The 283-page document outlines in detail how the policy will be implemented and funded. It also reveals a notable shift in focus.
What was once seen as an initiative to keep state institutions and businesses operating round the clock has evolved into a broader strategy aimed at unlocking structural bottlenecks in Ghana’s economy.
Companies that sign up to the programme will not pay import duties on manufacturing equipment, renewable energy systems, raw materials, and logistics infrastructure. Firms in strategic agriculture sectors such as grains, vegetables, oilseeds, tubers, livestock, and sugar will be exempt from corporate income tax entirely.
Other businesses will benefit from corporate income tax rebates. Companies running two shifts will receive a 25% rebate. Those operating three shifts will qualify for a 50% rebate. Targeted VAT exemptions will also be applied to help lower the cost of locally made goods.
Firms operating between 10 pm and 6 am will benefit from discounted electricity tariffs. Exporters of manufactured goods will receive rebates of between 2 and 6% of their export value.
Participating companies will receive fast-tracked water and electricity connections and priority regulatory clearance to accelerate production timelines.
Access to credit will also be improved. The Development Bank Ghana will provide long-term, low-interest loans to help companies scale up. In the cocoa sector, the government has promised easier access to raw cocoa beans for local processors enrolled in the programme.
These measures are designed to increase production, create jobs, and strengthen exports. But they will require legal reforms before they can be fully implemented.
The programme is estimated to cost $4 billion initially. The government has committed $300 million as seed capital, about 8% of the total. The remaining 92% will be mobilised through public-private partnerships, led by the Ghana Infrastructure Investment Fund.
To support funding, a 2.5% import levy will be imposed on goods that can be produced locally. These include processed foods, cosmetics, pharmaceuticals, cement, plastic household goods, second-hand clothing, sanitary pads, and diapers.
The government expects that the tax incentives will boost production enough to offset lost revenue. But the policy document does not provide any figures to back this claim.
Although it projects to create over 1.7 million jobs over four years, it lacks concrete projections for employment, export growth, or tax revenue. The math is missing.