Business

NPP’s promise of 70% procurement for local businesses excites private sector

DR Mahamudu Bawumia Lecture

 

There is renewed hope and a sense of excitement in the Ghanaian Private Sector after NPP running mate to Nana Akufo-Addo, Dr. Mahamudu Bawumia disclosed at his State of the Ghanaian Economy Lecture last week, that the next NPP administration, will reserve 70% of all taxpayer funded contracts and procurement for local businesses.

Speaking at the National Theatre last week Thursday, Dr. Mahamudu Bawumia, after deflating the current NDC’s economic record, outlined a list of concrete policies a Nana Akufo-Addo government will implement to revive the Ghanaian economy and transform Ghana.

After listing a number of taxes the NPP will abolish or reduce to provide the space for the Ghanaian private sector to grow and employ more of the millions of jobless youth, Dr. Mahamudu Bawumia also added a revolutionary policy that is geared at giving the local private sector the boos it deserved all these years to become profitable and competitive globally.

He stated: “The NPP believes in empowering the Ghanaian private sector. We will pass legislation to require that at least 70% of all taxpayer-financed contracts and procurements be executed by local corporate entities.”

This pledge, which will obviously ensure that the local private sector is able to build its capacity and further ensure that Ghanaian taxpayer money is by and large retained in the economy, has been met with great enthusiasm from private sector players who have described the policy as an out of the box policy which will finally catapult the nation and its private sector into the era of growth and competitiveness.

Noting that this virtual “buy local policy” is a path Ghana should have embarked on long ago, industry players have compared this policy to similar policies in Gulf countries like the UAE and many other countries across the globe, which has not only led to a boom in such economies, but made their local businesses competitive across the world.

Youth, Women, Persons with disabilities thrilled

Furthermore, Dr. MahamuduBawumia also disclosed that 30% of the 70% to be reserved for local businesses, will be given as far as possible to entities owned by the Youth, Women and Persons with disabilities.

“In addition, the NPP will introduce a policy requiring that at least 30% of the required 70%, as far as possible, be sourced from entities owned by youth,  women and people living with disabilities”, he said.

This policy which received thunderous applause together with the 70% for local businesses mother policy, is creating huge waves particularly among the youth who feel that with such a commitment, the youth can now venture boldly into business and contribute their skills and brainpower to national development especially in emerging sectors like ICT.

 

Source: Ghanaian Observer

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