President John Mahama has suggested that when industries expand or retool, they should be able to import equipment duty-free and tax-free under the government’s 24-Hour Economy strategy.
Speaking during the sod-cutting ceremony for KEDA (Ghana) Ceramics Company Limited’s new float glass manufacturing facility and the opening of a sanitary ware factory in Shama, Western Region, he made the suggestion.
As part of a pledge he made prior to the 2024 elections, the President stated that he had recently spoken with representatives of the business sector.
“Yesterday, I held a dialogue with the private sector. I had promised in 2024 that when I become President, we would hold an annual dialogue where captains of industry could directly express the challenges they face,” he said.
He states that the cost of tariffs and taxes on capital equipment was one of the primary issues brought up during the discussion.
Capital equipment taxes and levies were one of the topics brought up. President Mahama declared, “I have proposed that equipment imported for expansion or retooling should enter the country duty- and tax-free for factories established and registered under the 24-Hour Economy initiative.”
He gave investors his word that the government would support the project with genuine incentives.
“The incentives are coming. Your belief in Ghana will be rewarded with policies that encourage even greater investment,” he remarked.
The President also expressed gratitude to Shama’s traditional leaders for allowing the development of industry on about 800 acres of land. The new float glass factory, the sanitary ware factory and its enlargement, and the ceramic tile factory are all located on the property.
He declared, “This area is becoming the industrial hub of the Western Region.”
According to President Mahama, the factories are already having an impact outside of Ghana. According to him, 60% of production is shipped to nearby nations as well as other global markets, such as the US and Europe.
“When you turn the tile over and see ‘Made in Ghana,’ it fills us with pride,” he remarked.
Additionally, he had a message for the facility’s employees, encouraging them to take charge of the business.
“Treat this factory as your own. It has given you employment. If you protect it, your children and grandchildren will also benefit from it,” he stated.
Source: newsthemegh.com