GIPC hints of 5 years tax holidays for aquaculture investors

GIPC hints of 5 years tax holidays for aquaculture investors

Investors in aquaculture will enjoy five years tax holidays, duty exemption, among others, the Ghana Investment Promotion Centre has disclosed

Chief Executive of the GIPC, Yofi Grant, says the $7.4-million investment in the sector is inadequate, hence these incentives to attract more investors.

He therefore called on investors to prioritize the aquaculture sector.

Speaking at the First Hybrid Aquaculture Conference in West Africa held in Accra, Mr. Frimpong said “there are only about six aquaculture businesses registered with a total investment of about US$7.4 million and about US$3.1 million of foreign direct investments. 

Now, considering how important the sector is, these numbers are woefully inadequate”

“Hence to make the sector attractive to investors, a business in the aquaculture sector enjoys the following:  five years tax holidays for the production of fish; duty exemption on plants, machinery and equipment; automatic immigrant quotas, work and residence permit for foreign companies; fish farming losses to be carried forward for five years of assessment and strategic investors to enjoy specific incentive packages,” he outlined.

Regional Senior Fisheries Officer at the Food and Agriculture Organization, Ndiaga Gueye said his outfit is investing in developmental projects in aquaculture in West Africa due to the prospects of the sector.

“We’re providing our members policy support and capacity building. We’re also implementing projects funded by donors and funding some pilot projects in Africa especially in West Africa where we feel that development of aquaculture is the future. 

I have noticed that here in Ghana, you pay attention to the sector and even have a department at the University of Ghana, specifically to train people in the sector. There is no way we can escape from investing in training and capacity building,” he said.

Head of Department at Marine and Fisheries Sciences at the University of Ghana, Professor Francis Nunoo also called on the Ministry of Fisheries and Aquaculture Development to develop a specific policy to guide the sector.

According to him, the sector lacks support and the policy will help in addressing the issues.

“Ghana is lacking a lot in the technology part and academic produce graduates who do not have the field experience. 

Moreover, people find it derogatory when they are asked to experience fish farming on the ground. 

Also, we need technology to use local products to formulate feed and to raise the hatchery as well as prioritise online marketing.

 We have policies that include the sector but we need to develop a policy specific to the sector.

The Chamber of Aquaculture Ghana in collaboration with the University of Ghana and World Aquaculture Society organized the First Hybrid Aquaculture Conference in West Africa.

The event which was held in Accra was on the theme, “New Strategies to Promote Inclusion and Transparency in Aquaculture Management in West Africa.

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