NDC government’s fiscal policy to be anchored on a 24-hour economy strategy

The next National Democratic Congress (NDC) government’s fiscal policy would be anchored on a 24-hour economy strategy to enhance productivity, maximize production, create sustainable jobs, and transform Ghana into an import-substitution and export-led economy.

The 2024 flagbearer, former President John Dramani Mahama, explained that the next government under his administration will roll out a fiscal policy strategy to enhance revenue mobilization, reduce government expenditure and cut down waste, and reduce public debt to sustainable levels.

Former President Mahama stated in the 2024 Manifesto “Resetting Ghana: Jobs, Accountability, and Prosperity.”

In the NDC 2024 manifesto, the former President said his new administration will reduce consumption-related expenditure and increase capital investments to spur economic growth and job creation and reduce the fiscal deficit progressively in accordance with the Fiscal Responsibility Act.

The flagbearer said “The next NDC government will enhance revenue mobilization and create an equitable and efficient tax system by broadening the tax base and reviewing the extractive sector regime to enhance Ghana’s stake in our natural resources.

“We will review the tax exemption regime to promote transparency, economic growth, technology transfer, and job creation; review the Public Financial Management Act, 2016 (Act 921) and the Public Procurement Act, 2016 (Act 914) to plug leakages and reduce waste and corruption."

“We review and rationalize port fees to enhance trade competitiveness and maximize revenue; resume the restructuring of the Ghana Revenue Authority (GRA) initiated by the previous NDC government to improve tax administration and compliance; and operationalize the Independent Tax Appeals Board (ITAB),” he said.

Former President Mahama noted that the next NDC government will enact a Natural Resources Revenue Management Act (NRMA) to increase revenue from our mineral resources, including green minerals and new finds, and review the Petroleum Revenue Management Act, 2011 (Act 815) to maximize petroleum revenue for development.

He said his government will also harmonize and standardize the tax regime to ensure equity in tax administration for effective revenue mobilization; diversify funding options for development by introducing Diaspora Bonds, among others; and pursue membership in the Islamic Development Bank to broaden opportunities for development financing.

Mahama urged the electorate to vote massively for him and NDC Parliamentary Candidates across the country to enable him to implement policies to reduce the burden most Ghanaians are going through under the current regime of Akofu-Addo-Bawumia.

“The next NDC government will implement the Public-Private Partnership Act, 2020 (Act 1039) for infrastructure financing,” he said.

To ensure prudent expenditure management, former President Mahama said “The next NDC government will ensure fiscal discipline by rationalizing government spending to promote efficiency, economic growth, and job creation.

“We will prioritize investments in the productive sectors of the economy; digitalize and harmonize the government's fiscal management systems for efficient expenditure management; and enforce compliance with the Public Procurement Law to stop the abuse of sole-sourcing and other breaches.”

He said the next NDC government will restore the contract database and management system created by the NDC in 2010 to ensure accountability, transparency, and efficient administration of government contracts.

“We will complete the Treasury Single Account Project started by the previous NDC government to ensure efficient management of public funds and revamp the Ghana Infrastructure and Investment Fund (GIIF) to undertake well-targeted and self-financing projects.

“We revise the Earmarked Funds Capping and Realignment Act, 2017 to free statutory funds (such as the GETFUND, NHIL, Road Fund, Student Loan Trust Fund (SLTF), etc.) for their mandated objects; and reduce government expenditure by running a lean government that eschews profligacy and

Opulence,” he promised in the manifesto, based on which he is making a strong case for Ghanaians to vote for the NDC.

Former President Mahama also promised to improve disbursements into the District Assemblies Common Fund (DACF) for local development; revive fiscal decentralization for local development; and determine a criterion for the grant of tax exemptions based on a measurable cost-benefit approach and a rigorous monitoring mechanism to ensure the state gain.

Former President Mahama therefore appealed to Ghanaians to vote massively for him to become the next President of Ghana to implement the laudable indicators and reset the economy from the mess the NPP has plunged the nation into.

The NDC Election 2024 Flagbearer also called on the electorates to vote for NDC parliamentary candidates to enable the party while in government to also have a majority in Parliament.