President-elect, John Mahama, has pledged to implement key policies aimed at transforming Ghana’s economy and ensuring growth and stability.
Paramount to the incoming administration is to rationalise taxes and also reduce waste with the ultimate goal of repositioning Ghana as a prime destination for businesses or investments.
According to Mahama, this move will attract and motivate more investors to the country to help in absorbing the teeming unemployed youths and graduates.
Mr Mahama was speaking during a courtesy visit by the Ghana Pentecostal and Charismatic Council(GPCC) on Monday where he emphasised the need for reforms, particularly in the energy sector.
He noted that challenges with the sector if not urgently addressed could derail the progress made under the Debt Exchange and the International Monetary Fund (IMF) programmes.
“The priority really is the economy and even though the President was very upbeat about the growth in the third quarter, from the little briefing I have, the economy is still very weak and there are many areas we need to work on as quickly as possible especially the energy sector.
“It can derail everything we have done with regards to the debt exchange, IMF programme because the debts continue to pile up there.
“The ECG governance is in a very bad way, and so they are making commercial and technical losses of more than 32%. There’s no utility company that can survive with 32% commercial and technical losses and still continue to be a viable utility. So, as quickly as possible, we need to do reforms in the whole electricity value chain,” he said.
He stressed the importance of making Ghana a competitive destination for foreign investment by creating a more transparent and business-friendly tax regime to foster job creation for the youth.
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