By Ghana News
Copyright ghanamma
A non-profit organisation, Fashion Nexus Ghana, has launched a Business of Ghanaian Fashion (BoGF) initiative to strengthen the country’s fashion industry.
The initiative, which would feature the inaugural and annual BoGF Summit, followed by a year-round capacity-building programme, seeks to create jobs, boost exports, and position Ghanaian fashion on the global stage.
The launch, held at the Kempinski Gold Coast City Hotel on September 9, was on the theme, “Building a sustainable future for Ghana’s fashion industry”.
Industry-led solutions
The founder of Fashion Nexus Ghana and project lead for the initiative, Hillary Ando, said the initiative was developed in response to findings from the State of the Ghanaian Fashion Industry Report.
She said while the sector showed promise, it faced challenges such as a lack of financing, limited industry-ready skills among graduates, and production constraints.
“One of the biggest hurdles is financing. Either loans are inaccessible, interest rates are exorbitant, or repayment terms do not align with the fashion cycle,” she explained.
Ms Ando said the initiative would focus on building formal structures, preparing designers for investment, and facilitating access to funding and market opportunities.
Tax incentives
The Technical Advisor to the Commissioner General of the Ghana Revenue Authority, Elsie Appau-Klu, commended Fashion Nexus Ghana for the launch of the initiative, saying it had come at the right time to formalise and grow the industry.
She said the fashion sector was not only driving creativity, but also job creation and cultural exchange, and therefore needed strong policy and institutional support.
Ms Appau-Klu said the Authority was ready to support the industry through simplified tax systems and education.
She said under the Modified Taxation programme, small enterprises could pay a flat annual rate of between GH¢2,000 and GH¢5,000 depending on size.
She said the GRA would also intensify sustained tax education for fashion entrepreneurs to guide them on VAT, income and corporate tax compliance.
AfCFTA commitment
The Trade in Services Expert at the African Continental Free Trade Area (AfCFTA), Daphine Lekpaika, described the initiative as a milestone in linking trade policy with Africa’s creative economy.
She said the fashion industry held unique potential to drive manufacturing, services and exports, adding that through AfCFTA protocol, Ghanaian designers would gain access to a continental market of more than 1.4 billion people.
