Nkonkonsa Celebrity Gossip From Africa
President Nana Akufo-Addo has set plans to implement a new tax refund scheme for film productions, which is a huge vote of confidence for Ghana’s rapidly growing film industry.
Under the new law, the nation will provide a 20% tax credit for strategic film productions in addition to a number of reliefs for film funding, such as the removal of import duties on equipment used in film production.
An exemption from port fees and other cash levies, which are typically demanded in advance by authorities, is another of the suggested incentives.
According to the government, these incentives are also available to local corporate organizations who provide financial support to the sector.
Speaking at the State of the Nation address in the parliament of Ghana, President Akufo-Addo said that his “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.”
Akuffo Addo added that the incentive “should provide another tangible reason for Ghana to be the choice country for film production.”
Over the past three years, under the leadership of Juliet Yaa Asantewa Asante, the National Film Authority of Ghana has launched a series of ambitious initiatives aimed at positioning Ghana as a leading film hub on the continent.
The Authority’s “Shoot in Ghana” campaign garnered considerable attention and drew in international productions like the NFL Super Bowl spot Born to Play. The ad was produced by Danny Damah and Tony Tagoe’s production company, TD Afrique Films (Beasts of No Nation).
Commenting on the President’s announcement, Juliet Yaa Asantewa Asante, CEO of the National Film Authority, said: “The forthcoming tax incentive policy, as articulated by the President, stands poised to fortify Ghana’s position within the global film ecosystem, amplifying its attractiveness to filmmakers and solidifying its status as a cinematic powerhouse on the international stage.”
NKONKONSA.com
