The New Patriotic Party’s (NPP) pro-business philosophy is expected to influence the banking sector as the new administration prepares to steer affairs of the nation.
By this, private business owners are expected to take the lead in deciding and shaping most of the policies that will be outlined by the government.
Speaking to Citi Business News, Banking Consultant Nana Otuo Acheampong was optimistic the philosophy of the new administration will reshape the structure of the banking sector and help bring interest rates down.
According to him, most of the promises made by president-elect, Nana Akufo-Addo during the campaign period was fashioned around the historical philosophy of the party, which is targeted at empowering the private sector.
He explained that such promises, if implemented, will benefit the private sector, and ultimately the banking industry.
“Governments operate on philosophy, so we first have to go back and look at the philosophy of the government that is coming into power and that philosophy is pro-business generally for the NPP so we would expect a change from the previous government’s philosophy, although not anti-business but not pro-business so on that bases, businesses will operate in brighter space with a government that is very friendly to them,” he noted.
Expressing optimism in the private sector growing, Nana Otuo-Acheampong stated that business owners will always take advantage of good policies that reduce the cost of doing business.
“We would therefore expect that businesses will have an enabling environment that will allow them to grow. Already, during the campaign, the NPP indicated some of the business friendly policies that they were going to implement including lower taxes because businesses have been crying that taxes are putting too much burden on their operations, leading to their inability to engage more staff,” he observed.
He maintained that reducing taxes will allow the private sector to expand their businesses, leading to more job creation for the youth.
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By: Lawrence Segbefia/citibusinessnews.com/Ghana