The recent macroeconomic challenges occasioned by the Russia-Ukraine war and the post-effects of COVID-19 have brought about food shortages, high inflation and high debt levels. This Alert summarizes key aspects of the Acts. These Acts were enacted as part of the various fiscal measures introduced under the 2023 Budget Statement and Economic Policy (the 2023 Budget). Ghana’s Parliament has enacted or amended five laws (together, “the Acts”) affecting individual and business taxpayers. In addition to consolidating laws subject to administration by the Ghana Revenue Authority, the new laws also unify the unrelieved loss regime, revise the treatment of foreign exchange losses, and introduce a growth and stability levy applicable to entities.These law changes seek to increase the duty on certain excisable products, revise the income tax rates applicable to individuals and how the motor vehicle benefit is quantified, and introduce withholding tax on the realization of assets and liabilities.Ghana’s Parliament has enacted several laws affecting the taxation of individuals and businesses, effective 3 April 2023.The general election is still more than 20 months away, on December 7th, 2024. Mahama will be contesting three others including a former finance minister and governor of the central bank, Kwabena Duffuor. On May 13th, NDC leaders will meet to elect their standard bearer ahead of the 2024 elections. "These three things will go a long way to strengthen his chances of winning the flagbearership… Mahama has the ideas because he has seen it before, he has experience and he has done it before." “NDC has a brighter chance, especially with Mahama… Mahama stands tall in terms of experience, record that he has left in this country and in terms of popularity," said Asah-Asante. Kwame Asah-Asante, the director of the Center for European Studies at the University of Ghana, told VOA the opposition NDC is in a better position to return to power with Mahama as its flagbearer. If we get the economy right, and I believe we will get it right, then Mahama is no force.” "His record is nothing to write home about. We know how he ran the affairs of this country when he had the opportunity," said Mac Manu. Mahama is not bringing anything new into the elections. Speaking to VOA News, Peter Mac Manu, a former national chairman of the governing New Patriotic Party (NPP) and the 2020 campaign manager of President Akufo-Addo, said the 64-year-old Mahama has nothing new to offer Ghanaians. The cost of living and fuel prices are high in the West African country and Ghana recently applied to the International Monetary Fund for a $3 billion relief package to help revive the economy. Ghana is facing its worst economic and financial crisis in decades, with an annual inflation rate of 53.6 percent in January. We’ve suffered global humiliation of defaulting on our debts and being downgraded by all credit rating agencies to the lowest level ever seen in our history." We are saddled with debts we simply cannot pay. The unthinkable has happened and our country today is broken on all fronts," said Mahama. “This government has been clueless, and in many ways callous. Mahama said the current government has failed Ghanaians, leading to the current economic hardship in the West African country. I believe it and we’ll lead by example.”įILE - Supporters of John Dramani Mahama, Ghana's president and National Democratic Congress (NDC) presidential candidate attend his rally at Accra sport stadium, in Accra, Ghana, Dec. Ghana used to be the shining light on the continent of Africa and I am of the strongest conviction that we can attain those heights again. "Ghana needs a leader who will not be given an orientation and excursion through the Flagstaff House – the seat of government. Ghana needs a leader who will hit the ground running on 7 January 2025," said Mahama. “Ghana needs experience and not experiment. The atmosphere was filled with the blaring sounds of vuvuzelas amid drumming and dancing, as hundreds of supporters of the former president packed themselves into the auditorium in the Volta Region, a stronghold of the opposition National Democratic Congress (NDC) party.ĭressed in an all-white outfit – a color that signifies victory in Ghana – John Mahama argued that Ghana’s current situation requires a leader with experience like him. Mahama's campaign begins as Ghana's struggling economy is the country's top concern. Mahama has run for Ghana’s highest office three times, losing in the last two elections to current President Nana Akufo-Addo. Former Ghanaian president John Mahama launched his campaign Thursday to recapture the post he held from 2012 to 2017.
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