Gov’t will review tax structure - Mahama

President John Dramani Mahama says his government will review the tax structure to reduce taxes paid by Ghanaian manufacturers to increase their competitiveness locally and internationally.

“Our growth agenda is underpinned by a robust manufacturing sector and government will review the tax structure to reduce taxes paid by Ghanaian manufacturers to increase their competitiveness in the domestic market,” he said.

He said government will also facilitate the establishment of an Industrial Development Fund (IDF) to provide a ready resource envelope for ailing and struggling manufacturing industries in the country.

President Mahama emphasised that among other things government will vigorously provide service plots within dedicated industrial zones to be developed in Sekondi, Tema, Kumasi and Tamale to support the local manufacturing companies add value to local products for a strong and viable domestic manufacturing sector.

In a speech read on his behalf at the 2013 Unilever Ghana Corporate Dinner with Key Contacts, he said he admires local multinational companies like Unilever which not only strive to record impressive financial results, but also pay prompt taxes and duties and manage to pay good dividends to their shareholders.

“The company’s sustainable approach to business in Ghana is one that we continue to follow with keen interest. I recollect that in 2011 the company launched the Unilever Sustainable Living Plan Programme, which is their responsible way of managing the impact of their business operations on the environment as a corporate social responsibility initiative.”

He also commended Unilever for its effort last year to develop entrepreneurial talents and promote self- development among university students through the “Unilever Ideatrophy”. “As a government we are passionate about youth development and entrepreneurial skills, and are always finding innovative ways to develop and prop-up this budding human resource base,” he said.

He said Government has also taken a decisive step to locate private sector coordination under the office of the President, and a Minister of State in the presidency has been assigned the responsibility to coordinate and supervise development and implementation of private sector initiatives.

“I have also commissioned the Private Sector Advisory Council under my chairmanship, and decisive steps are underway to deepen implementation of the Private Sector Development Strategy II, covering all major aspects of private sector development.

During the State-of-Nation-Address, I did mention that the viability of private sector investments hinges on a robust and functional infrastructure of roads, rail, sufficient and efficient energy, stable water supply, and a seamless communications and ICT infrastructure,” he said.

He said Government is committed to ensuring that these massive infrastructure investment goals are achieved to support the nation’s growth agenda as it seeks to become an upper middle-income economy.