Manufacturers in the country are unhappy with the current tax regime since it has an overbearing effect on their operations, and have consequently tasked the next government to use its first budget to implement meaningful reforms and restore industry confidence.
In fact, Dr. Humphrey Ayim Darke, President-Association of Ghana Industries (AGI), has outlined that tax policies – including the prevailing value-added tax (VAT), import duties on raw materials and import discounts on products that can be produced locally, among others – are key concerns.
“In the coming year, AGI expects to see more innovation from the incoming government regarding macroeconomic management and fiscal rationalisation in the quest to consolidate gains obtained under the International Monetary Fund (IMF) structured programme,” he stated.
Dr. Ayim Darke made this known at the AGI’s 64th Annual General Meeting (AGM) and Job Fair held in Accra, themed ‘Navigating uncertainties of the business landscape to sustain productivity’.
Speaking at the event, Chief Executive Officer-Ghana Export Promotion Authority (GEPA) Dr. Afua Asabea Asare also highlighted progress made under the National Export Development Strategy (NEDS).
Since its implementation in 2021, non-traditional export revenues rose to nearly US$4billion in 2023 – with key drivers including processed cocoa, iron and steel, aluminum and plastic products. Meanwhile, the National Export Development Strategy (NEDS) was launched in 2020, and aims to exponentially increase non-traditional export revenues from US$2.85billion in 2020 to US$25.3billion by 2029.
GEPA’s initiatives include revitalising key export crops such as pineapple, cashew and coconut, as well as providing capacity-building programmes for over 650 export-oriented SMEs. Additionally, the authority has prioritised empowering women-led businesses and youth exporters through mentorship, training and targetted support.
Also, GEPA has refurbished the Aburi Craft Village and supported local artisans with production equipment, enhancing their ability to produce high-quality export goods.
The GEPA CEO acknowledged that achieving the country’s export goals is not easy, but it is a journey worth taking.
To this end, GEPA established the Ghana Trade House in Nairobi, Kenya, which serves as a hub for promoting Ghanaian products in East Africa. Plans are underway to expand this initiative to Sierra Leone and other markets.
