Free Zones Enterprises boost Ghana’s export earnings by US$27 billion - Mike Oquaye Jnr.

Mike Oquaye Jnr., Chief Executive Officer, Ghana Free Zones Authority (GFZA) has reiterated his outfit's commitment to ensure it contributes toward vast investment avenues, employment opportunities and boosting Ghana’s export regime.

According to him, enterprises under the Authority have cumulatively made a significant contribution to the Ghanaian economy as per export earnings of about US$27 billion over the last 25

Read full articleyears.

Speaking at the 3rd Annual Investment Week 2022, organised by the Authority, Amb. Mike Oquaye Jnr. said despite its [GFZA] regulatory mandate, efforts to increase investment avenues are paramount and needs even more collaboration.

The event, was under the theme: “GFZA: Championing Export-led Industrial growth in the context of AfCFTA and world trade."

Touching on opportunities that are embedded under the African Continental Free Trade Area, Mike Oquaye Jnr. called on investors to take full advantage of the trade pact to boost Africa and Ghana’s export earnings, especially under AfCFTA.

He also outlined the advantages of Special Economic Zones (SEZs) which he said will provide enterprises the opportunity to produce and trade goods at a lower price, aimed at being globally competitive.

“Government will continue to implement measures to boost growth and investments to shore up Ghana’s foreign currency deposits and create jobs through these initiatives” he noted.

The Free Zones Authority CEO also provided an update on the active Free Zone Enterprises which have boosted Ghana’s export earnings and created employment avenues.

“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. These are impressive achievements, and I would like to take this opportunity to appreciate your contribution towards the development of the Ghanaian economy,” the GFZA boss said.

“By virtue of being Free Zone Enterprises, you are part of the team of investors, who are focused on spearheading Ghana’s export-led industrialization programme,” he added.

Mr. Oquaye Jnr. also added that foreign companies operating under the Authority have equally created employment and invested their revenue in projects as well as enjoyed some level of tax exemptions. 

“The foreign companies also give employment to the local people and build facilities and some infrastructure in the communities they operate. Free Zones companies are not entirely foreign-owned, Ghanaian ownership is 30 percent, Ghanaian-foreign ownership is over 30 percent and foreign is 34 percent,” Mike Oquaye Jnr. explained.

In his concluding remarks, Mike Oquaye Jnr. was optimistic that the Authority would continue to achieve success and help drive the country’s growth and create more employment.

He however commended the cooperation between all government agencies as well as the private sector towards efforts to implement trading under the AfCFTA.

The 3rd Annual Investment Week 2022 was organised by the Ghana Free Zones Authority to discuss issues in improving free zones operations and address challenges enterprises faced amidst the current global economic meltdown.

MA/FNOQ