Capital Investments worth $180m from 29 Free Zones registered in 2023; to rise to $192m in 2024 – Ofori-Atta
In the presentation of the 2024 budget statement to Parliament on Wednesday, November 15, 2023, Finance Minister Ken Ofori-Atta underscored the impactful strides made by the Ghana Free Zones Authority.
Notably, 29 companies within the Free Zones framework received licensing, boasting a collective capital investment of $180 million in the fiscal year 2023. This strategic impetus is poised to not only augment value-addition within these entities but also stand as a pivotal pillar in fortifying the nation’s economic recalibration.
Mr Ofori-Atta elucidated that these Free Zones enterprises have played a pivotal role in the nation’s employment landscape, collectively generating 2,500 job opportunities across diverse industries.
Foretelling a trajectory of sustained growth, the Finance Minister projected an estimated $192 million in capital investments from Free Zones companies for the forthcoming fiscal year 2024.
“In 2024, it is projected that Free Zones companies will generate an estimated US$192 million in capital investments,” Ken Ofori-Atta said.
The Minister further pointed out that in alignment with the government’s steadfast commitment to bolster Micro, Small, and Medium Enterprises (MSMEs), the Ghana Enterprises Agency (GEA) assumed a central role. The minister highlighted that an impressive 140,562 enterprises, a substantial portion of which comprises 100,211 women-owned enterprises, benefited from comprehensive training and business development services through the GEA.
Moreover, as part of a broader strategy to formalize the nation’s informal sector, the government facilitated the registration of 2,055 operators with the Office of the Registrar of Companies. This multifaceted approach underscores Ghana’s commitment to fostering a resilient and inclusive economic landscape, positioning the nation on a trajectory of sustainable development in the global economic arena.
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