2024 Budget unveils 7 key reliefs for Ghanaians
Ghana’s Finance Minister, Ken Ofori-Atta, has presented a budget focused on providing significant relief to both the private sector and citizens.
Ken Ofori-Atta, Finance Minister
During the presentation of the 2024 Budget Statement in Parliament, Ofori-Atta outlined a series of measures aimed at supporting key sectors and addressing citizen needs.
Extension of Zero Rate VAT on African Prints: The government plans to extend the zero rate of Value Added Tax (VAT) on locally manufactured African prints for an additional two years. This aims to support the local textile industry.
Waiver of Import Duties on Electric Vehicles (EVs): Import duties on EVs designated for public transportation will be waived for a substantial period of 8 years.
Zero Rating for Locally Produced Sanitary Pads: To enhance menstrual hygiene and affordability, VAT will be zero-rated on all locally produced sanitary pads.
Extension of Zero Rate VAT on Locally Assembled Vehicles: The government plans to extend the zero rate of VAT on locally assembled vehicles for two more years.
Import Duty Waivers for Raw Materials for Sanitary Pads: Import duty waivers will be granted for raw materials used in the local manufacture of sanitary pads, supporting local production.
Exemptions on Importation of Agricultural Machinery, Inputs, and Medical Consumables: To bolster key sectors, the government will grant exemptions on the importation of agricultural machinery equipment and inputs, as well as medical consumables.
Introduction of a VAT Flat Rate for Commercial Properties: A VAT flat rate of 5 percent will replace the 15 percent standard VAT rate on all commercial properties, simplifying administration.
The NPP is hopeful the 2024 Budget will navigate economic challenges while fostering growth and resilience in key sectors.