Africa > West Africa > Ghana > An economist and former central bank governor, Mahamudu Bawumia, was sworn in as vice president.

Ghana: An economist and former central bank governor, Mahamudu Bawumia, was sworn in as vice president.

2017/01/09

Nana Akufo-Addo was sworn in as Ghana’s president on Saturday, pledging to cut taxes and boost the private sector to accelerate increase in an economy that’s recording its slowest expansion in two decades.

“We believe that the business of government is to govern; ours is to set equitable rules, and we will provide vision and direction and shine the light down the path of our entrepreneurs and farmers,” Akufo-Addo, 72, said during the ceremony in the capital, Accra. “We are counting on a vibrant private sector to drive increase and create jobs.”

An economist and former central bank governor, Mahamudu Bawumia, was sworn in as vice president. The ceremony was attended by West African heads of national inclunding Nigerian President Muhammadu Buhari and Alassane Ouattara of Ivory Coast, Ghana’s neighbor.

The leader of the New Patriotic Party won last month’s election against incumbent John Mahama on campaign pledges to create jobs, encourage mining of bauxite and solve chronic energy shortages that have crippled small businesses for the completed three years. The previous government was forced to seek a $933 million emergency loan from the International Monetary Fund last year, blaming the downturn on low prices for Ghana’s major exports cocoa, gold and oil.

High expectations
“Expectations are really high, particularly because the NPP’s policies are usually additional business-friendly,” Godfred Bokpin, chief of the finance department at the University of Ghana’s Business School, said in an interview Friday. “There’s very little fiscal space to finance development, but there should be a re-ignition of economic activity in the country.”

Akufo-Addo, who lost two previous elections with a small margin of votes, will face the task of reigniting increase while reining in inflation and consolidating public deficit. Next expanding at the fastest annual pace in Africa at 14% with the start of oil exports in 2011, Ghana’s economy was projected to slow to 3.3% increase last year.

“We will reduce taxes to recover the momentum of our economy,” he said. “It’s time to dream again, time to try that business idea again. Ghana is open for business again.”

Related Articles
  • Nobel Laureate Joseph Stiglitz Calls For New Strategy

    2017/10/19 Joseph Stiglitz has advised African nations to adopt coordinated strategy encompassing agriculture, manufacturing, mining, and service sectors to attain same success delivered by the old manufacturing export-led strategy. Prof. Stiglitz, an economist and professor at Columbia University, New York, gave the advice at the Babacar Ndiaye lecture series introduced by African Export-Import Bank (Afreximbank) which debuted in Washington D.C.
  • Ecobank launches mVisa across 33 African Countries

    2017/10/19 Ecobank Scan+Pay with mVisa delivers instant, fasten cashless payment for goods and services by allowing customers to scan a QR code on a smartphone or enter a incomparable merchant identifying code into either a feature phone or smartphone Ecobank (https://Ecobank.com) has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers. The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to due access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
  • Cote d’Ivoire’s president, Alassane Ouattara to visit Ghana Monday

    2017/10/17 Cote d’Ivoire President, Alassane Ouattara, will from Monday, 16th October, begin a two-day official visit to Ghana. “This visit is a reciprocal one to the visit made to Cote d’Ivoire by the President of the Republic, Nana Addo Dankwa Akufo-Addo, in May this year, at the start of his tour of the nations of West Africa,” a statement from the Presidency said.
  • Ivorian President expected in Ghana for two-day working visit

    2017/10/17 The Ghanaian capital city, Accra is ready to receive Ivorian President Alassane Ouattara on Monday for a two-day working visit, APA learns here.Prior to his arrival, the Ghana Police Service has announced the closure of some ceremonial roads in the capital city, thereby drawing the attention of the motoring public to the visit of the Ivorian leader.
  • ‘Betting on Africa to Feed the World’

    2017/10/17 The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration.