POPULATION: 24.7 million (2012 Index Mundi est) CAPITAL CITY: Accra
LANGUAGES: English (official) CURRENCY: Ghana cedi
INTEREST RATE: 15%
Ghana is strategically located within West Africa, Ghana also has the benefit of being one of the most stable countries on the Continent. Ghana is an ideal gateway for international trade and investment. Ghana also has other unique advantages compared to other locations in the sub-region, which include being surrounded by coast. The unique advantage Ghana possesses coupled with the generous incentives and the efficient services provided by the Ghana Freezone Programme, makes the business environment more than ready to provide maximum returns on investment. Investing in Ghana provides access to an easily available and abundant labor force plus a country that is productive for international development.Source: Ghana Freezone Board BACKGROUND: Formed from the merger of the British colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first sub-Saharan country in colonial Africa to gain its independence. Ghana endured a long series of coups before Lt. Jerry RAWLINGS took power in 1981 and banned political parties. After approving a new constitution and restoring multiparty politics in 1992, RAWLINGS won presidential elections in 1992 and 1996 but was constitutionally prevented from running for a third term in 2000. John KUFUOR succeeded him and was reelected in 2004. John Atta MILLS took over as head of state in early 2009, but he died in July 2012 and was succeeded by his vice president John Dramani MAHAMA, who subsequently won a December 2012 special presidential election.
Ghana has benefited from the African Growth and Opportunity Act (AGOA) initiative and still enjoys the extension of this advantage for another 10 years during which time the USA market can be accessed easily on a quota/duty free status. The Textile & Garment industry has therefore become a lucrative investment area with unimpeded quota/duty free access to the US market. Ghana is maximizing this advantage by the creation of a 178-acre Textile and Garment village located within the Tema Export Processing Zone. This Textile & Garment village is located close to the port city of Tema and Ghana’s international airport thus providing easy access for the import of raw material and export of finished products to the USA and Europe. The textile village also has facilities like electricity, water and ready factory shells for investors who wish to re-locate their industries in Ghana to take advantage of the duty and quota free access that the country enjoys.
The Ghana Free Zones Programme is three-dimensional. It introduces the concept of free ports where bureaucratic impediments and governmental levies do not apply and thus aim to maximise the utilisation of port facilities by shippers. It innovates air transportation through a liberalised skies policy by freeing-up airline companies from heavy regulation and charges formally applicable to their operations.
It combines both the enclave and single-factory enterprise schemes which is designed to promote processing and manufacturing of goods through the establishment of Export Processing Zones (EPZs), and, encourage the development of commercial and service activities at sea and air-port areas. In essence, the whole of Ghana is accessible to potential investors who have the opportunity to use the free zones as focal points to produce goods and services for foreign markets.
The Ghana Free Zone programme is completely private sector driven. Government’s role is limited to facilitate, regulate and monitor activities of zone developers/operators and enterprises.
Source: Freezones Board