KMA to take deliberate steps to woo investors - MCE

The Kumasi Metropolitan Chief Executive (MCE) Mr. Osei Asibey-Antwi, has assured businesses of the assembly’s resolve to go the extra mile to create the right environment for them to thrive.

He said it was eager to boost the attraction of the city to investors to grow the economy and create job opportunities for the people.

He was speaking at a meeting held by the Members of the Ghana Chamber of Commerce and Industry with the Ghana Free Zones Board (GFZB) in Kumasi.

It was meant to get members of the Chamber to register their companies with the Board to enable them to benefit from its extensive and generous monetary and non-monetary incentives.

These include 100 per cent exemption from payment of direct and indirect duties and levies on all imports for production and exports from free zones, total exemption from payment of withholding taxes from dividends arising out of free zone investments and 100 per cent exemption from payment of income tax on profits for 10 years.

There is also a zero import licensing requirement, minimal customs formalities, permission of 100 per cent ownership of shares and a guarantee against nationalization and expropriation of investment.

Mr. Asibey-Antwi said the policy direction of the government should give confidence to the business community and provide impetus to the expansion their operations.

He counseled that they upheld best practices and urged those into export to put premium on packaging and labelling to favorably compete on the international market.

He applauded the Chamber for the tremendous effort it had been making to sustain businesses in the Ashanti Region and pledged strong support and cooperation to enhance profitability.

Hajia Hanatu Abubakar, Head Investor Support Services of the GFZB, said about 40 per cent of the companies within the free zone were wholly Ghanaian and that the strategy was to aid their growth.

She spoke of plans to develop a technology park in Ashanti and mentioned the industrial sectors earmarked for this zone as information communication and Technology (ICT)/Cyber Village, cocoa processing, both light and heavy industrial manufacturing, warehousing and logistics, social services and bio-technology development.

Mr. Yaw Boakye-Yiadom, Regional Chairman of the Chamber, welcomed the assurance by the MCE to support businesses to grow.