Chamber of Pharmacy calls for extension of Free Zones Act incentives to private industry

The Ghana Chamber of Pharmacy has called on government to extend both physical and non-physical incentives under the Free Zones Act to private sectors in the country.

Speaking at the 2019 Ghana Manufacturing Awards, CEO of the Chamber of Pharmacy, Anthony Ameka noted that it is important for government to implement the Free Zones Act incentives available under Ghanaian law in the private economic zones as well.

“...we, therefore, call for the implementation of physical and non-physical incentives that are available under the law to also be extended to private economic zones or private industrial parts.” He noted.

Mr. Ameka noted that, the Chamber is looking forward to a 100 percent exemption of import duties, 15 percent maximum tax rate, relief from double taxation for foreign investors among several other physical and non-physical incentives.

He said, “Some of the physical incentives we’re looking at here are 100 percent exemption of import duties and levies, 100 percent exemption of exports duties, 100 percent exemption of income tax on profit for 10 years”.

“And the non-physical incentives, no import licensing requirements, minimal customs formalities…and there should not be any conditions or restrictions for repatriation of net profits...” Mr Ameka added.

The mandate of the Free Zone Act is to enable the establishment of free zones in Ghana for the promotion of economic development; to provide for the regulation of activities in free zones and for related purposes.

It has clauses including incentives [tax concession and investors], investment guarantees, transfer of profits, guarantee against expropriation, and operation of foreign currency account.



Award winners for this year’s Manufacturing Awards include:

Twellium Industrial Company - Emerging Brand of the Year

Sterling International Ltd - Paint Manufacturing Company of the Year

Royal Crown Packaging - Best Growing Manufacturing Company of the Year

Rocksters - Roofing Manufacturing Company of the Year



Kasapreko - Alcoholic Beverage Manufacturing Company of the Year

Polytank - Manufacturing Innovations of the Year

Jelcem - Premix/ Ready Mix Concrete Manufacturer of the Year

ICPS - Secure and Intelligent/ Document Manufacturer of the Year

McHammah Engineering - Fabrications company of the Year

Coca Cola Bottling Company - Non-Alcoholic Beverage Manufacturing Company of the Year

Bel Aqua - Water Producing Company of the year