John Mahama Vows to Cut Electricity Tariffs and Offer Tax Relief for 24-Hour Businesses

John Mahama, the flagbearer of the National Democratic Congress (NDC), has pledged to lower electricity tariffs and provide tax relief for businesses adopting a 24-hour economic model. Mahama envisions that encouraging businesses to operate around the clock will revitalize the economy, enhance productivity, and create a dynamic environment benefiting both workers and businesses.

Speaking during his New Year message on January 3, 2024, Mahama outlined his vision, stating that the success of the 24-hour economy would hinge on improved security and public safety, necessitating significant recruitment into security services and private security operations. Under his leadership, the government would offer more affordable and reliable electricity for participating businesses through a time-of-use tariffs system.

Mahama explained, “Companies that sign up for the 24-hour economy will benefit from modern smart meters calibrated to charge a lesser tariff per kilowatt-hour for power that is consumed during off-peak hours. Businesses that subscribe to the 24-hour economy policy will receive further tax incentives to reduce the cost of the operations and enhance their competitiveness.”

To kickstart the implementation, Mahama proposed establishing and personally chairing an Accelerated Export Development Council. This council aims to bolster the country’s export drive by leveraging the ECOWAS Trade Liberation Scheme and the African Continental Free Trade Agreement.

Highlighting the 24-hour economy as a game-changer, Mahama cited successful practices in other nations, such as the United Kingdom, the United States, and South Korea. He emphasized that introducing the 24-hour economy aligns with the developmental trajectory, citing South Korea as an example where such a shift contributed to their transformation from an underdeveloped state to a highly developed one.

“In the 1960s, leaders of the Asian country introduced a 24-hour economy, which boosted an export-led economy and subsequently led to their development. Introducing the Mahama 24-hour economy is the right thing to do for Ghana, especially considering the state of our country today. It will boost our manufacturing industry and transform our country into an export-led economy providing the world with goods made in Ghana,” Mahama concluded.

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