In 2021, the Ministry of Finance initiated processes to secure approximately $335,072,712.13 in tax exemptions for 42 companies under the government's One District One Factory (1D1F) initiative.
The Exemptions Act, 2022 (Act 1083), was presented to Parliament by the former Minister for Finance, Ken Ofori-Atta, in 2022.
Among the companies awaiting these exemptions, Sentuo Oil Refinery Limited stands out with the highest requested amount of $164,633,012.00.
The 1D1F initiative, envisioned by President Nana Addo Dankwa Akufo-Addo, aims to transform Ghana's economy from one reliant on importing and exporting raw materials to a more robust economy centered on manufacturing, value addition, and exporting processed goods.
This initiative is driven by the private sector, with the government providing a supportive environment for the businesses.
This support includes facilitating access to funding from financial institutions and offering assistance from various government agencies to help establish factories.
Credit: myjoyonline.com