Free Zones Earns $27bn On Export

The CEO of the Ghana Free Zones Authority (GFZA),Mr Micheal Oquaye Jnr, has disclosed the authority’s gains on export was over US$27 billion.

He noted there were Two Hundred And Seventeen (217) active free zone enterprises at the moment, which have created direct and indierect employment to about 3,000 people.

Mike Oquaye Jnr said it was impressive achievements. He lauded GFZA for its contribution towards the development of the Ghanaian economy.

He made these comments at the Ghana Free Zones Authority (GFZA) 3rd Annual Investment Week 2022 dubbed, “Championing Export-Led Industrial growth: In the Context of African Continental Free Trade Area Agreement and World Trade (AFCFTA) and World Trade” in Accra.

He added by virtue of being part of the Free Zone Enterprises, “You are part of the team of investors, who are focused on spearheading Ghana’s export-led industrialisation programme.”

Oquaye Jnr., stated the essence of this forum, was to come together to take stock and discuss issues of common interest to improve the operations of the Free Zones Authority and enterprises and to address any challenges they faced due to the pandemic and current worldwide economic situation.

“It is also to update you on new trends and policies that will have an impact on your operations,” he said.

Minister of Trade and Industry, Hon Alan Kyerematen, in his delivery, said cocoa and gold had been the main drivers for Ghana’s development over decades, hence, the government’s decision to look deeper into other sectors of the economy to help attract foreign direct investment.

“There is the need to promote exports as a nation now, more than ever,” he added.

However, He noted as a country and a growing economy, “we must be able to produce our basic needs, as well as have the abundance to promote exports for foreign exchange.

“This is the key objective of the government’s initiatives such as the One District, One Factory (1D1F).”

Guest of honour at the event, Oboshie Sai Cofie, emphasised government was pursuing ways to ensure full advantage has been taken of the AfCFTA agreement, as part of efforts to pursue an export-led economic recovery project focused on value chain development.

Ms. Cofie said it was important for Ghana to become a key part of the regional and continental value chains, not only to survive, but also, to make significant strides in the current world economic situation.

Comments are closed.