Ghana woos investors for sugar industry

Ghana’s sugar industry is receiving a boost from efforts of the Ghana Investment Promotion Centre (GIPC).

The GIPC is wooing potential investors for Ghana’s sugar industry, according to the a publication, Trade Invest Africa. According to the report, the GIPC indicated that Ghana’s demand for sugar is rising at 2.3% creating a shortfall. It added that Ghana has spent $530 million over the last five years on sugar imports.

Ghana’s sugar industry possesses great potential as the industry has markets in the pharmaceutical and beverage industries as well as for biofuels.

The GIPC is offering tax holidays, 100% tariff exemption on production equipment, locational incentives, low corporate tax, and 100% profit repatriation for prospective investors in the sector.

Ghana has two sugar factories in Komenda in the Central region and Asutuare in the Eastern region but the factories have been under financial straights.

In June 2009, the GNA in a report cited the MP for Komenda-Edina-Eguafo-Abrem Constituency, Dr. Joseph Annan saying he was in touch with some investors for the Komenda sugar factory.

source: ghanabusinessnews