In unveiling the 2024 Budget and Economic Statement to Parliament, Finance Minister of Ghana Ken Ofori-Atta announced a series of fiscal measures aimed at fostering environmental sustainability and promoting social welfare
Noteworthy among these measures is the government’s decision to waive import duties on Electric Vehicles (EVs) designated for public transportation for eight years. This strategic move seeks to encourage the adoption of eco-friendly public transit options and contribute to a reduction in carbon emissions commitment to promoting menstrual hygiene by zero-rating all locally produced sanitary pads.
2024 Budget: Electrifying Transportation in Ghana
Delve into the government’s green initiative, emphasizing the waiver of import duties on Electric Vehicles (EVs) intended for public transportation. Analyze the potential impact on the country’s carbon footprint and the encouragement of eco-friendly public transit options.
2024 Budget: Support for EV Assembly Companies in Ghana
Expanding on the support for the electric vehicle industry, Minister Ofori-Atta revealed additional import duty exemptions. Semi-knocked down and completely knocked down Electric Vehicles brought into the country by registered EV assembly companies will also benefit from a waiver on import duties for the same eight-year duration. This forward-looking initiative not only incentivizes the growth of the electric vehicle sector but also aligns with the government’s commitment to sustainable practices and technological advancement.
2024 Budget: Menstrual Hygiene Revolution
Addressing women’s health and affordability, the Finance Minister declared a policy shift regarding locally produced sanitary pads. All such products will now carry a zero-rated status, aiming to make menstrual hygiene more accessible and affordable for women across the country. This initiative underscores the government’s dedication to promoting social welfare and addressing critical healthcare needs.
The eight-year duration assigned to both the waiver on import duties for public transportation EVs and exemptions for EV assembly companies is noteworthy. This timeframe is strategically designed to provide an extended period of fiscal incentives, fostering stability and growth within the specified sectors. Minister Ofori-Atta’s announcement reflects a comprehensive approach to policy-making, considering both short-term impact and long-term sustainability.
2024 Budget: Eight Years of Fiscal Incentives
As these fiscal measures unfold, the government’s commitment to a greener future and improved social welfare becomes evident. The combination of environmental incentives for electric vehicles and the emphasis on menstrual hygiene aligns with broader global trends and showcases Ghana’s dedication to progressive policies. Stay informed as these initiatives shape the landscape of transportation and healthcare in the coming years.
Some Other Keynotes: Ghana’s 2024 Budget
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