Vice President of the policy think tank IMANI Africa, Bright Simons, has projected that with the strict enforcement of the government’s new taxes, GHACEM, the largest cement company in the country, will be required to pay approximately $36 million in taxes.
Mr Simons emphasized that GHACEM holds a significant share of over 50% in the country’s cement market and aims to produce 3 million tonnes annually.
He wrote on X: “If GHACEM, Ghana’s largest cement corp, with ~50% share, continues hitting its 3 million tonnes a year target, it will face new taxes of $24m a Yr if Ghana strictly enforces the new carbon taxes it is introducing. If the Kumasi plant comes onstream, carbon taxes = $36m. AGI dey?”
Mr Bright Simons pointed out that manufacturers would face an $8 tax for every ton of CO2 emitted during the manufacturing process.
He expressed skepticism towards the Association of Ghana Industries for supporting the government’s proposal for the Import Restrictions bills.
“Remember AGI was recently praising govt of Ghana for the import restrictions list? Okay, their time has come. Govt is slapping ~$8 tax for every ton of CO2 emitted by manufacturers. Cement, fuel, steel, aluminum & all high-energy industries should get ready to be smacked!” he wrote.