Volkswagen, Nissan to get tax breaks for plants in Ghana

Sat, 22 Feb 2020

Volkswagen, Nissan to get tax breaks for plants in Ghana

News24
18 Aug 2019, 22:13 GMT+10

Ghana will offer tax breaks of up to 10 years to automakers that set up local manufacturing plants, as the government seeks to attract international companies such as Volkswagen and Nissan.

Volkswagen and Nissan both agreed last year to set up auto-assembly plants if Ghana signed off on an official incentive plan, while Renault SA said in January it would consider a similar move. In March, Toyota and Suzuki announced a joint venture to produce vehicles in the nation.

Ghana's move to lure carmakers follows South Africa, which has attracted seven manufacturers including Renault, Nissan and Toyota with tax incentives. That's produced one of the bright spots of an otherwise moribund economy, accounting for about 7% of GDP.

The full 10-year tax break will only apply to companies building whole vehicles in Ghana, though a five year holiday will be available for partial manufacturing, Trade Minister Alan Kyerematen said in a presentation.

Import duties on new and used vehicles will be increased to 35% from 5%-20% to encourage the purchase of locally built units, while bringing in cars, which are older than 10 years, will be banned, he said.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.

More Information

26 ℃

Mostly Cloudy in Seletar

Business

Section

Stock markets in Asia generally give up ground

SYDNEY, Australia - Stock markets were quiet on Friday, mostly trading in negative territory.In Japan the Nikkei 225 fell 92.41 ...

Google accused of spying on children

ALBUQUERQUE, New Mexico - New Mexico's attorney general sued Google Thursday over allegations the tech company is illegally collecting personal ...

U.S. stocks dive while greenback accelerates recent gains

NEW YORK, New York - U.S. stocks weakened on Thursday but the biggest market-mover was the U.S. Dollar which soared ...

Netherlands capital ponders new vision for 'red light district'

PanARMENIAN.Net - Amsterdam is considering moving part of its red light district indoors to an "erotic" complex where prostitutes no ...

Asian stocks boosted by big fall in coronavirus cases

SYDNEY, Australia - Encouraging news on the coronavirus front spurred a strong reaction on Asian stock markets on Thursday.The number ...

Hub for technology-based startups to be developed in Philippines

NEGROS ORIENTAL, Feb. 19 (PIA) - Silliman University (SU) and Ubix Corporation inked on Monday a deed of donation and ...

Africa

Section

WHO declares 'progress' in fight against coronavirus

The World Health Organisation on Wednesday hailed "tremendous progress" in the fight against the deadly new coronavirus since it emerged ...

European warships told to avoid rescuing people trying to flee Libya

It is a craven, indefensible choice. On Tuesday, European Union foreign ministers agreed to launch a mission in the Mediterranean ...

Turner wins SA Women's Masters on third playoff hole

San Lameer - It took three trips down the 18th in a playoff before Scotland's Jane Turner emerged victorious over ...

Dismal Proteas thrashed in opening Aussie T20

Cape Town - The Proteas, full of energy, came nowhere near beating Australia in the first T20 at the Wanderers ...

Nigeria court frees scores of Shiites

A Nigerian court on Friday freed 87 members of a pro-Iranian Shiite group accused of killing a soldier following clashes ...

Ethiopian refugees in Kenya make an emotional return home

Ever since Ardo Hassan Kowdan fled Ethiopia to Kenya 11 years ago, she had dreamed of the day she could ...

Movie Review

Panique