Parliament has approved a $28 million tax waiver on machinery, equipment and raw materials for Kasapreko Company Limited under the One District, One Factory Programme.
The gesture is to support the company to expand its operations under the 1D-1F initiative to meet market demand in pursuance of the company’s vision.
Already, Kasapreko Company Limited has acquired and renovated the abandoned Paramount Distilleries factory, previously owned by GIHOC at Tanoso in Kumasi.
The project, estimated to cost some ¢624 million involves debt and equity financing.
The promoters of the business are investing ¢390 million and have secured a loan of ¢234 million from SG-SSB Ghana and Stanbic Bank for the purchase of plants and machinery and it’s related operations for the Kumasi factory.
Touching on the development, Chairman of the Finance Committee, Dr Mark Assibey Yeboah said the approval of the waiver will boost the company’s operations, the local economy and provide job opportunities for Ghanaians.
He noted that the establishment of the factory at Tanoso in Kumasi will provide 300 direct jobs for factory hands, administrative staff, sales executives, and drivers within a five-year period, adding that the company presently employs about 800 direct workers.
Dr Assibey-Yeboah told the House that Kasapreko Company Limited envisage to provide a potential of an estimated 1,800 indirect jobs for distributors, retailers, and small businesses who will sell the products across the country.
These will include food vendors, commercial drivers, rental house owners who will provide services to workers of the company.
Debating the request for approval, MP for Adaklu, Kwame Agbodza commended the government for granting such tax waiver to boost local companies' capacities to employment more Ghanaians.
He also questioned why government has failed to enact law prohibiting tax waivers to company as announced by the Finance Minister, Ken Ofori-Atta.
Latest Stories
-
Baby abandoned in manhole in Tema Community 1
7 mins -
We’ll establish fiscal council to rein in excessive borrowing – Finance Minister
13 mins -
Mortuary workers issue fresh strike threat
17 mins -
‘Lapses in banking system are not unique’ – John Awuah on managing fraud in Ghana’s Banks
25 mins -
Bawumia confident of victory in 2024 election
59 mins -
Strengthening audit institutions essential for tackling fiscal mismanagement – Domelevo
1 hour -
Healthy Aging: The Role of the Gut Microbiome and How Diet Can Help
1 hour -
Seek medical care, diagnosis for breast cancer – Dr Abiti to women
1 hour -
Hardship: Men now collect marriage list from different families to get cheapest – Report
1 hour -
‘If you’re looking for trouble, you’ll get it,’ Falz tells VeryDarkMan
1 hour -
Paramount Chief of Avenor grateful to NPP, calls for completion of Agenda 111 project
2 hours -
Bawumia commissions ultramodern office complex for Ho Municipal Assembly
2 hours -
Bawumia declares NPP’s infrastructure record unmatched
2 hours -
Importers face duty on Electric Vehicles despite gov’t’s exemption promises
2 hours -
4 additional Democracy Hub protesters discharged
2 hours