By: Naa Dzagbley Agoo
The Ghana Free Zones Authority, GFZA, says the country has recorded export earnings of more than US$27 billion over the years. The earnings which were made by enterprises under the Authority are expected to go up further with the various strategies being undertaken by the GFZA to ensure the sector is expanded to accommodate more businesses, thereby boosting Ghana’s export drive.
Addressing the 3rd Annual Investment Week meeting in Accra, Chief Executive of GFZA, Mike Oquaye Jnr, said the investments made in achieving this feat has also led to the creation of about 33,000 job opportunities, with about 95 percent being Ghanaians. “In Ghana, we currently have 217 active free zone enterprises.
Cumulatively, the free zone enterprises have made export earnings of over US$27 billion employing about 33,000 people directly with over 31,000 being Ghanaians,” he stated. The Annual Investment Week 2022 will discuss issues related to improving free zone operations and addressing the challenges that businesses face in the midst of the current global economic meltdown.
The forum for the week-long celebration, which is under the theme: “GFZA: Championing Export-led Industrial growth in the context of AfCFTA and world trade,” was also used to update participants on new trends and policies that would impact their businesses positively.
Mr. Oquaye Jnr. said the Authority’s role is not only to regulate but facilitate to ensure that business investments in Ghana yield maximum returns. This he noted can only be achieved through cooperation between all government agencies as well as the private sector, whilst maximizing the opportunities available on the AfCFTA market.
He indicated that, “some companies have not submitted their quarterly returns and audited financial statements. This lack of submission of quarterly returns is affecting the Authority’s accurate data for management reporting and decision-making. Some of the companies also owe ground rent and some have not renewed their licenses.
I entreat the CEOs to ensure that these anomalies are corrected in the ensuing year, so as to enhance our ability to be of greater service to all.” For his part, Minister of Trade and Industry, Allan Kyeremanteng said with the Africa Continental Free Trade Agreement, (AfCFTA) providing an opportunity for Ghana to increase its export to other African countries through the creation of a single market thus, boosting intra-African trade, it is imperative that the GFZA is supported in its function to among others, expand productive capacity across all industries of the economy. This will not only promote exports, but greatly encourage the processing of domestic agro and other intermediary products for manufacturing.
According to Mr. Kyeremanteng, “job creation is one of the major contributions of the private sector to which the government is committed to supporting through the free zones regime, and other projects. This will also help absorb the unemployment that the government’s freeze on employment may generate.” Presidential Advisor on Media and Strategic Communications, Oboshie Sai Cofie, who was the guest of honor at the meeting, reiterated the government’s commitment to build an export-led industrialized economy.
She said world events have shown Ghana that the way to go is export-led industrialisation, hence the government’s focus on such a strategy of which the free zones programme is a key component. “Increasing export sales allows for increased revenues for businesses, which has a positive knock-on effect on those who directly or indirectly benefit from Ghanaian businesses. This government is committed to local businesses, and has policies in place that focus on boosting local productive capacity, she noted. Madam Oboshie Sai-Cofie added that, “this is to accelerate the drive towards self-sufficiency of the country, reduce reliance on imports as well as ensure availability of raw materials and other inputs that were previously imported for the industrial sector.”
