Trade and Industry Minister, Alan Kyerematen
Three years ago, Trade and Industry Minister, Alan Kyerematen, announced a 5-year duty and tax holiday incentives for people who invest in government’s 1 District 1 Factory initiative. According to him, this strategy is to encourage investors – both foreign and local – to pump money into the project to boost the economy.
“Government is ready to support both local and foreign investors with a 5-year tax and duty holiday…The government is poised on building a strong resilient microeconomic environment, modernized agriculture, and industrial transformation, build infrastructure and develop skills for the future,” Alan Kyerematen said.
The Minister for Trade and Industry, Alan Kyerematen has promised a 5-year duty and a tax holiday incentives to all who invest in the Nana Addo-led flagship program, one-district, one-factory project. “Government is ready to support both local and foreign investors with a 5-year tax and duty holiday”, he said.
According to him, government is poised on transforming the Ghanaian economy with the focus on four major components. “The government is poised on building a strong resilient microeconomic environment, modernized agriculture, and industrial transformation, build infrastructure and develop skills for the future”.
He explained that the Nana Addo-led government inherited an economy which was growing at 3.6% but within a period of 1-year (at the end of 2017) the economy grew at 8.5% which was the highest in the world. ‘As I speak now, we will be able to maintain this finger in 2019” he said. He said, Ghana’s desk stock ratio to GDP is by the end of 2018 projected to be 57%. “Whichever way you look at it, this government knows what it takes for us to become attractive investment partners,” he said.
According to him, one of government’s agenda is to decentralize industrial development thus the 1D-1F. He urged the Turkish business delegation to take advantage of the tax holiday as an entry point into the Ghanaian economy. The Minister was speaking at the Ghana- Turkey Business-to-Business meeting in Accra on Monday, November 26.