Accra:According to BERNAMA News Agency, the Machinery and Engineering Industries Federation (MEIF) has announced that Budget 2027 is set to propel the machinery and engineering (M&E) industry towards higher-value activities, enhancing its competitiveness in the process.
Mac Ngan Boon, the president of MEIF, outlined key elements of the budget, including extended accelerated capital allowances for eligible machinery and technology, proposed sales tax refunds on certain industrial purchases, reduced corporate tax rates for qualifying micro, small, and medium enterprises (MSMEs), and expanded financing and guarantee facilities.
He emphasized the pivotal role of the M&E industry in Budget 2027, noting its dual position in driving industrial transformation. As companies invest in equipment, technology, and skills, they are also manufacturing, integrating, supplying, and maintaining systems that help other industries modernize.
Mac highlighted that the industrial investment incentives in Budget 2027 could add value across the broader production ecosystem. Support for equipment modernization is expected to stimulate demand for domestic machinery builders, suppliers, and engineering service providers.
Additionally, expanded financing facilities are designed to better support industrial growth by accommodating investment cycles, contractual obligations, and business risks. Export support is also expected to extend M&E capabilities into new markets through technical qualification, customer development, and reliable after-sales services.
Mac further explained that Budget 2027 provides several complementary measures, with their impact relying on the effective access, coordination, and implementation by companies. For businesses, the immediate task is to identify priorities, establish necessary capabilities, and determine which measures can support their investments. Policymakers and implementing agencies have the opportunity to strengthen the connections between financial support, industrial needs, and measurable business outcomes.