The Minister of Finance, Dr. Cassiel Ato Forson, has announced that the Ghanaian government will provide relief to industries by deferring import duties, levies, and Value-Added Tax (VAT) on qualifying machinery and inputs for a period of one year. This move is part of the government's efforts to incentivize businesses to operate under the 24-hour economy policy. The policy aims to boost economic activity and encourage businesses to operate around the clock.
In addition to the duty and VAT relief, the government has also exempted solar panels and batteries from import duty and VAT. This exemption is expected to promote the use of renewable energy sources and reduce the country's reliance on fossil fuels. The Minister of Finance made this announcement as part of the 2027 budget presentation, highlighting the government's commitment to supporting businesses and promoting economic growth.
The 24-hour economy policy is a key initiative of the Ghanaian government, aimed at boosting economic activity and creating jobs. By incentivizing businesses to operate around the clock, the government hopes to increase productivity and competitiveness. The duty and VAT relief measures are expected to benefit various industries, including manufacturing, logistics, and transportation.
The government's efforts to support businesses are also reflected in other recent initiatives. For instance, the Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, has been appointed as Chair of the African Union Specialised Technical Committee on Communication and Information and Communication Technology (AU STC-CICT). This appointment highlights Ghana's growing leadership role in Africa's digital development.
Meanwhile, educationists and industry leaders have called for reforms to Ghana's education system to improve learning outcomes and align academic training with the needs of the economy. This call for reform is part of a broader effort to address the country's skills gap and promote sustainable economic growth.
In other news, the government is preparing to extend the regulatory and accountability framework for managing petroleum revenues to the wider extractive sector. This move is expected to bring earnings from gold, lithium, bauxite, and other mineral resources under a new Natural Resource Revenue Management Act. The Act aims to promote transparency and accountability in the management of Ghana's natural resources.
Finally, Ghana's Black Stars football team has recorded their first victory in the 2027 Africa Cup of Nations (AFCON) qualifiers with a 2-0 win over Somalia. The team is looking to qualify for the tournament and make a strong showing on the continental stage.
Key points
- The Ghanaian government will defer import duties, levies, and VAT on qualifying machinery and inputs for one year to incentivize businesses to operate under the 24-hour economy policy.
