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Business News of Thursday, 31 March 2016

Source: Tv3network.com

Give tax rebate to companies that employ fresh graduates - Bawumia


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Ghanaian companies will be in position to offer jobs to fresh graduates if government pursues a policy of establishing an employment tax credit scheme for businesses.

That is according to economist and presidential running mate of NPP, Dr. Mahamudu Bawumia.

He says whilst providing incentives to companies, the burden of high taxation on businesses should also be revised.

“Ghana should focus on providing tax incentives for increasing production and generating employment,” he said.

“In the process, revenue can be raised from corporate taxes…what we should not allow to happen is the desire to generate revenue to kill businesses and cause unemployment.”

Dr. Bawumia was delivering a public lecture in Kumasi on the theme: “High Graduate Unemployment and Employment Embargo, What is the Solution?” It was organized by the KNUST Economic Students Association.

He has proposed that companies willing to employ fresh graduates should be given tax incentives and rebates.

“To demonstrate our focus on productivity and jobs for the youth in Ghana, particularly graduates, we should introduce employment tax credit scheme to provide incentive for companies that employ fresh graduates,” he said.

Dr. Bawumia believes the value chain of Ghana’s housing market holds a great potential to solving the high graduate unemployment by specifically tackling the mortgage market.

He however said one of the biggest threats to battling the country’s unemployment is high borrowing and debt non-sustainability, which he says leads to a slum in the economy.

He observed an operational national identification and good addressing system will help drive growth and build new businesses that will employ graduates.

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