the need for government to partner with the private sector to provide public infrastructure. This will incentivize private businesses to contribute to infrastructure provision and reduce pressure on limited government revenue.”
Dr. Bawumia also declared that his administration will run a lean government with no more than 50 ministers and deputy ministers as part of his efforts to reduce government spending. The Chamber applauded this announcement and urged Dr. Bawumia to keep to it.
The Chamber also praised Dr. Bawumia for leading Ghana’s digitalization initiative, which it noted has had a positive effect on the nation’s businesses. Additionally, the Chamber welcomed Dr. Bawumia’s proposals to work with the private sector to deliver infrastructure and to create a new tax regime that would improve businesses and grant amnesty to both individuals and businesses.
Dr. Bawumia was also presented with other recommendations from the Chamber, which the Vice President accepted because they complemented his goals.
Source: Ghanatodayonline.com
