A bill seeking to establish and regulate free zone in the country to promote development, was on Tuesday laid before Parliament. Known as the Free zone Bill, it designates an area where business could be conducted with minimal bureacratic controls and investors could be attracted by the fact that national legislation does not operate within the area.
Other incentives are the creation of a favourable investment climate. It would also introduce a concept of free ports where bureaucratic impediments and government levies do not operate so as increase the utilization of port facilities by shippers.
The bill, which was referred to the Committee on Trade and Industry after it had been laid, would directly increase private sector capital investment and employment and also benefit the country in terms if labour skills, development and technology transfer.
It is intended to complement the benefit offered under the Ghana Investment Promotion Centre, Act 1994 (Act 478), and would allow sufficient flexibility for a range of activities to take place in addition to the manufacturing and processing of goods for export.
A memorandum on the bill explained that, in line with government policy to increase private investment in and from Ghana, it has become necessary to provide an enabling enviornment for accelerated foreign direct investment in export-oriented enterprises to develop the country's potential as a major regional trade hib".
Also laid was the Ghana Postal Services Corporation bill to establish a corporation to provide postal and allied services. This would be in line with the government's policy to split the Posts and Telecommunications Corporation into seperate bodies.
