President Akufo-Addo Announces Tax Incentives for Film Industry in State of the Nation Address

During his State of the Nation Address on Tuesday, February 27, 2024, President Nana Akufo-Addo revealed plans to introduce tax incentives for the film industry in Ghana.

He emphasized the government’s commitment, through the National Film Authority, to support the production of high-quality content and films while enhancing cinema infrastructure in the country and across the continent.

The President outlined several fiscal incentives that are being developed by the Cabinet, including income tax and VAT incentives, import duty exemptions on film production equipment, a 20% tax rebate for strategic film productions, and film financing reliefs. He anticipated that these incentives would make Ghana an attractive destination for film production.

President Akufo-Addo also highlighted the refurbishment of the National Museum Gallery, which had been closed since 2015. The gallery, now fully renovated, attracted over 35,000 visitors in 2023, with school children constituting a significant portion of the visitors.

Moreover, he announced the establishment of the first-ever Kente Museum in Bonwire, Ashanti Region, aimed at preserving Ghana’s cultural heritage.

Additionally, preparations and designs for the construction of Heroes Park, a museum commemorating Ghana’s founding fathers, have been completed, with construction set to commence soon.

Furthermore, President Akufo-Addo noted the modernization and rehabilitation of the Kwame Nkrumah Memorial Park, which had not undergone comprehensive renovation since its construction in 1992. Following its modernization and reopening in July 2023, the park has experienced a significant increase in domestic and international visitors.

These initiatives underscore the government’s commitment to promoting Ghana’s cultural heritage, supporting the arts and entertainment industry, and enhancing tourism through infrastructure development and favorable policies.