The Deputy Chief Executive Officer (Operations) of the Ghana Free Zones Authority, Mr. Lateef Apau Wiredu, has emphasized the strategic position of the Ghana Free Zones, as a game-changer for the fortunes of export-driven enterprises in Ghana.
According to him, the role of the Ghana Free Zones Authority cannot be overemphasized, especially in light of the recent trade tariffs imposed by the United States government, and its effects on emerging export-oriented businesses in sub-Saharan Africa.
Speaking at the just ended Kwahu Business Forum, the Deputy CEO praised the Mahama-led administration for the ingenuity of the Forum, as an essential platform for interaction amongst industry players, the financial sector and relevant state agencies, towards Ghana’s economic advancement.
He highlighted the crucial role that the people of Kwahu have played in trade and commerce, and also as a great source of entrepreneurship in Ghana.
He also remarked on the renowned annual Kwahu Easter celebrations and how this presented an opportunity for industry players present at the forum, to find innovative solutions that fostered economic growth, just like the Kwahu festivities.
Additionally, Mr. Lateef Apau Wiredu commented on the crucial timing of the Kwahu Business Forum, as a relevant national dialogue to facilitate the President’s economic agenda for transformation, while finding sustainable solutions to Ghana’s developmental challenges.
According to him, this has become even more critical, especially in view of the recent U.S. government’s introduction of a 10% tariff on all imports from Ghana.
He elaborated further on this by stating “the timing of this forum was excellent for all the right reasons. In view of the President’s bold economic agenda, with policies such as the establishment of the Women’s Development Bank, the 24 hour economy, the National Apprenticeship Programme, the one million coders program, the Big Push, among others, it is essential to unleash the energies of the private sector to lead the roll-out of such policies, and take advantage of them for business development, wealth and employment creation. A dialogue such as this is a unique opportunity for the development of public-private partnerships, in the realisation of the President’s promising economic agenda”.
More importantly, the Deputy CEO commented on the pressing role of the Ghana Free Zones Authority, as a solution to the challenges of export-driven businesses, within the larger framework of the President’s vision.
“We understand that these new tariffs have implications for competitive pricing in the U.S. market which directly affects the competitiveness of Ghanaian exporters – a market that remains crucial for our exports. However, if they are to take advantage of our Free Zones program, particularly with our 100% tax exemption on the import of raw materials, their cost of production will come down to enable them stay competitive. As such, if you are an export-driven business and can export a minimum of 70% of your annual production, while adding value to create jobs, we want to invite you to consider the Free Zones program as a lifeline for your business. Our incentive packages will provide needed relief to support you to thrive in the midst of these volatile trade dynamics on the international market.”
Mr. Lateef Apau Wiredu further highlighted the ability of the Free Zones program to provide support services to reduce operational bottlenecks and bureaucracies, while improving access to markets for Ghanaian export-driven businesses.
The Free Zones program will directly reduce operational cost as it offers 100% exemption on all forms of taxes and 100% exemption on corporate taxes for the first ten years of operation.
With increased patronage of the Ghana Free Zones Program, Ghanaian export-oriented businesses can stay competitive in the international market, while boosting Ghana’s trade balances for accelerated economic development.
This drive sits at the heart of the President’s vision, and must be capitalised on to propel our economic advancement as a nation.
