Free Zone companies generate $1.9bn in export revenue for 2022
In a remarkable display of economic resilience and commitment to fostering sustainable development, the Ghana Free Zones Authority (GFZA) has revealed that companies operating under its purview generated an impressive US$1.9 billion in export revenue in the year 2022. This significant achievement reflects the combined efforts of over 200 companies spanning various sectors of the economy.
During the inaugural GFZA Business Support Interaction event, held in Accra under the theme of ‘Driving business growth through sustainable access to resources, information, and markets,’ Michael Oquaye Jnr., the Chief Executive of GFZA, enthusiastically highlighted the transformative impact of free zone enterprises. He emphasized that these companies had not only contributed to Ghana’s export earnings but also played a pivotal role in job creation, with over 60,000 direct jobs being generated since the establishment of the authority.
The event served as a unique platform for representatives of free zone enterprises to network with other stakeholders, fostering collaboration and addressing critical issues affecting the business landscape. GFZA firmly believes that by equipping businesses with essential resources, information, and access to markets, sustained growth and development can be achieved.
Despite the prevailing economic downturn, GFZA remains steadfast in its commitment to supporting businesses and streamlining their operations to bolster the export sector. A notable example of this commitment is the acquisition of a sprawling 1,200-acre land at Shai Hills, strategically located in the Greater Accra Region, which will serve as a second export processing zone. This expansion will provide ample opportunities for both domestic and international businesses to thrive and contribute to Ghana’s economic prosperity.
In an effort to facilitate ease of operations, GFZA secured a generous grant of €150,000 from the German Agency for International Cooperation (GIZ). This funding will be utilized to establish a bus terminal, a restaurant, and conduct comprehensive training programs for free zone enterprises. Additionally, GFZA is currently engaged in a strategic partnership with a developer to transform the YABIW industrial park into a special economic zone, further enhancing its attractiveness as an investment destination. The World Bank is also actively supporting GFZA through infrastructure development initiatives, including the rehabilitation of existing roads and the construction of two new roads and a fence wall.
Notably, GFZA has also prioritized the launch of an Aftercare Unit, signaling a paradigm shift in customer service interactions. This unit will play a crucial role in bridging the gap between enterprises and the authority, diligently addressing operational concerns and proactively seeking solutions to optimize business performance.
Embracing the digital era, GFZA has undertaken an extensive digitalization drive, culminating in the complete redesign of its official website, www.gfza.gov.gh. The revamped platform offers prospective investors a seamless and user-friendly experience, providing a comprehensive overview of free zone licenses, highlighting the myriad benefits and investment opportunities available. The streamlined navigation allows easy access to relevant information, expediting the license application process and ensuring hassle-free engagement for investors, regardless of their location.
Commenting on the website redesign, Kate Djankwei Abbeo, Deputy CEO, Finance and Administration at GFZA, affirmed that the digital transformation was driven by the desire to attract a greater number of investors to Ghana’s Free Zones. By leveraging innovative digital systems, GFZA aims to catalyze economic growth and development, urging investors from around the world to explore the vast opportunities showcased on the website.
The GFZA’s remarkable achievements in export revenue generation, job creation, and comprehensive support measures underscore its pivotal role in propelling Ghana’s economic growth. As it continues to navigate the challenges posed by the global economic landscape, GFZA’s unwavering commitment to empowering businesses, fostering sustainable development, and embracing digitalization serves as a beacon of hope and a testament to Ghana’s investment potential in the Free Zones sector.
