First Free zones regional office inaugurated

The first regional office of the Ghana Free Zone Board (GFZB) was on Friday inaugurated with a call on the officials to make it a one-stop shop to enhance its economic liberalization and private sector development policy of the government.

Mr Alan Kyeremanten, Minister of Trade and Industry and Chairman of the GFZB in an address read for him said since its establishment in 1996, the free-zones programme had registered tremendous success in areas such as employment generation and export and capital investment.

Capital invested by the Free Zone enterprises at the end of 2002 was about 447 million dollars; export for the period was about 174 million dollars, while employment levels increased to 9,500.

This was an indication that the programme could contribute immensely to the rapid growth of the economy if efficiently managed, Mr Kyeremanten emphasized.

He said to date, the board has licensed 117 companies throughout the country, an indication of the confidence the investor community had in the country as an investment destination.

The increase in the number of companies and activities of free-zone enterprises had necessitated the establishment of regional offices, he noted, adding that Takoradi was the second preferred location after Accra.

Mr Kyeremanten also emphasized the government's determination to develop the Takoradi Port to ease congestion at the Tema Port.

He announced that the government was looking for funding to develop the proposed free-zones enclave in the Western Region to provide the infrastructure, which would complement the seaport to improve the attractiveness of Takoradi as an investment location.

The Minister said the success of the Takoradi office in providing fast and efficient service to investors would determine whether there was the need to open offices in other regions.

Mr Joseph B. Aidoo, Western Regional Minister noted that, the about 891 hectares land for the proposed free-zone enclave had the potential to attract both international and domestic investment to provide mixed opportunities for domestic market-oriented industries and export market-oriented enterprises.

He commended the Ministry of Trade, for fast-tracking the establishment of the long awaited GFZB office at Takoradi to accelerate the pace of development in the region.