Deputy Finance Minister nominee, Thomas Nyarko Ampem, has criticized the extensive tax waivers granted under the One District, One Factory (1D1F) initiative, stating that they were excessive and needed proper evaluation.
Speaking before the Appointments Committee of Parliament on Monday, February 24, 2025, he argued that while tax incentives are crucial for private sector growth, there must be clear guidelines to ensure the government gets value in return.
“We need to have something to guide us when to give tax waivers,” he stated, adding that his government would not completely scrap them but would implement them more judiciously.
Ampem emphasized that the next phase of industrialization under the NDC would involve a more strategic tax policy, ensuring that exemptions are granted only when they serve the national interest.
“If my government will introduce any tax regime, it will be done sparingly,” he assured.
He stressed the need for an assessment of the 1D1F tax exemptions to determine their actual impact on job creation and economic growth.
According to him, a more structured approach to tax incentives will prevent revenue losses while still supporting businesses.
Beyond tax reforms, Ampem reiterated that the Mahama-led administration would enhance security measures to support the 24-hour economy policy.
He explained that the initiative, which involves businesses operating round-the-clock, would require heightened security strategies to ensure the safety of workers and enterprises.
“This Government will also enhance security, as the 24-hour economy will be running from morning through till the next morning,” he said, highlighting the administration’s commitment to economic transformation.
