There is renewed hope and a sense of excitement
in the Ghanaian Private Sector after NPP Running Mate to Nana Akufo-Addo, Dr.
Mahamudu Bawumia disclosed at his State of the Ghanaian Economy Lecture last
week, that the next NPP administration, will reserve 70% of all taxpayer funded
contracts and procurement for local businesses.Speaking at the National
Theatre last week Thursday, Dr. MahamuduBawumia after deflating the current
NDC’s economic record, outlined a list of concrete policies a Nana Akufo-Addo
government will implement to revive the Ghanaian economy and transform
Ghana.
After listing a number of taxes the NPP will abolish or reduce to
provide the space for the Ghanaian private sector to grow and employ more of the
millions of jobless youth, Dr. MahamuduBawumia also added a revolutionary policy
that is geared at giving the local private sector the boos it has deserved all
these years to become profitable and competitive globally.
He stated:
“The NPP believes in empowering the Ghanaian private sector. We will pass
legislation to require that at least 70% of all taxpayer-financed contracts and
procurements be executed by local corporate entities.”
This pledge, which
will obviously ensure that the local private sector is able to build its
capacity and further ensure that Ghanaian taxpayer money is by and large
retained in the economy, has been met with great enthusiasm from private sector
players who have described the policy as an out of the box policy which will
finally catapult the nation and its private sector into the era of growth and
competitiveness.
Noting that this virtual “buy local policy” is a path
Ghana should have embarked on long ago, industry players have compared this
policy to similar policies in Gulf countries like the UAE and many other
countries across the globe, which has not only led to a boom in such economies,
but made their local businesses competitive across the
world.
Youth, Women, Persons with disabilities
thrilled
Furthermore, Dr. MahamuduBawumia also disclosed that
30% of the 70% to be reserved for local businesses, will be given as far as
possible to entities owned by the Youth, Women and Persons with
disabilities.
“In addition, the NPP will introduce a policy requiring
that at least 30% of the required 70%, as far as possible, be sourced from
entities owned by youth, women and people living with disabilities”, he
said.
This policy which received thunderous applause together with the
70% for local businesses mother policy, is creating huge waves particularly
among the youth who feel that with such a commitment, the youth can now venture
boldly into business and contribute their skills and brainpower to national
development especially in emerging sectors like ICT. |
