President John Dramani Mahama has proposed granting duty- and tax-free importation of capital equipment to factories registered under Ghana’s 24-hour economy programme, in a move aimed at accelerating industrial growth.

The President said the proposal follows concerns raised by private sector operators over the high cost of importing machinery required to establish or modernise factories.

“For factories that are established and registered under the 24-hour economy initiative, if they want to expand or bring in new equipment to retool their factories, they should be able to bring that equipment into the country duty- and tax-free,” Mr Mahama said.

He explained that the incentive is designed to stimulate investment in local manufacturing, reduce the country’s reliance on imports and create sustainable jobs.

Mr Mahama also disclosed that he granted presidential assent to the 24-Hour Economy Authority Bill approximately two weeks ago, formally making the authority operational.

He made the announcement on February 24, 2026, at the sod-cutting ceremony for a $250 million float glass manufacturing facility at Shama in the Western Region.

According to the President, concerns over duties and taxes on capital equipment were strongly expressed during a recent Presidential Dialogue with the private sector, where business leaders described the charges as a significant barrier to expansion and fresh investment.

“That is why I can assure investors that the incentives are coming,” he said.

Reinforcing his broader economic philosophy, Mr Mahama stressed that production remains the true foundation of currency stability and national prosperity.

“Production underpins the value of currency, not by speculation, but by production and exports,” he stated.

He described the float glass manufacturing project as a strategic intervention in an economy that currently imports the majority of its glass requirements.

Citing official figures, he said Ghana imported more than 65,000 tonnes of glass products in 2024 at a cost of nearly $25 million to supply the construction, automobile and manufacturing sectors.

The new factory, when completed and fully operational, is expected to significantly reduce imports, conserve foreign exchange and generate export revenue. It is projected to create more than 2,000 direct jobs, alongside additional indirect employment opportunities.

Mr Mahama said the government’s strategy is anchored on policy stability and collaboration between the state, investors and host communities.

“Industrialisation succeeds when government provides stability, investors provide capital and communities provide partnership,” he said.