Dr. Mahamudu Bawumia says one of his key policies to boost the indigenous business community is to formalize them.
Speaking at a consultative meeting with members of the Council of Indigenous Business Association of Ghana (CIBA) in Accra on Monday March 25, 2024, the Vice President cum presidential candidate of the governing New Patriotic Party (NPP) said many indigenous Ghanaian businesses which constitute majority of the business community "are not formalized and they have been sadly excluded. This exclusion does not augur well for formulation of policies and planning as well as the growth of these businesses in the informal sector".
"It is important for indigenous businesses that have not yet been registered to register and formally be part of the Ghanaian business community", he urged them.
Dr. Bawumia added that he will engage with leadership of CIBA to formalize their members ensuring their businesses get registered by the Registrar General.
"You constitute a large part of the business community and you play a big role in job creation and our economy but you have been excluded because many of your businesses are not registered. There is so much to gain from being formalized and I am committed to seeing your businesses formalized and included...As we seek to get your businesses formalized, it is also important to further simplify business registration process to encourage more people to register."
In this regard, Dr. Bawumia told members of CIBA that having studied the business registration process of Estonia which takes about 30 minutes, he is eager to replicate it in Ghana to encourage more businesses.
The Vice President also reiterated his commitment to introduce tax reforms in 2025 such as granting tax amnesty to businesses and individuals and cancelling some taxes including E-Levy, expounding that his tax reforms will majorly boost businesses and ensure transparency in the tax system.
The membership of CIBA include the Ghana National Association of Garages, National Drinking Bar-operators Association, Ghana Bar Operators Association, National Association of Beauticians and Hairdressers, National Refrigerators and Air Condition Workshop Owners Association, Federation of Ghana Goldsmith and Jewelers Association, Ghana Traditional Caterers Association, Ghana Electronics Serving Technicians Association, Ghana Association of Barbers and Barbering Salon Owners, Ghana National Tailors and Dressmakers Association and National Cooperative Bitchers Association.
