In a recent statement, former President John Mahama outlined a comprehensive strategy aimed at fortifying Ghana's extractive industry to boost national revenue, enhance local participation, and alleviate the tax burden on households and businesses.


John-Mahama


The visionary approach encompasses a multifaceted plan that involves legislative reviews, anti-corruption initiatives, strategic investments, and sector-specific reforms.


The overarching vision outlined by Mahama serves as a roadmap for steering the nation toward greater economic prosperity.


Central to Mahama's vision is the commitment to review existing laws governing the extractive industry, a thorough legislative appraisal will be undertaken, and Ghana aims to optimize its share of revenues derived from natural resources and foster greater local participation in the extraction processes.


This initiative seeks to ensure that the benefits of resource exploitation are more equitably distributed among the Ghanaian populace.


The statement underscores that the proposed initiatives, ranging from legislative reviews to sector-specific reforms, align with the broader objective of creating a resilient and diversified economy that benefits all citizens.


“We would review our laws governing the extractive industry so that Ghana can increase its share and local participation in exploiting our natural resources.


"With improved revenues from the savings made from a reduced size of government, anti-corruption fight, fast-tracked operationalization of new oil and gas wells, increased investment in the mining sector, and a revamped cocoa sector, we can ease the heavy burden of tax that has been placed on Ghanaian households and businesses.”


#24HourEconomy speech at the Ghana CEO Cocktail.