The Minister of Trade and Industry, Alan Kyerematen had defended the tax waivers for firms operating under the One District One Factory initiative.
“What we are doing in Ghana is probably the least we can do to support our private sector…why would we not put our private sector at the same level of competitiveness as others are doing?” the Minister said on the Citi Breakfast Show.
Parliament approved an incentive package and tax waivers for the one district one factory policy earlier in May despite opposition from the Minority.
The package waives taxes on machinery and equipment for operators under the policy and includes a corporate tax exemption for five years.
There are currently 57 of the One District One Factory projects operational out of 181 planned projects.
About 95 percent are local companies under the project while four percent are joint-venture companies.
Mr. Kyeramanten said he wished the government was able to do more for local companies.
“For me even if we had the opportunity, we should be doing more for our business people because they are the ones who are going to generate the foreign exchange, they are the ones who are going to manufacture products to reduce the level of imports. They are the ones who stabilize our local currency.”
As to how this will translate to job creation, prices among others, Alan Kyeremanten said: “it is all being compiled.”
“These are private sector investments. As and when they come up stream, those statistics that you are looking for would be compiled.”
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