The Chief Executive Officer of the Ghana Free Zones Authority (GFZA), Amb. Michael Oquaye Jnr has revealed plans by the authority to boost the country’s economy through export-led industries.
At a media briefing for the 2022 investment week celebration and the CEO’s first media briefing since assuming office in August last year, Amb. Michael Oquaye outlined several achievements and plans made by the GFZA for the development of the economy.
This year’s investment week celebration is on the theme “GFZA: Championing Export-Led Industrial Growth in the Context of AfCFTA and World Trade”.
As the government plans on building a better economy through the production and exportation of locally produced goods, the GFZA chose this theme to help push the government’s agenda on export-led industrialization and the Africa Continental Free Trade Area Agreement (AfCFTA) implementation.
AMB. Michael Oquaye made it clear that the need to increase the country’s exports to earn the needed foreign exchange to stabilize the depreciating cedi and balance the trade deficit the country is facing.
According to the CEO, export-led industrial growth is one of the most appropriate strategies to achieve economic development and this has been the mandate of the GFZA.
He added that, in pursuing an export-led industrial growth strategy and enormous opportunities AfCFTA and the world at large produce, the problems of unemployment, low export earnings, lack of value addition to local natural resources, lack of diversification of export products and being an insignificant player in the continental and global value chains can be solved.
Thus, establishing an AfCFTA desk at the GFZA office.
As part of his achievements since assuming office in August 2021, thirty- nine (39) companies have been licensed
The 39 newly licensed local companies are expected to inject an estimated amount of US$ 230 million into the economy and also earn US$ 529 million from exports with an estimated production value of US$ 436 million.
Briefing the media, AMB. Michael Oquaye revealed that the cumulative exports from the Free Zones enterprise program stood at US$ 27 billion as of 2020.
He also indicated that there are 217 active companies currently with 72 being solely Ghanaian companies, 74 being foreign-owned and 71 being joint ventures.
According to the CEO, there is an indication that Ghanaian companies also have the potential to take advantage of the free zone incentives and make a mark on the international market.
AMB. Michael Oquaye thanked President Akufo-Addo and the trade and industry minister, Alan Kyeremanten and the Western Regional Minister, Kwabena Okyere Darko-Mensah for their continuous support towards the acquisition of about 1,500 acres of land in Yabiw/Shama in the Western Region for the development of designated Special Economic Zones (SEZs).
