Clement Boateng, Vice President of the Ghana Union of Traders Association (GUTA), has urged the government to increase tax incentives for businesses and create a more supportive environment for entrepreneurs.
Speaking on ABC News GH, Boateng emphasized the critical role of the private sector in driving economic growth and job creation.
“Tax incentives are not sufficient for people who enter entrepreneurship,” Boateng stated.
He added, “Government must create an enabling environment by way of affordability of credit. Credit should be affordable so that those who want to enter entrepreneurship can access facilities to expand their businesses.”
Boateng highlighted the significant contribution of the private sector to Ghana’s economy, noting that while the government employs just over a million people, the private sector has the potential to generate substantial employment opportunities if given the right support.
“If the private sector is able to get credit or facilities at an affordable rate, they will be able to expand their businesses and employ more people, reducing the burden on the government,” he explained.
The call from the GUTA Vice President comes in the wake of President John Dramani Mahama’s second-term inauguration, during which he delivered an inaugural speech highlighting key priorities to drive economic recovery.
These include economic restoration and stabilization, improving the business and investment environment, governance and constitutional reforms, and enhancing accountability and anti-corruption measures.
President Mahama also encouraged the business community to seize the opportunities available in Ghana, reiterating his administration’s commitment to making the country a favorable destination for investment.
