As part of its efforts to attract foreign investors to the country, the government is dangling huge tax breaks. One company that will soon enjoy the government's tax incentive is the Motor King Company which has been given a five-year tax break.
The company will import kits for the assembly plant without paying duty on the machinery and the equipment. It has also been exempted from paying duties, taxes or levies on any raw material it imports.
Mr. Kwadwo Alan Kyerematen, the minister for trade and industry made the announcement yesterday in Tamale. He also said a research grant for the company has been approved by President Akuffo Addo.
Outlining the benefits, Mr. Kyerematen said graduates employed by Motor King will be paid through the NABCO. The government is also providing the company two technical consultants to provide technical assistance free of charge.
The trade minister said the incentive was in recognition of the company's immense contribution to reducing unemployment among the youth, reducing the rural-urban migration and its efforts to explore export market opportunities in the sub region.
Motor king, the trade minister said, is promoting technology transfer which will have multiple effects on Ghana's economy.
The president reiterated government and China dilatory relationship and assured that his government welcomes Chinese investors to Ghana.
He reiterated his government's commitment towards ensuring that the Ghana Beyond Aid Vision is achieved.