RESETTING THE ECONOMY AND CREATING PROSPERITY FOR ALL

scrap the following draconian taxes within our first 100 days in office to alleviate hardships and ease the high cost of doing business: E-levy , COVID levy, 10% levy on bet winnings, emissions levy and import duty on vehicles and equipment imported into the country for industrial and agricultural purposes

apply the price Stabilisation and Recovery levy on fuel to cushion consumers

ensure prudent economic management to restore investor confidence, halt capital flight and spur on economic growth

Undertake a comprehensive reform of Ghana’s VAT regime to provide relief for households and businesses

stabilize the national currency and the macro-economy through an urgent economic recovery programme to shore up our foreign reserves

introduce various social intervention measures to alleviate the current economic hardships of Ghanaians and protect the poor and vulnerable.

Shift from over-reliance on the macro-economy; but rather prioritize the micro-economy and invest in the real sector to anchor sustainable growth.

implement an Economic Transformation Agenda (ETA), underpinned by structural reforms anchored on promoting modernized agriculture, agri-business and value addition for import substitution, exports and job creation.

reduce food inflation to lower the high cost of living in the country through agriculture for economic transformation

review and enforce the Fiscal Responsibility Act, 2018 (Act 982) and implement a Fiscal Consolidation Plan to ensure fiscal discipline under the supervision of an Independent Fiscal Council (IFC).

implement a fiscal policy framework to reset government’s priorities, cut down waste, and financial losses.

re-engage the IMF and complete the current programme

leverage new technologies including Artificial Intelligence (AI) to create a more robust, transparent, and responsive fiscal management systems

enhance revenue mobilisation

reduce government expenditure and cut down waste

reduce public debt to sustainable levels

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.

broadening the tax base

reviewing the extractive sector regime to enhance Ghana’s stake in our natural resources

reviewing the tax exemption regime to promote transparency, economic growth, technology transfer, and job creation

reviewing the Public Financial Management Act, 2016 (Act 921) and the Public Procurement Act, 2016 (Act 914) to plug leakages and reduce waste and corruption

reviewing and rationalising port fees to enhance trade competitiveness and maximise revenue

resuming the restructuring of the Ghana Revenue Authority (GRA) initiated by the previous NDC government to improve tax administration and compliance

operationalising the Independent Tax Appeals Board [ITAB]

enacting a Natural Resources Revenue Management Act (NRMA) to increase revenue from our mineral resources including green minerals and new finds

reviewing the Petroleum Revenue Management Act, 2011 (Act 815) to maximise petroleum revenue for development

harmonising and standardising the tax regime to ensure equity in tax administration for effective revenue mobilisation

diversifying funding options for development by the introducing Diaspora Bonds among others

pursuing membership of the Islamic Development Bank to broaden opportunities for development financing; and

implementing the Public-Private Partnership Act, 2020 (Act 1039) for infrastructure financing.

prioritise investments in the productive sectors of the economy

digitalise and harmonise government’s fiscal management systems for efficient expenditure management

enforce compliance with the Public Procurement Law to stop the abuse of sole-sourcing and other breaches

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

complete the Treasury Single Account Project started by the previous NDC government to ensure efficient management of public funds

revamp the Ghana Infrastructure and Investment Fund (GIIF) to undertake well-targeted and self-financing projects

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

reduce government expenditure by running a lean government that eschews profligacy and opulence

improve disbursements into the District Assemblies Common Fund (DACF) for local development

revive fiscal decentralization for local development

Determine a criteria for the grant of tax exemptions based on a measurable cost-benefit approach and a rigorous monitoring mechanism to ensure the state gain

re-activate the Sinking Fund and build strategic buffers for effective debt management

strengthen regulation of State Owned Enterprises to reduce contingent liabilities

constitute the independent Public Debt Management Office (PDMO) under the Public Financial Management Act, 2016 (Act 921) to manage public debt to sustainable levels

promote public-private partnerships and prioritise strategic self-financing projects to reduce government liabilities; and

prioritise capital investments over consumption-related expenditure in the utilisation of borrowed funds.

restructure the Bank of Ghana to strengthen its operational efficiency, fulfil its mandate to ensure price and financial stability, restore public confidence, and contribute to economic growth and job creation

launch a forensic audit into the illegal printing of money by the Bank of Ghana to finance the corrupt Akuffo- Addo/Bawumia government, which caused hyperinflation and pushed over 850,000 Ghanaians into poverty in the year 2022.

encourage collaboration amongst the Bank of Ghana and key ministries (Finance, Agriculture, Trade & Industry) to coordinate policy efforts to manage food price stability and support economic growth

ensure the Central Bank enforces its governing laws

adopt measures to curb and eliminate price fixing, price gouging, restrictive price maintenance schemes, and other anti-competitive trade practices that unjustifiably raise food prices to the detriment of most consumers in favour of a few predatory suppliers

reform the Bank of Ghana's monetary policy framework, including inflation targeting and liquidity management, to enhance job creation and sustainable economic development

push ahead with efforts to introduce a state-backed central bank digital currency (e-cedi) to help drive financial inclusion, improve payment efficiency, and enhance monetary policy implementation; and

leverage the Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL) and Ghana Commodity Exchange (GCX) and undertake measures to double agriculture’s share of credit from the banks.

overhaul the entire framework for foreign exchange management including market operations, the legal framework and strengthen the role of BOG in forex market oversight, market structure, reserve management, exchange rate policy, export promotion, and management of capital flows

review the Foreign Exchange Act 2006 (Act 723) to enhance cedi stability, boost investor confidence, prevent illicit financial transactions, support effective monetary policy, and promote a stable economic environment

investigate the NPP’s opaque Gold-for-Oil initiative and review the Gold Purchase Programme of the Bank of Ghana.

investigate BOG's Gold-for-Oil Programme, review and rationalise the Gold Purchase Programme

control monetary growth and liquidity to ensure cedi stability and competitiveness for expansion of exports and foreign direct investments

monitor all foreign exchange transfers and enforce forex surrender agreements

renegotiate agreements with mining firms upon expiry on the repatriation of export proceeds; and

promote export trade of value-added cocoa and other cash crops to improve foreign exchange earnings and job creation. 7

enhance financial services and the digital economy by revising the Payment System and Services Act 2019 (Act 987)

introduce a FinTech regulation to foster flexibility, innovation, and competition, to make financial services more accessible and affordable for all

enhance security and consumer protection by developing a national cyber security strategy, implement a robust fraud monitoring system, and create a Blacklisted Persons Database to ensure a safe and resilient digital financial environment

utilize advanced technology to improve and enhance risk management; and

establish a framework for financial data exchange, promote shared infrastructure for FinTechs and financial institutions, ensure efficiency, innovation, and a seamless digital transformation across the financial services industry.

reform the financial sector and support the development of modernized financial services for round-the-clock operations, enhance access to credit, improve consumer protection, and boost financial literacy and inclusion, drive economic growth and job creation in line with the 24-hour economy policy

reconstitute and strengthen the Financial Stability Advisory Council to maintain a sound and stable financial sector for sustainable economic growth and development.

intensify efforts to implement the financial sector strengthening strategy and augment the Ghana Financial Stability Fund (GFSF) to stabilize the sector

review and update the financial sector laws to modernize operations in the financial services industry for job creation and economic growth

enhance the supervisory structure for the financial sector through a twin-peak supervisory model that will separate prudential supervision and market conduct in the medium term

enact a Virtual Assets Service Providers’ Law (VASP Law) to enable regulation of the virtual assets services ecosystem (cryptocurrencies, digital fiat currencies, tokens, bitcoin, and blockchain technology etc.) by the Bank of Ghana and the Securities and Exchange Commission(SEC)

facilitate the use of blockchain and other emerging technologies to support and enhance government service delivery

set up a transparent, accountable, and effective framework to utilise unclaimed balances in the financial sector and ensure that these serve the broader public interest; and

Support cooperative credit union activity as well as other welfare groups to provide specialized financial services to members and enhance financial inclusion.

restore confidence in Ghana’s economy and on the domestic bond and capital markets.

update the capital markets master plan that was introduced by the Securities and Exchange Commission (SEC) in 2021 due to recent developments in the capital markets such as the DDEP

create a more dynamic, efficient, and attractive capital market that meets the needs of both issuers and investors and contributes to economic growth and development

upgrade trading platforms, clearing and settlement systems, and market surveillance mechanisms to deepen the capital market, ensure efficiency and attract more investors and issuers

attract more issuers, including state-owned enterprises, to list on the Ghana Stock Exchange (GSE) to enhance market liquidity and growth opportunities

exempt dividend tax for individuals and revise stamp duty to lower the cost of raising capital, review and update the securities industry regulations to promote activities such as securities lending, margin trading, and dispute resolution

facilitate the introduction of new financial products, including exchange-traded funds (ETFs), asset-backed securities, infrastructure bonds, derivatives, and Islamic financial products, diversifying investment opportunities and boosting market activity; and

restructure investment funds into a single Sovereign Wealth Fund to finance infrastructure projects, strengthen the private equity ecosystem, reform and recapitalize the Ghana Venture Capital Trust Fund to also provide risk capital for SMEs, to drive economic development.

launch a forensic audit into the NPPs collapse of indigenous Ghanaian banks and financial institutions at a supposed cost of GH¢25 billion.

conduct a forensic audit of the politically motivated banking sector clean-up, review stakeholder roles, and ensure the payment of locked-up investments, restoring trust and stability in the financial system

introduce differentiated minimum capital requirements for the local and foreign banks to promote a vibrant and diversified sector with specialized financing for businesses by reviewing the universal banking concept and amend the Banks and Specialized Deposit-Taking (BSDI) Act, 2016 (Act 930)

establish a National Women’s Bank to support female entrepreneurs to foster entrepreneurship, innovation and promote women-owned businesses

reform and strengthen Development Bank Ghana Ltd (DBG) to support various economic sectors, fostering sustainable development and economic growth through targeted financial assistance

create a regulatory framework for digital banks to operate and contribute to financial inclusion and innovation

tackle the high non-performing loans (NPLs), recapitalization of banks, risk management practices, and cybersecurity measures to ensure a robust and secure banking industry

establish a regulatory framework for the introduction of non-interest banking; and

strengthen the framework for Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) to mitigate risks, deter illicit activities, and foster a more secure and resilient financial environment.

promote increased indigenous participation and strengthen the financial services sector through new jobs that prioritize local talent to build a robust economy rooted in our local workforce

review the withdrawal of banking licenses by the NPP Government and implement fair arbitration to restore trust in our financial system and provide opportunities for experienced bankers who lost their jobs

enhance the regulatory and supervisory framework of the banking sector to ensure stronger corporate governance and financial stability

empower indigenous banks by establishing an Equity Fund to aid their recapitalization; and

promote local ownership of banks.

review and enhance the regulatory frameworks for savings and loan companies, rural banks, and microfinance institutions, to ensure efficient supervision a stable and resilient banking sector

develop a comprehensive framework to consolidate the SDIs to support SMEs

address the issue of insolvent Microfinance Institutions (MFIs) and the residual issues from the banking sector clean-up; and

promote financial inclusion in rural areas, increasing access to credit for smallholder farmers, and rural communities.

introduce a risk-based minimum capital regime to link minimum capital to the risks an insurance company carries

leverage GIRSAL to provide agricultural insurance products to protect small-scale commercial and large-scale farmers and lenders against risks from natural disasters

promote the use of Provident Funds and Tier 3 Funds as Group Life Insurance for workers

promote a regime of minimum local participation in foreign insurance companies in conformity with the Ghana Local Content Law

incentivize local insurance companies to take up equity stakes in international reinsurance entities

enforce the insurance of all public access facilities against fire and allied risks; and

enhance local value in the insurance sector by facilitating the setting up of additional local reinsurance companies. THE PEOPLE’S MANIFESTO, 2024

Review the legislative and regulatory framework for pensions to: a. allow contributing workers who lose their jobs suddenly due to natural disasters to be supported while they search for new opportunities; b. set up a Mortgage Assistance Fund to allow workers who have made Tier 2 contributions for a minimum period of fifteen (15) years to use their contributions as collateral to access mortgage loans; c. accommodate credit lump-sum payments to workers from age 50 years; and d. improve efficiency in service delivery and enhance the operational and financial efficiency of SSNIT

Restructure and strengthen the corporate governance of SSNIT for efficient pension fund management, enhance operations, and deliver dignified and financially secure retirement

Reduce old-age poverty by encouraging Ghanaians of all income brackets to invest towards their retirement by making defined pension contributions

Create value for contributors and pensioners by investing pension contributions in development projects with high returns

Implement the Mo-Ne-Yo Iniative to promote the uptake of special pension schemes for informal sector workers such as commercial drivers, commercial motorcyclists (Okada), small scale miners, farmers, fishermen, traders, market women, creatives and artisans, to improve the quality of their livelihood in retirement as part of the All-Covered-Pension-Programme

Ensure the efficient distribution of contributors' funds to listed pension firms and optimum benefits of contributors of a stable, profitable pension systems. KEY EXTRACTS - RESETTING THE ECONOMY AND CREATING PROSPERITY FOR ALL 2 reduce the tax burden on the Ghanaian 1 Implement the Mo-Ne-Yo people by scrapping the following taxes: to promote the uptake of E-levy, COVID levy, 10% bet winnings special pension schemes levy, Emissions levy, among others for informal sector workers review and enforce the Fiscal Responsibility Act, 3 leverage new 2018 (Act 982) and technologies including implement a fiscal Artificial Intelligence (AI) consolidation plan to to create a more robust, ensure fiscal discipline transparent, and under the supervision of responsive fiscal an Independent Fiscal management systems Council (IFC) reduce food inflation to 4 lower the high cost of restructure the Bank of living in the country Ghana to strengthen its through our agriculture operational efficiency, fulfil for economic its mandate to ensure price transformation agenda and financial stability, 6 restore public confidence, 5 and contribute to review the withdrawal of conduct a forensic audit of economic growth and job banking licenses by the the politically motivated creation NPP Government and implement fair arbitration banking sector clean-up, to restore trust in our review stakeholder roles, financial system and and ensure the payment of provide opportunities for locked-up investments, experienced bankers who restoring trust and stability lost their jobs to reclaim in the financial system their careers