The government is taking steps to revamp the textile industry with some incentives and new taxes, the Finance Minister has told Parliament.
Presenting the 2020 Budget statement in Accra, Mr. Ken Ofori Atta lamented that, the unfair trade practices in the textile sector has literally collapsed local manufacturing companies leading to a significant reduction in the number jobs.
He added that, it was against this back drop, that government was taking measures to restore the sector’s fortunes to save jobs and boost the economy.
He said government would introduce Tax Stamps for locally manufactured as well as imported textiles.
Also to be implemented are a Single Dedicated Entry Corridor for imported textiles products; (Tema Port), and a Textile Import Management System to coordinate all Imports of textiles, including the vetting of designs and logos.
Mr. Ofori Atta said government would also provide support and incentives to local manufacturers to improve their competitiveness as well as attract foreign textile manufacturing companies to locate in Ghana.
He said market surveillance exercises would be conducted by the Textile Task Force to monitor compliance with the new policy measures.
Story filed by Ruth Abla Adjorlolo
