Vice-President Mahamudu Bawumia has held a town hall meeting to mark 100 days in office of the Nana Akufo-Addo administration.
At the event, which is being attended by key stakeholders, Bawumia is outlining the achievements of the administration in the the past 100 years.
He outlined strides he said the government has made in the area of the economy.
They are as follows:
Moving the Focus of Economic Policy from Taxation to Production, the government has:Â
-Abolished excise duty on petroleum.
-Abolished levies imposed on ‘kayayei’ by local authorities.
-Abolished levies imposed on religious institutions by local authorities.
-Abolished the 1% Special Import Levy.
-Abolished the 17.5% VAT/NHIL on domestic airline tickets.
-Abolished the 17.5% VAT/NHIL on financial services.
-Abolished the 17.5% VAT/NHIL on selected imported medicines, that are not produced locally.
-Abolished the 5% VAT/NHIL on Real Estate sales.
-Initiated the process to abolish duty on the importation of spare parts.
- Reduced National Electrification Scheme Levy from 5% to 3%.
-Reduced Public Lighting Levy from 5% to 2%.
-Reduced special petroleum tax rate from 17.5% to 15%.
Restoring Fiscal Discipline and Macro stability, government has:
Re-profiling Ghana’s public debt: USD2.25 billion cedi sovereign bonds, up to 15 year tenor, at 19.75%.
-Massive boost to our gross international reserves from $6 billion $8 billion.
-Reduced Inflation Rate from 15.4% to 12.8%.
-Allocated the cedi equivalent of $1million( GHs 4.1 million) to each constituency for economic development and poverty reduction.
-Restored confidence in the macro-economy by anchoring fiscal policy on the pillars of credibility, clarity and transparency.
-Replaced the 17.5 VAT/NHIL rate with a flat rate of 3 % for traders.
-Granted Capital Gains Tax Exemption on stocks traded on the Ghana Stock Exchange or publicly held securities approved by the SEC.
-The 2017 Budget returned Ghana back on to the path of fiscal consolidation with a budget deficit target of 6.5% of GDP.
-Government created fiscal space by capping of earmarked funds to 25% of government revenue and realigning expenditures to government priorities.
Restoring Fiscal Discipline and Macro stability, government has:
-Replaced the 17.5 VAT/NHIL rate with a flat rate of 3 % for traders.
-Granted Capital Gains Tax Exemption on stocks traded on the Ghana Stock Exchange or publicly held securities approved by the SEC.
-The 2017 Budget returned Ghana back on to the path of fiscal consolidation with a budget deficit target of 6.5% of GDP.
-Government created fiscal space by capping of earmarked funds to 25% of government revenue and realigning expenditures to government priorities.
Watch the video below: