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Business News of Thursday, 24 May 2018


Textile piracy: Government wants Chinese factories in Ghana

Government is considering giving Chinese investors who produce textiles in China to invest in the textile industry in Ghana as a way of combating pirated textiles.

When these investors are able to invest by establishing textile companies in Ghana, it will create employment, generate the needed revenue and help put to stop Ghanaians who travel all the way to China to import pirated textiles, Minister of Trade and Industry Alan Kyerematen has revealed.

He noted that the Ghanaian textile companies are only able to produce 35 to 40 million yards of the 100 million yards required in Ghana annually.

Chinese textile factories in Ghana would help close this deficit of about 60million yards, he said.

Tax stamps on textiles

At a joint press conference on happenings in the textile industry yesterday in Accra, the Trade and Industry Minister, Mr Alan Kyerematen said government was about to introduce tax stamps for textiles and garments.

3 months grace period to clear old stock

To this end, he indicated that government was giving textile traders a 3-months grace period to clear old stocks before the move is enforced.

Mr Kyerematen noted that government was doing everything in the interest of all parties to solve the issue of pirated textiles.

The Trade Minister explained that government was ready to roll out a comprehensive strategy aimed at combating pirated textiles.

He stated that these measures would bring a lasting solution to the smuggling and counterfeiting of fabrics in the country.

He said the Ministry has briefed the stakeholders of the textile industry about the strategies to implement to address the challenges.

“As a government, we are committed to solving the issue of piracy,” he stressed.

Other measures, he stated includes government providing stimulus packages to textile traders to offer them some relief in their business.

He admitted that measures outlined in the past in the fight against pirated textiles had not yielded appreciable results and there was the need to think outside the box.