President John Mahama has proposed that factories operating under the government’s 24-Hour Economy initiative should be allowed to import equipment duty- and tax-free when expanding or retooling.

He made the proposal while speaking at the sod-cutting ceremony for a new float glass manufacturing facility and the commissioning of a sanitary ware factory by KEDA (Ghana) Ceramics Company Limited in Shama in the Western Region.

The President said that he had recently met with members of the private sector as part of a promise he made ahead of the 2024 elections.

“Yesterday, I held a dialogue with the private sector. I had promised in 2024 that when I become President, we would hold an annual dialogue where captains of industry could directly express the challenges they face,” he said.

According to him, one of the main concerns raised during the meeting was the cost of duties and taxes on capital equipment.

“One of the issues raised was duties and taxes on capital equipment. For factories established and registered under the 24-Hour Economy initiative, I have proposed that equipment imported for expansion or retooling should enter the country duty- and tax-free,” President Mahama announced.

He assured investors that the government is committed to backing the initiative with real incentives.

“The incentives are coming. Your belief in Ghana will be rewarded with policies that encourage even greater investment,” he said.

The President also thanked the traditional authorities in Shama for releasing nearly 800 acres of land for industrial development. The land is being used for the ceramic tile factory, the sanitary ware factory and its expansion, as well as the new float glass factory.

“This area is becoming the industrial hub of the Western Region,” he said.

President Mahama pointed out that the factories are already making a mark beyond Ghana’s borders. He said 60 per cent of production is exported to neighbouring countries and other international markets, including Europe and the United States.

“When you turn the tile over and see ‘Made in Ghana,’ it fills us with pride,” he said.

He also had a message for workers at the facility, urging them to take ownership of the enterprise.

“Treat this factory as your own. It has given you employment. If you protect it, your children and grandchildren will also benefit from it,” he said.