SONA2024: Akufo-Addo Announces Fiscal Strategy To Boost Film Industry

SONA2024: Akufo-Addo Announces Fiscal Strategy To Boost Film Industry

  • President Akufo-Addo has announced a fiscal strategy to boost local film production
  • He says he aims to make the Ghana creative arts scene a world class industry and has announced plans to see that come to pass
  • He says cabinet is currently fleshing out the policy to be launched later in the year

President Akufo-Addo has revealed major plans for the Ghana film industry in his penultimate State of the Nation Address.

According to the President, his Cabinet is currently fleshing out a fiscal strategy to help boost Ghana’s film industry.

SONA2024: Akufo-Addo has announced plans to boost the film industry with fiscal strategy
Collage of Akufo-Addo and film equipment. Sources: Getty Images/ Getty Images
Source: Getty Images

Ghana’s film industry has been on a decline following a dearth of investment into the sector.

This has led to the collapse of several film companies and the drastic reduction in the amount of films produced each year.

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In 2023, Ghanaian films had failed to secure a nomination at the Africa Movie Academy Awards.

However, addressing parliament on Tuesday, February 27, 2024, Akufo-Addo said his government is committed to supporting the industry produce world class content and films that will project the nation on the global stage.

He added that his government will take a keen interest in the development and increment of cinema infrastructure across the country to support the industry’s output.

Elaborating on the fiscal strategy to help develop the local film industry, he said;

“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.”

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Dr Bawumia meets with Idris Elba on Ghana’s creative economy

The President’s vision seemingly aligns with an earlier meeting by the Vice President Mahamudu Bawumia with British actor Idris Elba on the creative economy.

The meeting focused on the financial inclusion of Ghanaian creative arts and devising strategies for integration.

The two want Ghana's creative arts economy to be linked to the worldwide financial ecosystem to boost the rapid development of the film industry in Ghana.

Akufo-Addo to launch Presidential Policy on Football

Following the abysmal performance of the Black Stars in the AFCON, President Akufo-Addo has taken the reins into his hands to revive the game himself.

He said he will be launching a Presidential Policy on Football to unearth and nurture young talents in the country.

The long term approach will be spearheaded by the Ministry of Education's Sports department, the Ministry of Sports and the GFA through the development of juvenile sports across the country.

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Source: YEN.com.gh

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