First Free Zones regional office opened

The first regional office of the Ghana Free Zone Board (GFZB) was opened on Friday at Takoradi.

In a speech read on his behalf, Mr Alan Kyeremanten, Minister of Trade Industry and Chairman of the GFZB, called on officials of the Board to make the office "a one-stop shop" to promote economic liberalisation and private sector development.

He said the free-zone programme had registered tremendous success in employment generation, export and capital investment into the economy since its establishment in 1996.

Capital invested by the Free Zone enterprises as at the end of 2002 was about 447 million dollars while export yielded about 174 million dollars and created employment for 9,500.

The Minister noted that, the programme could contribute immensely to the rapid growth of the economy if efficiently managed.

He said 117 companies had registered with the Board throughout the country, which was an indication of the confidence the investor community had in Ghana.

The increase in the number of companies and activities of free-zone enterprises had necessitated the establishment of regional offices, he said.

Takoradi is the second preferred location after Accra, Mr Kyeremanten added and said the government was determined to develop the Takoradi Harbour to ease congestion at the Tema Port.

He disclosed that the government was looking for funding to develop the proposed free-zone enclave in the Western Region and to provide infrastructure to complement the port to improve the Takoradi's attractiveness as an investment destination and location.

The Minister said the ability of the Takoradi office to provide fast and efficient service to investors would determine whether offices would have to be opened in other regions.

Mr Joseph B. Aidoo, Western Regional Minister, noted that, the 2,200-acre proposed free-zone enclave could attract both international and domestic investment.

He commended the Ministry of Trade, for establishing the office to accelerate development in the region.