Government ready to support strategic investors in aquaculture industry – Yoofi Grant

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yoofi Grant says the government is ready to support and offer tax incentives to potential investors who want to venture into the aquaculture sector.

He says that just about 6 companies have been registered in the sector with a cumulative investment of $7.5m.

He admits that it is woefully inadequate given the huge amounts of money the country spends to import tonnes of fish to meet local demand.

Speaking at the maiden Hybrid Aquaculture Conference on Sustainable and Modern Ways of Improving the Industry in West Africa, Mr Yoofi Grant put across the intentions of the government towards the sector.

“Per our records, there are 6 companies currently in the aquaculture industry with about $7.5m in total, which is relatively low compared to the huge imports of fish that come into the country to satisfy the expanding local demand.”

“As a matter of policy, the government, through the Ghana Investment Promotion Centre, is ready to offer tax incentives and support to strategic investors who put in an investment of $50m and over to expand the local production of fish and fish related products to reduce the levels of import in the industry.”

He disclosed that “any such company with Ghanaian partners will have the chance to a 5 year tax holiday along with the chance to negotiate its tax rebates and relief packages with the government to maximize the full potential of the local aquaculture industry”.

Furthermore, Mr Grant says that given the huge economy of Nigeria and its attendant demand for fish and related products, a ready market exists for potential investors to ride on the innovative and attractive incentives existing in Ghana’s aquaculture industry to market their products and have the opportunity to export into Nigeria and the West African market to maximize their fullest potentials and profitability in the long term.

“Nigeria, our eastern neighbour has a huge population and demand for fish and its related products. As a government, we are inviting potential investors to take advantage of the suitable and attractive opportunities which exist in our aquaculture industry to gain access to the Nigerian market and the West African economy in general to maximize profitability and potentials in the industry,” he noted.

Expressing his appreciation to the organizers of the Conference, Mr. Grant said that good and adequate knowledge exchange during the event will go a long way to create a proper and people-centred approach to getting the fullest potential in the aquaculture sector in West Africa.