- Ghana extends zero value-added tax (VAT) policy for domestic textile manufacturers
- This is the policy’s second extension in a row
- The Association of Ghana Industries (AGI) requested the extension
- AGI believes it will reduce smuggling and help domestic manufacturers recover
- The policy was introduced in 2019 for three years
- Finance minister Ken Ofori-Atta announced the extension while presenting the 2024 budget in parliament
- AGI had requested the government to further extend the policy as the first extension will end on December 31 this year
- The decision is expected to reduce smuggling of textiles from neighboring countries
- The policy was introduced to revive the domestic textile industry, which was facing challenges due to pirated and cheap products
- The policy was extended for two years due to the pandemic-induced slump in the textile sector.
Source: fibre2fashion.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
