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Tema Port Expansion Parl't approves controversial $832m tax exemption on port expansion project

The minority NPP in parliament has consistently kicked against the granting of this concession to MPS, sentiments that have been equally echoed by the vice-presidential candidate of the NPP, Dr. Mahamudu Bawumia.

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Tema Harbour

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The opposition New Patriotic Party’s criticisms notwithstanding, Parliament has approved the tax concession of US$ 832 million to  the Meridian Port Services (MPS) for the construction of the Tema Port Expansion project.

The minority NPP in parliament has consistently kicked against the granting of this concession to MPS, sentiments that have been equally echoed by the vice-presidential candidate of the NPP, Dr. Mahamudu Bawumia.

According to the former governor of the Bank of Ghana, granting MPS a total sum of US$ 832m on a project capital investment of $1.5billion does not make sense.

READ MORE: Ghana Ports Harbours Authority We have the financial capacity to transform Tema Shipyard - GPHA

The Member of Parliament for New Juabeng North, Dr Assibey Yeboah, said there is  no  reason why MPS must get the equivalent of 55 per cent waiver on a project that Ghana would own only 30 per cent of.

He said the executive approval that came to parliament asked for US$982 million in tax concessions, almost a billion but the finance committee reduced it to US$832 million which was still too much.

“MPS are investing US$1.5 billion and we are giving them US$ 832 million which means for each dollar that they invest, we give them a tax waiver of 55 cents. The National Fiscal Stabilisation Levy, a levy that was brought in to stabilize the economy. Banks pay it, Telcos are paying it, and Breweries are paying it so why should we exempt MPS from paying it?” he asked.

“We are also exempting them from paying the NHIS levy; are their workers not going to benefit for the NHIS?”

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