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Wednesday, April 17, 2024

‘Approve All Outstanding Exemption Applications’

 

President Akufo-Addo has urged Parliament to consider and approve all outstanding exemption applications as a matter of urgency, to send positive signals to the business community.

Speaking in Parliament, he said the government approved a number of incentives, including duty exemptions to support the implementation of the One District One Factory (1D1F) Programme.

“In 2019 and 2020, thirty-seven (37) 1D1F companies were granted exemptions approval by this august house. However, from 2021 to date, no exemptions have been granted,” he noted adding that, “the exemptions law that you have passed provides for such exemptions under existing laws.”

He continued that the main cornerstone of government’s move towards the industrial transformation of Ghana was the “One-District-One Factory” policy, which demonstrated how the government could stimulate and incentivise the private sector to expand and diversify
manufacturing across the country by harnessing locally available raw
materials.

“It is significant to note that, within the relatively short span of six (6) years, Government has directly intervened to stimulate interest in, and support many private sector business promoters to make significant investments in manufacturing under the One-District-One-Factory
Programme.

“Mr. Speaker, this has led to the development of three hundred and
twenty-one (321) 1D1F projects, consisting of two hundred and eleven (211) new, medium to large scale factories, and the conscious enabling of one hundred and ten (110) existing companies, to inject significant capital investments into the expansion of production facilities, and diversification of products,” he said.

These business promoters, President Akufo-Addo stated, have so far invested in one hundred and forty-two (142) districts across the country, in all sixteen (16) regions, and achieved fifty-four percent (54%) district coverage.

“The aspiration is to bring a 1D1F project to every district. Mr. Speaker, within this period, some one hundred and seventy thousand (170,000) jobs have been created under the novel 1D1F programme by companies in operation.
“Mr. Speaker, the other initiative aimed at stimulating industrial growth that we have been actively promoting is automotive assembly and component manufacturing. It is universally recognised as a key strategic sector for stimulating industrial transformation. The comprehensive Automotive Development Policy, launched by Government in August 2019, has undoubtedly been the catalyst that has attracted a record number of twelve (12) Original Equipment Manufacturers, including Volkswagen, Toyota, Suzuki, Nissan, Peugeot, KIA, Hyundai, Honda to set up assembly plants, and produce a range of models here in Ghana,” he emphasised.

 

By Samuel Boadi

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