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04.11.2004 General News

Tax exemption for Korle Lagoon project approved

By GNA

Accra, Nov. 4, GNA- Parliament on Thursday approved Finance and Economic Minister's request to waive taxes and exempt the payment of levies totalling 3,017,426.23 dollars on specified machinery, equipment and ancillary items connected with the Korle Lagoon Ecological Restoration Project.

The project aims at improving the environment and quality of life in the immediate environs of Accra.

The Kuwait Fund for Arab Economic Development, Arab Bank for Economic Development in Africa, the OPEC Fund for International Development and the government of Ghana are among financiers of the project.

According to a report of the Finance Committee, the loan facility on the project requires an exemption of all taxes or duties and levies for the project.

The report said when completed the project would develop Accra by improving public health, flood control and increase tourism potential.

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