Free Zones generates $2.3 billion

The total value of exports generated under the Ghana Free Zones Programme last year stood at $2.3 billion, Michael Okyere-Baafi, Executive Secretary of the board, has disclosed.

This formed part of export revenue generated between 1996 and December 2016 which recorded $30.9 billion.

Speaking at the launch of a week-long celebration themed: ‘Promoting Export Oriented-Investment for National Development’ to promote investment opportunities in the export-oriented business sector for local investors on Monday in Accra, Mr Okyere-Baafi said the Free Zones Regulations have given the Board the flexibility to licence export-oriented companies located outside the declared and designated areas.

For such entities, he said his outfit was taking opportunity to facilitate the implementation of government’s policy on the ‘One District, One Factory’ policy.

The celebration, billed for the last week of August every year, is targeted at encouraging Ghanaian business executives and entrepreneurs who have surplus funds to invest in the export sector.

Data from GFZB shows that out of 201 licensed Free Zones companies, only 56 companies were wholly owned while 63 were joint-ventures, representing 28 and 31 percent respectively while 82 companies, representing 41 percent, were foreign owned.

Mr Baafi said GFZB has had various interactions with members of the Association of Ghana Industries to highlight the investment opportunities in the Free Zones programme and encourage them to utilize the opportunity by investing in the GFZ programme.

Other objectives are to increase foreign exchange earnings, provision of business opportunities for local and foreign investors to undertake joint ventures, enhancement of technical and management skills of Ghanaians and promotion of technology transfer.

He applauded the investors for believing in Ghana’s Free Zones programme.

He said he was expecting an increase in employment at the Tema Export Processing Zone and all the single factory zones.

Events lined up for the week celebration include a media briefing on the activities of GFZB, breakfast meeting with business owners, tour of the Free Zones enclave, staff durbar and a corporate health walk at the Peduase Mountains on Saturday.