1D1F: Parliament approves $28m tax waiver for Kasapreko

1D1F: Parliament approves $28m tax waiver for Kasapreko ||  Parliament approved a $28 million tax waiver for Kasapreko limited company machinery, equipment and raw materials under the government’s flagship, One District One Factory (1D1F), led by Akufo-Addo.

It is expected to improve the growth drive for the company to meet customer demand, expand its current production capacity, and increase revenue among others.

In pursuit of this dream, the company has purchased and renovated the abandoned factory Paramount Distilleries, previously owned at Tanoso in Kumasi by GIHOC.

The total cost of the project is estimated at Ghc 624 million involving debt and equity financing with the promoters expected to invest some Ghc 390 million cedis out of which SG Ghana and Stanbic Bank secured a loan of Ghc 234 million cedis for the purchase of plants and machinery and related operations for the Kumasi factory.

Presenting the Finance Committee ‘s report for approval, Committee Chairman Dr. Mark Assibey-Yeboah expressed optimism that approval of the waiver would improve the operations of the business, the local economy and provide job opportunities for Ghanaians.

The New Juaben South MP also noted that the establishment of the factory at Tanoso in Kumasi would in the span of five years provide 300 direct jobs for factory hands, administrative staff, sales managers and drivers, adding that the business currently employs about 800 direct employees.

He also noted that an estimated 1,800 indirect jobs would be generated for distributors , suppliers, and small businesses selling the goods around the country, as well as for individuals such as food sellers, business drivers, rental house owners providing services to the company’s employees.

President Akufo-Addo has implemented the 1D1F strategy to tackle the challenge of slow district-level economic development through a major nationwide industrialization program that will enable and motivate communities to use their capital in local and international high-demand manufacturing goods.

See the video below:

1D1F: Parliament approves $28m tax waiver for Kasapreko

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