Continental Focus, International Reach

Ghana Free Zones Looks to Attract New Companies

Wednesday, August 8, 2018

The Ghana Free Zones Authority is initiating plans to establish a separate unit to look at ways to attract oil and gas companies into the Free Zones concept said executive secretary, Michael Baafi, at the investment week celebrations of the Authority.

About 18 companies have been licensed to operate as free zone industries since the beginning of 2018.Baafi said 201 companies have been set up in the country with 181 being active. The companies set up have created employment for almost 30,000 people.

About 80 companies licensed to operate as free zones companies are inactive and unfit to carry out business as beneficiaries of the Free Zones Act, the Ghana Free Zones Authority has said.To this end, the Board of the Authority has approved various sanctions for such companies before the end of the year.

According to Baafi, these companies have flouted the rules for the concept and will need to apply for a new license after the sanctions.


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