President John Dramani Mahama has announced a major fiscal incentive for businesses operating under Ghana’s 24-hour economy policy, proposing the complete waiver of duties and taxes on capital equipment imports for registered factories.
Speaking at the sod-cutting ceremony for a new $250 million float glass factory in Shama on February 24, 2026, President Mahama confirmed that the initiative directly addresses concerns raised by the private sector regarding the high cost of importing machinery for expansion and retooling.
“For factories established and registered under the 24-hour economy initiative, they should be able to bring in equipment for expansion or modernization duty- and tax-free,” the President stated.
The incentive is designed to stimulate local manufacturing, reduce import dependency, and create sustainable employment.
President Mahama revealed that he granted assent to the 24-Hour Economy Authority Bill two weeks ago, formally operationalizing the governing body for the programme.
Highlighting the strategic importance of the Shama float glass project, the President noted that Ghana currently imports the majority of its glass, spending nearly $25 million on over 65,000 tonnes in 2024.
The new factory is projected to create over 2,000 direct jobs and conserve foreign exchange.
“Production underpins the value of currency, not by speculation, but by production and exports,” Mahama emphasized, reinforcing his government’s focus on industrialization through public-private partnership.