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Accra, Oct. 9, GNA \u2013 The Minister of Trade and Industry, Mr Alan Kyerematen, has engaged with textiles\u00a0wholesalers and retailers on the implementation of the Textiles Tax Stamps Policy. \u00a0<\/p>\n
The engagement forms part of a public education campaign towards the launch and implementation of\u00a0the policy before the close of the year. \u00a0<\/p>\n
It follows an earlier engagement with importers in May 2022. \u00a0<\/p>\n
The Minister, at the engagement, said the education and sensitisation exercise showed Government\u2019s\u00a0commitment to addressing the challenges of the textiles industry, developing and harnessing the\u00a0significant potentials the sector offered. \u00a0<\/p>\n
He noted that the local demand for African prints was about 120 million yards per annum-about 65 per\u00a0cent imported. \u00a0<\/p>\n
Mr Kyerematen recalled the vibrancy of the Ghanaian textiles industry some three decades ago, which\u00a0had been dampened by the influx of pirated designs and infringements on trademarks of local textile\u00a0manufacturers. \u00a0<\/p>\n
He said the Government, since 2018 had taken strategic steps and implemented policies to give lasting\u00a0solutions to the challenges and make the local textile industry thrive under the Industrial\u00a0Transformation Agenda. \u00a0<\/p>\n
The measures were also to strengthen the textiles sector and position it to create millions of well-paid\u00a0jobs for Ghanaians. \u00a0<\/p>\n
The measures include the introduction and implementation of textiles tax stamps; import management\u00a0systems; and the introduction of Designated Entry Corridors (Tema Port and Aflao Border for textile\u00a0imports). \u00a0<\/p>\n
Others include the provision of incentive packages for local manufacturers to make them competitive;\u00a0attracting foreign textile manufacturers to set up or relocate their plants to Ghana; and the\u00a0reconstitution of the task force to embark on effective market monitoring and surveillance. \u00a0\u00a0<\/p>\n
The Minister was optimistic that the policy measures would lead to the development of local textile\u00a0firms and reduction in the importation of pirated textiles by promoting local manufacturing. \u00a0\u00a0<\/p>\n
He was hopeful that the policies would also help to streamline the importation of textiles and further\u00a0ensure that all the players involved in the textiles industry benefited. \u00a0\u00a0<\/p>\n
The roll-out of the textiles tax stamps is expected to begin on November 1, 2022. \u00a0<\/p>\n
The implementation modalities will include having textiles stamps affixed on all textile prints traded in\u00a0Ghana. \u00a0\u00a0<\/p>\n
The wholesalers and retailers engaged the sector Ministry, Ministry of Finance, Ghana Revenue\u00a0Authority-Domestic Tax Revenue Division, Intellectual Property Office and Ghana Standards Authority on\u00a0other issues in the sector. \u00a0<\/p>\n
GNA \u00a0<\/p>\n