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Gov’t woos investors with incentives on One District, One Factory initiative
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The Government has provided tax incentives to investors under its flagship One District, One Factory policy (1D1F).


The move, according to the Minister for Trade and Industry, Alan Kyeremanten, is to encourage more investors to put up factories and small scale agro-processing factories under the policy.


Taking his turn at the meet –the- press series in Accra on Tuesday, the Minister said the tax incentives include: exemptions from duties, taxes and levies on equipment, machines and parts; five-year holiday tax; exemption from payment of duties and levies on raw materials and exemption of payment of withholding taxes.


Mr. Kyeremanten also gave a breakdown of factories built or absorbed under the One District, One Factory policy. According to him, 57 factories are currently operating, 79 factories are at various stages of completion and 22 are under construction. He also noted that 33 more projects would be ready for implementation before the end of the year.


The Minister announced other incentives available at the district level on the policy as access to land, energy and other infrastructure facilities.


Speaking on a wide range of issues under his ministry, Mr. Kyeremanten highlighted the establishment of Business Resource Centres (BRCs) across the country to serve as one-stop centers designed to provide a full range of business support. According to him, 37 BRCs are at various stages of completion.


Mr. Kyeremanten also announced the One Region, One Park policy which seeks to provide support to private sector investments in establishing at least one industrial park for each region.


He said nine of such parks are currently underway in four regions.


He cited the Greater Kumasi Industrial City as one of such parks, saying it is a 500-acre land which comprises inland port, transportation and logistics hub, shopping malls, pharmaceuticals, hotels and restaurants, learning resource centres, business incubators among others.


He added that the government was going to implement Strategic Anchor Industries. This policy, he said, was designed to diversify and introduce new growth poles for the Ghanaian economy.

 

The key initiatives of the policy, he indicated, are the Integrated Bauxite Aluminum Industry, Vehicle Assembly and Automotive Industry, Pharmaceuticals, Industrial Chemicals, Garments and Textiles, Vegetable Oils and Fats, Industrial Starch and Machinery and Equipment Manufacture.

 

Source : ISD (Michelle Fafa Agbenorto)