Give Tax Incentives to Local Energy Companies – Kufuor

Former President John Agyekum Kufuor has called on government to give tax incentives to private sector companies, particularly those in Ghana’s energy sector, to drive growth.

“If we want to do energy very well, competitively and affordably, then private sector should be in there, and should be given tax incentives on a long-term basis as well as all the support they need to deliver.”

Speaking at the re-branding and launch of a new logo for Strategic Security Systems in Tema, the former President noted that, it is important that private energy companies are encouraged to do more in ensuring that the country’s energy sector becomes very competitive.

Strategic Security Systems is a privately-owned energy company with a specialty in the manufacturing of solar panels in the African sub-region.

The re-branding, however coincides with the company’s 10th anniversary.

Former President Kufuor said if Ghana succeeds in developing its energy sector, it could even export power to Nigeria to earn more foreign exchange than it currently does in cocoa export.

“In West Africa alone, I understand there is an energy shortage of 40 gigawatts, and Ghana would make a lot of foreign exchange if it focuses just on Nigeria alone. This would even fetch more than the income on cocoa.”

Strategic Security Systems, which is worth over 50 million dollars, locally manufactures solar panels, and seeks to expand its base from 32 megawatts to 165 megawatts capacity.

The Chief Financial Officer of the company, Razak Adams, noted that the company is currently creating direct and indirect jobs for over 1, 000 Ghanaians, and called on the government to consider them in any solar-related contract as they have the capacity and ability to deliver to international specifications and standards.

Mr. Adams complained of cheap Chinese solar panels imported into the Ghanaian markets that attract zero-percent tax duties.

He said these Chinese products that have flooded the market are crippling the industry, and called on the government to take steps to address the situation else they could soon collapse the local industry, and subsequently affect employment.

The Chairman of the company, Francis A. Boating, noted that, the company in re-branding, is putting strategies in place to reach out to many Ghanaians to use solar as their alternative means of power supply.

“We have the capacity to deliver, and we hope government will make a lot of savings in choosing us to assist it in its solar-related programmes”.

Source: Citifmonline