Finance Minister Ken Ofori-Atta has unveiled a series of measures aimed at providing relief to the citizens of Ghana.
The initiatives, outlined by the minister, are part of broader efforts to support the private sector and stimulate economic growth. The highlighted measures include:
- Zero Rate of VAT on Locally Manufactured African Prints: This measure will be in effect for two more years, supporting the local textile industry.
- Waiving Import Duties on Electric Vehicles: The government plans to waive import duties on electric vehicles for public transportation for an extended period of 8 years, promoting the adoption of eco-friendly transportation solutions.
- Zero Rate of VAT on Locally Assembled Vehicles: The VAT exemption on locally assembled vehicles will continue for an additional 2 years.
- Zero Rate VAT on Locally Produced Sanitary Pads: The government aims to make sanitary products more accessible by eliminating VAT on locally produced sanitary pads.
- Import Duty Waivers for Raw Materials for Sanitary Pads: The provision of import duty waivers for raw materials used in the local manufacturing of sanitary pads supports the growth of this industry.
- Exemptions on Importation of Agricultural Machinery and Medical Consumables: Import duty exemptions are granted for agricultural machinery, equipment, inputs, and medical consumables, as well as raw materials for the pharmaceutical industry.
These measures are designed to alleviate the financial burden on citizens, stimulate local industries, and contribute to the overall economic recovery of Ghana.
However, the minority in parliament has expressed dissatisfaction, claiming that the budget neglects the concerns of the ordinary Ghanaian.
