The New Patriotic Party (NPP) has outlined plans in its manifesto to offer a one-time tax amnesty to all Ghanaians and corporate entities. This initiative includes: A tax amnesty for the payment of taxes from previous years and the waiving of interest and penalties for failures to file taxes in previous years.
This policy is intended to allow taxpayers to start afresh, effectively “wiping the slate clean” for everyone in Ghana.
Andrew Atariwini, the Deputy Communications Director for the NPP in the Upper East Region, provided further insight into this policy. He explained that the tax amnesty is designed to provide relief for individuals and businesses with existing tax debts. While the program is not expected to impact current government revenues significantly, it aims to encourage debt forgiveness, allowing taxpayers to reinvest their savings into expanding and growing their businesses.
Drawing a parallel to the United States’ bankruptcy system, Mr. Atariwini described how the tax amnesty could stimulate economic growth and job creation. He stated that by enabling businesses to retain more of their capital, the policy is intended to foster expansion and, in turn, increase employment opportunities. The ultimate goal is to create a more conducive and dynamic business environment. “It’s similar to how the U.S. handles bankruptcy—when a business declares bankruptcy, the government doesn’t collect taxes from them. Instead, they are encouraged to use those resources to expand or reestablish their business,” he said.
“We believe that stimulating the economy in this way will certainly trigger job creation. The key takeaway is that we want to make the business environment more friendly, robust, and attractive,” he added.
Regarding the party’s industrialization strategy, Atariwini provided an update on the One District, One Factory (1D1F) initiative. He reported that significant progress has been made in establishing factories and integrating existing organizations into the policy framework. “Many of the factories we discussed are now operational. Those that were already established have been realigned to fit into the policy and are already making an impact. Their role in the economy has grown, reflecting the increased input they provide,” he said.
While acknowledging that the full benefits of this initiative might take several years to materialize, he stressed the importance of ongoing industrialization efforts to achieve self-sufficiency in Ghana. “Our work was to introduce a policy that lays the groundwork for Ghana to become self-sufficient. Industrialization is crucial, and we have started laying the bricks for it,” Atariwini emphasized.
Atariwini also addressed concerns about government borrowing, asserting that while borrowing is inevitable, efforts will be made to minimize excessive debt. He underscored the necessity of borrowing as part of a broader economic strategy, noting that even developed nations, such as the U.S., have significant debt. “The government can never say it won’t borrow. Even the U.S. is in debt,” he said.
Source: A1Radioonline.Com | 101.1 MHz | Gifty Eyram Kudiabor | Bolgatanga
