Story: Yaw Takyi

The 2024 flagbearer of the largest opposition National Democratic Congress (NDC), John Dramani Mahama, has  reiterated his commitment to reverse all wrongful  economic  including the collapse of indigenous taken by the current New Patriotic Party (NPP) administration.

Speaking at the NDC’s manifesto launch at the University of Education, Winneba, on Saturday, August 24, 2024,  Mr Mahama listed  key aspects of his vision for Ghana should he return to power through the upcoming December 7 polls, with a particular focus on addressing the economic turmoil and mistrust he claimed  have been caused by NPP policies.

The former Ghanaian leader promised to restore the licences of financial institutions that he said were unjustly collapsed by the NPP government.

The financial sector clean-up, initiated by the NPP administration in 2018, led to the revocation of licences of several banks, microfinance institutions, and other financial entities.

According to the NPP government, this move was intended to stabilize the financial sector and remove insolvent institutions, but it also sparked controversy and left many questioning the fairness and transparency of the process.

“We will restore the licences of institutions that were wrongfully collapsed by the NPP government,” Mahama promised in his speech to a cheerful gathering.

He also vowed to launch a thorough investigation into the NPP government’s controversial Gold for Oil (G4O) programme.

“We will investigate NPP’s opaque Gold for Oil programme,” the former president added.

The G4O initiative, introduced as a strategic measure to stabilize fuel prices and reduce the country’s dependency on foreign oil markets, has been mired in allegations of mismanagement and corruption.

Critics have pointed out that, the programme  lacks transparency, with concerns raised over how contracts were awarded and the actual benefits derived from the scheme.

The NDC’s flagbearer further promised to hold a National Economic Dialogue within his first 120 days in office if elected President.

The dialogue, he said,  will focus on creating a 4-year fiscal consolidation programme, which he described as a key component of his economic strategy.

Among other measures and policies, Mr Mahama proposed  include; rationalizing  taxes, abolishing E-levy, COVID levy, and 10% levy on bet winnings, reviewing  import duties and levies on vehicles and equipment meant for industry and agricultural purposes, rationalizing  ports fees and charges and implementing  emergency measures to stabilize the Ghana Cedi and the macro-economy.

The rest are; using  Price Stabilization and Recovery Levy to cushion consumers, investigating  NPP’s opaque Gold-for-Oil deal, reviewing  the Gold Purchase Programme of the Bank of Ghana, restoring  the licences of wrongfully collapsed banks and financial institutions, increasing indigenous participation in the banking and financial sector and ensuring free statutory funds (GETFUND, NHIL, Road Fund…) for their mandated objects.