Michael Okyere Baafi
The Ghana Free Zones Board has licensed 16 new companies to start operations.
Michael Okyere Baafi, Chief Executive Officer (CEO) of the Ghana Free Zones Board, who disclosed this to BUSINESS GUIDE, said they comprise wholly-owned Ghanaian companies, as well as foreign ones.
According to him, the FZB is determined to promote the processing and manufacture of goods through the Export Processing Zones (EPZs), as well as encourage the development of commercial activities at the various ports.
Mr Okyere Baafi said, “The board is enticing foreign companies with the financial muscle to invest in the free zones enclave as a way of creating more jobs for Ghanaians.”
He said that the FZB is enforcing the Free Zones Law (Act 504, 1995), which states that companies operating within the free zones enclave must employ more Ghanaians.
He said there are several incentives in Ghana’s free zones enclave, which will attract foreigners to invest in the economy to create jobs for the youth, saying “apart from the 10-year tax holiday the companies enjoy, they also don’t pay withholding tax or duties on materials they import into the country.”
“The free zones is championing the agenda of local involvement to enable Ghanaians improve their businesses. We will target investor promotion, we will target people who have the financial muscle to come and create jobs for Ghanaians,” he said.
From Daniel Bampoe