I will restore the cedi in 100 days – John Mahama

Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has said he will ensure the strength of the local currency within 100 days if voted back into power in the 2024 general election.

According to him, the stabilization of the Cedi and the economy are his major priorities to put the country on a sound footing.

He explained that the next NDC government will cut government expenditure, as well as boost revenues by expanding the tax net.

Also, the Electronic Transfer Levy (E-Levy) and some taxes that have become a burden on businesses and households will be abolished.

Speaking at the 8th CEOs Summit held in Accra on Monday, May 27, 2024, John Dramani Mahama said, “The number one priority will be stabilizing the economy and restoring a stable currency by launching an urgent economic recovery and fiscal consolidation plan following a national economic dialogue to be held within one hundred days of assumption of office.”

“We will do this by pruning the huge government expenditures, preventing waste and corruption, and boosting revenues by expanding the tax net. We will simplify VAT and streamline its collection. We will abolish the e-levy and some taxes that have become burdens on businesses and households. We will not burden you with endless tax audits and harass you with EOCO,” the NDC flagbearer said.

“We will continue digitalizing our revenue collection and payment systems. By 2028, we aim to phase out cash as a form of payment for all government services. We will also entrench the use of POS devices in transactions to make tax and levy collection more transparent. Our economy has long relied on a few key sectors, such as gold, cocoa, and, more recently, oil, which we call the Guggisberg economy,” he added.

The Cedi has been depreciating against major trading currencies, especially the US dollar, in recent times.

The local currency is currently selling at GH¢15 to 1 USD and GH¢19.670 to a Pound Sterling.”