Sentuo Oil Refinery seeking $164m in tax exemptions
Tema-based oil refinery, Sentuo Oil Refinery, is seeking some $164m in tax exemptions under the One District One Factory (1D1F) Initiative.
The refinery is a three (3) train multi-product crude oil refinery with a production capacity of 120,000 barrels per day.
The Ministry of Finance in 2021 initiated processes to secure approximately $335m in tax exemptions through the Exemptions Act, 2022 (Act 1083) for 42 companies under the 1D1F initiative.
The Exemptions Act, 2022 (Act 1083), was presented to Parliament by the former Minister for Finance, Ken Ofori-Atta, in 2022.
Per the tax exemptions list seen by norvanreports, the $165m tax exemptions requested by Sentuo Oil Refinery was the biggest, followed by Sunda Ghana Limited and Sunda Ghana Investment Limited which requested for $23m and $22m in tax exemptions respectively.
Ningo-Prampram-based steel manufacturer, B5 Plus Limited requested tax exemptions to the tune of $11m.
The 1D1F initiative envisioned by President Nana Addo Dankwa Akufo-Addo, aims to transform Ghana’s economy from one reliant on importing and exporting raw materials to a more robust economy centered on manufacturing, value addition, and exporting processed goods.
The initiative is driven by the private sector, with the government providing a supportive environment for the businesses.
