By Mashood A Kunateh in Accra, Ghana
The Government of Ghana, with support from Export Development and Agricultural Investment Fund (EDAIF) has reviewed the existing legislation to provide financial stimulus to exports, pharmaceuticals, poultry, textiles and garments, SMEs and agro-processing firms in the country next year.
Although the amount of the financial stimulus package is yet unknown, the government says it will help enhance competiveness for the growth and support of job creation in those sectors. The Minister of Finance, Seth Terkper has revealed.
He added that: “to promote the competitiveness of the manufacturing sector, the government will use its huge procurement advantage to patronize the locally manufactured goods”.
Recognizing the role that local industries play in the economic development of this country, the government noted that these industries have huge potential for creating employment opportunities for the teaming unemployed youth.
The government, he therefore said, was taking measures to ensure that there is adequate local content through the amendment of the Public Procurement Act.
To this effect, government has submitted an Legislative Instrument (LI) to parliament, which will mature soon, to ensure adequate local content in the energy sector, Mr. Terkper said.
Imports of textbooks and exercise books are allowed into the country free of import duty and VAT. However, raw materials of local manufacturers of these textbooks and exercise books pay import duty and VAT, according to the 2014 budget.
As part of measures to promote local industries to make them competitive, it has been decided that such raw materials imported for the local printing of textbooks and exercise books through tenders administered by the Ministry of Education will be admitted free of import duty and VAT.
–African Eye News
