Vice-President, Dr. Mahamudu Bawumia, says the Akufo-Addo government’s sound economic management is “confusing some people”.
He said it is understandable that some are finding it hard that a government grows an economy from 3.7% to 7.9% within a year, despite implementing a revenue-depleting public expenditure.
He said this at an entrepreneurship summit organised by the National Youth Authority (NYA) in collaboration with the Commonwealth Alliance of Young Entrepreneurs (CAYE).
Listing efforts of the government to improving the economy for the benefit of entrepreneurs, Dr. Bawumia mentioned the downward review of utility tariffs by 30% for businesses as a recent step to help businesses.
“This is something that many people thought was not possible…people thought this must be election talk…but we knew it was possible.”
He also mentioned the removal of import on VAT on over a thousand items in 64 commodity imports. This he said, adds to the abolition and reduction of 15 taxes in its first year.
“Remarkably, we are doing all this while balancing the books,” he said.
“People are a little confused about how this government can come into office, inherit this big deficit with economic growth at 3.6%, promised to do 15 tax cuts, brings free SHS, restores teacher training and nursing training allowances, reduce electricity tariff and yet you grow the economy from 3.7% to 7.9% in the same year.
“This is what we call good economic management”.
Vice President Bawumia was also full of praise for young entrepreneurs for creating their own jobs and persisting with it when the economy fell into “trying times”.
He called it “an honour and deep privilege to stand before” them as he delivered the keynote address at the entrepreneurship summit organised by the National Youth Authority.
“Nothing can replace the feeling of earning an income just by your own effort”
“It may not be regular and may not be much for starters but you can tell the tingling feeling of fulfillment when an idea you designed begins to bear fruit.
“President Nana Akufo-Addo and his government deeply appreciate that at a time when it is perhaps easier to sit down and wait for jobs, this cohort of Ghanaians who have made hard choices to stand on your feet.
“We salute you, we cherish you, we applaud you”, he showered praises on the over 250 young business owners assembled at the Accra Digital Center.
He said the government is responding to their efforts by creating an economic environment that helps them thrive.
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