ABN - Nana Akufo-Addo, Ghana’s newly-elected President has pledged to cut taxes in order to boost the east African nation’s flagging economy.
Ghana is currently halfway through a three-year aid programme with the International Monetary Fund worth US$918 million, following a period of prolonged economic turbulence.
Speaking at his official inauguration in Black Star Square, Accra, the 72-year-old announced: "We will reduce taxes to recover the momentum of our economy. Ghana is open for business again."
Akufo-Addo also announced that government money will be spent with greater care under his regime.
“I shall protect the public purse by insisting on value for money," he said. "Public service is just that: service, and (is) not to be seen as an opportunity for making money."
Significant oil projects headed by Tullow (LSE: TLW) and Eni (BIT: ENI) are also set to commence production in 2017, which should oversee the return of growth to above 8%.