You are here: HomeBusiness2013 03 17Article 268002

Business News of Sunday, 17 March 2013

Source: GNA

Government will keep textile companies in business - Haruna Iddrisu

Minister of Trade and Industry, Hon. Haruna Iddrisu, has assured textile manufacturing companies in the country that government would do everything possible to keep them in business.

According to him, government has initiated measures to rid the textile business of pirated products which are “killing the local companies.”

Speaking with journalists after a visit to the Ghana Textile Printing Company Limited (GTP) at Tema, Hon. Haruna Iddrisu stated that “an administrative ban for the importation of textiles to be cleared only at three entry points; the Kotoka International Airport, Tema and Takoradi Ports will be in force by 1st June, 2013.”

He explained that when this was done, any textile allowed into the country through any port other than the designated ones will be seized thus enhancing the collection of taxes because under-invoicing will reduce.

He pledged the Ministry of Trade and Industry’s support to the Ministry of Finance and the Ghana Revenue Authority to prevent lapses to make sure government generate more revenue for national development.

He noted that the taskforce mandated to deal with the influx of pirated textiles in the country would be re-constituted soon.

“The reconstituted taskforce will be expanded to include textile manufacturers. This will strengthen the hands of manufacturers to expeditiously deal with perpetrators.”

He also indicated that the Ministry of Trade and Industry would liaise with the Ministry of Finance to ensure that GTP benefited from the granting of differed VAT payment for the purchase of cotton from the local cotton farmers.