SONA 2024: Akufo-Addo announces tax incentives for film industry

President Akufo-Addo has announced a number of tax incentives for the film industry in Ghana.

According to him, these measures form part of government’s effort to support the production of world class content and films and increase the cinema infrastructure on the African continent.

President Akufo-Addo said the tax measures which include income tax and VAT incentives, import duty exemptions and a 20% tax rebate are currently being deliberated by Parliament and will soon be implemented.

“To this end, a favourable fiscal (tax) regime for cinema projects, including income tax and VAT incentives, import duty exemptions on film production equipment, twenty percent (20%) tax rebate for strategic film productions and film financing reliefs, is being elaborated by Cabinet, which should be out-doored very soon, and should provide another tangible reason for the choice of Ghana as a film production country,” the president disclosed while delivering his State of the Nation Address on Tuesday, February 27.

President Akufo-Addo’s announcement come after a number of plans have been unveiled by Dr. Bawumia for the creative sector.

In his address at the University of Professional Studies on February 7, 2024 to unveil his plans for Ghanaians, Dr. Bawumia intimated that there will be an introduction of digital streaming platforms to boost the film industry.

He also touted tax incentives for movie producers and implementing an e-visa policy for international tourists as part of his plans if elected into office as the President.

Stakeholders in the creative sector have in the past accused government of neglecting its promises made to the creative sector.