Price of Free-Zones Land Slashed

The Ghana Free Zones Board had successfully concluded negotiations with the International Land Development Company, one of the developers within the Zones, to cut down the cost of land within the enclave to enable more prospective investors to take advantage of the facility.

Under the arrangements, an acre of land within the zone would be sold for 20,000 dollars instead 60,000 dollars.

Mr Andy Appiah-Kubi, Acting Director of the Board, announced this when journalists toured the processing zones on Thursday. He said: "We have the feeling that the high cost of land was in a way driving potential investors from the processing zones and we agreed that the exorbitant price must come down to allow interested companies to take advantage of the initiative." Mr Appiah-Kubi mentioned that both the Board and the company were concerned with the high cost of land and agreed to ensure that the price to this factor of production be reduced to enable interested companies to locate their firms or businesses within the enclave.

He said both parties had also acknowledged the need to allow prospective investors to pay for land in instalments.

"This, I hope, would open the way for local investors to take advantage of the attractions that are offered by locating in the zones."

Mr Appiah-Kubi said similar negotiations ware being made with Business Focus Group, another developer within the zones, to enable the Board reclaim half of the land that was allocated to the company to another developer to speed up the process.

The company alone owns 702 acres of the total processing zone area of 1,288 acres, while the International Land Development company has 212 acres.