As Ghana approaches the 2024 general elections, the nation finds itself at a critical juncture, with leading presidential candidates unveiling their economic visions.
National Democratic Congress (NDC) flagbearer John Dramani Mahama, New Patriotic Party (NPP) flagbearer Dr Mahamudu Bawumia, Movement for Change Leader Alan Kyerematen and independent candidate Nana Kwame Bediako, popularly known as Cheddar, have all outlined ambitious plans to restore and transform Ghana’s economy.
In a recent address, Mr Mahama articulated his vision to steer Ghana back to economic stability, promising a comprehensive recovery plan to address the country’s current financial woes.
The NDC Flagbearer emphasized within the first 120 days, his administration would focus on rebuilding key economic sectors, restoring investor confidence, and implementing social policies to alleviate the hardships faced by Ghanaians.
The governing NPP Flagbearer, Dr. Mahamudu Bawumia also presented his roadmap for Ghana’s future.
Dr Bawumia, known for his expertise in economics and digitalization, revealed 14 key policies his administration would prioritize if elected.
He pledged to continue the work started under President Akufo-Addo, emphasizing the importance of continuity and the need for innovative solutions to propel Ghana into a new era of prosperity.
Former Trades Minister and now Movement for Change Leader Alan Kyerematen has also promised a comprehensive 15-pillar plan to transform the economy.
Alan calls it ‘The Great Transformation Plan’.
Meanwhile, Nana Kwame Bediako, or Cheddar, has emerged as a wildcard in the race, bringing fresh perspectives as an independent candidate.
Cheddar is set to introduce what he calls the “12 Pillars of Economic Freedom.”
According to him, these pillars reflect his entrepreneurial background and focus on economic empowerment, wealth creation, and reducing dependency on foreign aid.
In this article, The Ghana Report political desk will delve into the economic plans presented by these four candidates, providing an in-depth analysis of their proposals.
By examining Mahama’s strategic 120-day initiative, Bawumia’s comprehensive policy agenda, Alan Kyerematen great transformation plan and Cheddar’s bold pillars of economic freedom, this article will offer insights into how each candidate plans to tackle Ghana’s challenges.
John Dramani Mahama and his 120-day to-do list.
On Saturday, August 24, the NDC unveiled its manifesto for the 2024 general elections.
At the launch in Winneba, the party’s presidential candidate criticized the NPP government for what he described as abysmal performance.
He highlighted issues such as high inflation, currency depreciation, and rising unemployment taking a toll on Ghanaians.
Mr Mahama then pledged to tackle all these issues in his first 120 days in office with 26 bold measures.
He calls it a social contract with the people of Ghana.
1. Robust code of conduct and standards for all government officials in line with the principles of ethical leadership, modesty, humility, integrity and accountability.
2. Nominate within the first 14 days the complete list of Cabinet Ministers for parliamentary approval.
3. Constitute the leanest and most efficient government under the fourth republic in my first 90 days in office.
4. Establish a robust code of conduct and standards for all government officials.
5. Hold a National Economic Dialogue to discuss the true state of the economy and prepare a homegrown fiscal consolidation programme to guide the budget.
6. Within my first 90 days in office, scrap the following draconian taxes to alleviate hardships and ease the high cost of doing business: E-levy, COVID levy, 10% levy on bet winnings, and Emissions levy.
7. Within my first 90 days in office, review taxes and levies on vehicles and equipment imported into the country for industrial and agricultural purposes.
8. Commence drafting needed legal amendments and prepare for implementing the 24-Hour Economy Policy under the Office of the President.
9. Establish an Accelerated Export Development Council (AEDC) to promote exports as part of a broader strategy for economic transformation.
10. Convene a national consultative conference on education to build consensus on needed improvements to the sector.
11. Implement the ‘No-Academic-Fee’ policy for all first-year students in public tertiary institutions—universities, colleges of education, nursing training institutions, etc.).
12. Introduce the following social interventions: Free Tertiary Education for Persons with Disabilities, the Ghana Medical Care Trust (MahamaCares) Fund.
13. Commence the distribution of free sanitary pads to female students in primary and secondary schools.
14. Institute inquiries and/or forensic audits into the following matters of public interest: The collapse of Indigenous Ghanaian banks and financial institutions at a supposed cost of GHS25 billion, illegal printing of money, the US$58 million National Cathedral scandal, illegal and inflated single-sourced contracts, COVID-19 expenditure scandal, PDS, Agyapa, SML, Ambulance spare parts deal, 13th African Games, Sky Train, Pwalugu Dam, Maths Sets, Galamsey Fraud, missing excavators and tricycles, Sputnik-V, BOST Scandal, and others…
15. Institute a government policy banning political appointees from purchasing state assets.
16. Allocate seed money for the establishment of the Women’s Development Bank.
17. Launch the following priority job creation programmes in the first budget: ‘Adwumawura’ Programme, ‘National Apprenticeship Programme’ and ‘One Million Coders Programme’.
18. Commence the review of the Customs (Amendment) Act 2020 to scrap the law banning the importation of salvaged vehicles to rescue the local automotive industry at Suame Magazine, Kokompe, Abossey Okai, among others.
19. Lay before parliament a new bill to streamline government scholarship administration, prohibit political appointees from accessing government scholarships, and eliminate political patronage, cronyism, nepotism, and corruption in awarding government scholarships.
20. Ban illegal and new mining activities in forest reserves. Roll out our ‘Tree for Life’ and Blue Water Initiative’ to heal and sustainably harness the environment by turning areas and water bodies degraded by illegal mining into economic and ecological recovery hubs.
21. Launch ‘The Black Star Experience’ initiative as Ghana’s flagship Culture, Arts and Tourism brand to transform Ghana into a preferred tourism destination.
22. Commence investigative processes to purge state security agencies of all militia and vigilante elements.
23. Re-open investigations into major unresolved criminal cases including the 2020 election killings, Ayawaso West Wuogon by-election violence, and murder of Ahmed Hussein-Suale and Silas Wulochamey.
24. Initiate a probe into the man-made disaster caused by the VRA’s spillage from the Akosombo and Kpong Dams that displaced and destroyed the livelihoods of thousands of citizens in the Volta, Eastern, and Greater Accra.
25. Initiate immediate steps to compensate the flood victims, including those in the Oti, Bono East and Savanna regions.
26. Carry out a shakeup of all loss-making SOEs and realign them to break even and transition into profit-making.
Dr Mahamudu Bawumia and his 14 key economic commitments
On Sunday, August 25, at the Movenpick Ambassador Hotel, Dr. Bawumia outlined his key priorities, emphasizing his vision for a prosperous and secure Ghana.
“I’ve outlined my 14 key commitments to the Ghanaian people,” Dr. Bawumia stated.
1. Institutionalising the ‘Gold for Oil’ programme to anchor the Ghanaian currency
2. Sustaining and expanding Ghana’s rebounding economy
3. Creating new job opportunities
4. Rolling out tax-reforms
5. Building Ghana into a world-class economy
6. Reduce the cost of living
7. Expand public infrastructure
8. Provide better healthcare for all citizens
9. Implement affirmative action plan for women and girls
10. Expand educational opportunities for the youth
11. Ensure good governance and curb corruption
12. Care for the older people
13. licensing regime for small-scale miners
14. protecting the environment, boosting sports, creative arts, and tourism, and enhancing border security while keeping neighbourhoods safe
Alan Kyerematen and his 15-pillar transformation plan
The Great Transformational Plan according to Alan Kyerematen is a blueprint for Ghana’s economic transformation and outlines robust policy prescriptions and practical steps towards building an enterprise economy in the country.
1. consolidate all existing government departments, agencies, and other public sector organisations that had overlapping mandates into a single administrative unit
2. reduce government spending and financing of the infrastructural projects by at least 60 per cent
3. introduce innovative private sector financing using models such as Build, Operate and Transfer.
4. undertake a comprehensive review of government spending to reduce the national public expenditure to GDP to a target not less than 10 per cent.
5. a reform of the country’s tax structure” to focus more on direct taxes than indirect taxes.
6. abolish levies, including the COVID-19 Levy and import levy on spare parts.
7. introduce policies to address the use of foreign currency in domestic transactions
8. a review implementation of the One District One Factory programme.
9. accelerate the growth of 10 new strategic industries, such as vehicle assembly and component manufacturing, garment and textiles, and pharmaceuticals.
10. abolish the existing practice of cocoa external loan syndication
11. issue domestic bonds and securities to mobilise cedis to buy cocoa from farmers
Nana Kwame Bediako and his 12 Economic pillars
The New Force Movement leader has described the manifesto as a comprehensive roadmap aimed at transforming the nation’s economy and uplifting the lives of Ghanaians.
Pillar 1- 16 Regional Industrial Revolution
Pillar 2- Ghana’s First Water Transportation & Sub-Regional Railway
Pillar 3- Energy City & Technology Hub
Pillar 4- Reserves Reserves Reserves
Pillar 5- National Sovereign Wealth Fund
Pillar 6- The SSNIT Revolution
Pillar 7- Industri-Cation (Industrialization + Education)
Pillar 8- Environmental & Human Rights Protection
Pillar 9- The “Apostolic” Government
Pillar 10- Ghana’s First $50 Billion
Pillar 11- National Security and Data Protection
Pillar 12- Sports and Creative Industry