• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Dr Bawumia proposes realignment of Gov’t expenditure towards private sector; pledges cut in spending to 3%-5% of GDP

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
135
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Dr Bawumia proposes realignment of Gov’t expenditure towards private sector; pledges cut in spending to 3%-5% of GDP

Vice President Dr. Mohammed Bawumia, has revealed plans to realign government expenditure towards the private sector, promising significant fiscal reforms should he be elected President in the upcoming December 2024 elections.

Dr Bawumia articulated a vision where the government reduces its expenditure to between 3% and 5% of GDP, translating to approximately GHS 30 billion in savings.

“I am of the firm view that we need to realign government expenditure towards the privacy sector because the government does too much, we should get the private sector to be involved and take the burden off the government,” he quipped speaking at the 8th Ghana CEO Summit held in Accra on May 27, 2024.

“If elected president in the 2024 elections I reduce government expenditure to between 3-5% of GDP which is about GHS 30bn in savings and allow the private sector to spend on projects,” he added.

The Vice President’s proposal aims to alleviate the government’s financial burden load, allowing private enterprises to spearhead development projects that would have otherwise been undertaken by the Government.

Further elaborating on his fiscal strategy, Dr Bawumia underscored the necessity of a comprehensive tax and economic reform agenda designed to enhance business growth and competitiveness in Ghana.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

He criticized the current tax structure as inadequate, proposing the adoption of a flat tax system akin to Estonia’s simplified tax regime. This would simplify tax compliance and potentially stimulate economic activity by reducing the tax burden on businesses and individuals.

The Vice President also promised a tax amnesty in 2025, aimed at resetting the financial landscape and encouraging compliance. This initiative would offer businesses and individuals a clean slate, thus boosting economic participation and growth.

The Vice President’s fiscal vision aligns with broader macroeconomic goals, as Ghana seeks to stabilize its economic framework amidst global uncertainties. Dr Bawumia’s comments also reflect a strategic pivot towards private sector empowerment, resonating with the Summit’s theme, “Reigniting Business and Economic Growth: Charting a Path Forward.”

With Ghana’s economy facing challenges from inflation and debt, Dr Bawumia’s proposals are poised to redefine fiscal policy and economic strategy. The Vice President’s commitment to reducing government expenditure and introducing sweeping tax reforms marks a significant shift in economic policy, aiming to foster sustainable growth and private sector development.

Dr Bawumia’s assertions at the Summit suggest a transformative approach to governance, advocating for a leaner government role and greater private sector participation, a move that could potentially reposition Ghana’s economic trajectory towards sustained prosperity and stability.

Tags: Dr BawumiaDr Bawumia proposes realignment of Gov't expenditure towards private sector; pledges cut in spending to 3%-5% of GDPGDPgov't expenditurePrivate sector
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.