Report by Akpeleasi Flora- 28/02/2024
In his highly anticipated State of the Nation address today, Tuesday, 27th of February, President Nana Addo Dankwa Akufo-Addo unveiled ambitious plans to bolster the film industry in Ghana, signalling a significant investment in both content creation and infrastructure development.
Addressing the assembly, the President emphasized the government’s unwavering commitment to supporting the production of world-class content and films. “Government, through the National Film Authority, is committed to supporting the production of world-class content and films, as well as increasing the cinema infrastructure in Ghana and, by extension, on the continent,” he declared, underscoring the importance of positioning Ghana as a hub for film production.
In pursuit of this goal, the President unveiled plans to introduce a favorable tax framework designed to encourage cinema ventures and lure filmmakers from around the globe to Ghana. These initiatives encompass tax breaks on income and VAT, waivers on import duties for film production gear, a 20% tax refund for key film productions, and financial assistance for film financing. “A favourable fiscal 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,” he revealed, outlining the comprehensive support package.
The President expressed confidence that these incentives would enhance Ghana’s appeal as a film production destination and stimulate economic growth within the industry. “And should provide another tangible reason for the choice of Ghana as a film production country,” he asserted, highlighting the potential economic benefits of positioning Ghana as a preferred location for filmmakers.
Furthermore, the President underscored the government’s commitment to fostering collaboration between local and international stakeholders to promote knowledge exchange and capacity building within the film industry.
In conclusion, the President’s announcement reflects a significant milestone in the government’s efforts to revitalize the film industry and harness its economic potential. With the implementation of these measures, Ghana is poised to emerge as a leading destination for film production, fostering innovation, creativity, and economic prosperity for generations to come.
