Ghanaian President Nana Dankwa Akufo-Addo said on Wednesday his government had put policy initiatives in place to bring relief to and encourage businesses.

The initiatives include measures to stimulate the private sector, a monetary policy that will stabilize the national currency and reduce significantly the cost of borrowing, in addition to a raft of tax cuts.

“These interventions are already lowering the cost of doing business, and shifting the focus of our economy from taxation to production,” Akufo-Addo said while addressing a luncheon organized for members of the Standing Committee on Foreign Affairs of the International Democratic Union (IDU) in Accra.

Akufo-Addo said his administration also aimed to enhance further the business atmosphere and make Ghana an easier place to conduct business through paperless transactions at ports and the removal of all internal customs barriers by the beginning of September.

He said this process of economic and industrial transformation was going along with ensuring that the most basic elements of social justice were met – making quality basic education and healthcare accessible to all – to promote a culture of incentives and opportunities.

The IDU is a working association of over 80 Conservative, Christian Democrat and like-minded political parties of the centre and centre right.

Formed in 1983, the IDU provides a forum in which parties holding similar beliefs can come together and exchange views on matters of policy and organizational interest. Enditem

Source: Xinhua/NewsGhana.com.gh