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John Mahama calls out government over failed campaign promise
Former president John Dramani Mahama has called out the governing New Patriotic Party (NPP) government for failing to stick to its campaign promise of taxing businesses less and increasing production.
Speaking at the 7th Ghana CEO Summit and Expo in Accra on Monday May 22, 2023, he said excessive taxing of businesses has seen some companies close down, while others have relocated to neighbouring countries.
Mr Mahama stated that “Having family and friends who own businesses, I know about the endless tax audits dating back several years that you continue to face. The call to appear at EOCO (the Economic and Organized Crime Unit), the harassment over social security payments, multiple fees and charges for clearing imports and exports at the ports, etc.”
“Indeed, there are many of you today who use the free port of Lome to import your goods and track them all the way into Ghana because of the plethora of fees and charges that we have at our ports. In any case, who can tell me what happened to the famous mantra, and I quote ‘from taxation to production? There is dwindling production and gargantuan taxation.”
Mr Mahama indicated that despite the taxes the government has placed on businesses, the conditionalities of the government’s programme with the International Monetary Fund (IMF) will see many more businesses face some challenges going forward.
He said the government did not only fail to increase production and aid businesses but has also caused Ghana to lose its position as the best place to do business in West Africa.
Mr Mahama berated government officials for lying to Ghanaians with “doctored fiscal and budget data” about the state of the economy last year, only to run to the IMF to seek a bailout.
“The higher tax burden imposed recently and the government’s agreements with IMF to remove the majority of VAT and duty exemptions is a very challenging environment for businesses that have decided to remain in Ghana despite the poor investment climate that has been created by this administration.”
“Government’s agreement with the fund to increase electricity and water tariffs quarterly creates an additional burden. And let’s face it as captains of industry, you know that Ghana has lost her pride of place as the best place to do business in West Africa. The flowers that attracted you to set up your businesses in Ghana are gradually withering away,” he said.
Mr Mahama promised that if elected into office, his government will ensure meaningful partnerships with the private sector both domestic and foreign for sustainable growth, to unleash the potential of the private sector to contribute its share to uplifting the Ghanaian economy.
“I do not see the private sector as merely an avenue to fund our taxes,” he noted.
Source: Myjoyonline
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
