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Ghana gets aid from UK for textile sector

Ghana is receiving support from the UK to transform high-potential sectors, including garments and textiles. The UK-Ghana partnership for Jobs and Economic Transformation (JET) helps create the needed policy environment to drive investment into these sectors so that they can operate at their fullest potential, generate wealth and generate employment. Factories are being financed to enable them to return to their days of full operation and production. One such factory which is being helped on its feet now employs 750 workers instead of about 2,000 earlier.

In general Ghana is making efforts to recover after the Covid pandemic. This includes hiring an additional 38,000 nurses, waiving employee taxes and providing free water and electricity to millions of households. Several policies have been launched in the field of taxation. First, exemption of VAT on certain textile products is expected to increase the profits of business actors and expand their production. Second, reviewing reduction in import duty rates on all goods; the goal is that the policy of reducing import duty tariffs that are currently in effect can be more efficient and on target. Third, the reduction of the VAT rate on gold sales from unprocessed miners from three per cent  to 1.5 per cent. 

 

 
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