Businesses likely to enjoy these ten benefits from NPP’s 2020 manifesto

Creating and maintaining a business climate that stimulates inclusive and sustainable industrial development must be at the core of any government’s effort to spur the growth of vibrant and competitive industrial sectors.

As part of efforts to improve the business environment in Ghana, the New Patriotic Party (NPP) government has embarked on a coordinated national programme to improve the environment for doing business in the country.

According to the party, the strategic objective is to put Ghana amongst the most business-friendly nation in Africa, through sustained improvement in the business regulatory environment.

This was announced at the launch of the party’s election 2020 manifesto on Saturday, August 22, 2020.

The 216-paged manifesto themed “Leadership of Service; Protecting Our Progress, Transforming Ghana for All” also outlines assurances of the things the party intends to do in various sectors of the economy if it wins the 2020 presidential elections.

 

Below are ten things the NPP manifesto promises to do for businesses if the party’s mandate is reinstated on December 7:

• A risk-based licensing and inspection system, and remove the license requirements for all companies that do not pose any health or public safety risk

• Modernise the legal framework for investment and businesses, including contract enforcement and the Borrowers and Lenders Act and Construction Sector LI

• Implement fully recently enacted business laws which include the Companies Act and Corporate Insolvency Law

• Introduce a single business identifier for interactions with all government agencies to reduce compliance cost and time for the private sector

• Introduce regulatory flexibility for MSMEs [Micro, Small and Medium Enterprises] to improve compliance post-COVID-19

• Introducing a specific tax regime for MSMEs with specialised, flexible provisions

• Offering online tax filing and payment for MSMEs

• Reducing the time required for VAT refunds for all companies,

• Introducing a risk-based system to make tax audits more efficient

• Prioritise payment of Government arrears owed to the private sector to increase liquidity availability.

 

Source: citibusinessnews

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