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Business News of Tuesday, 20 August 2019


Free Zones Authority to revoke license of inactive companies

Michael Okyere Baafi, CEO of the Ghana Free Zones Authority Michael Okyere Baafi, CEO of the Ghana Free Zones Authority

The Chief Executive Officer (CEO) of the Ghana Free Zones Authority, Mr Michael Okyere Baafi, has served notice that the authority will soon revoke the license of some inactive companies within the free zones enclave.

Mr Okyere Baafi said on Accra-based UTV’s “Mpu Ne Mpu” programme that all the affected companies have been served their letters informing them about the planned suspension of their licenses.

“As we speak we have 192 active companies operating within the Ghana Free Zones enclave but in all, we have 245 companies registered with us,” he said.

“We are going to revoke the license of the inactive companies. Letters have been sent to them informing them about the decision,” he added.

“We are going to announce this at a press conference soon,” he said.

Mr Baafi explained that the move is to create the space for other companies who want to register and do business within the enclave.

“There are numerous benefits for operating in Ghana’s Free Zones enclave. You enjoy 10-year tax holidays. After the 10 years you only pay 15 per cent tax,” he said.

“After the 10 years you will only pay 15 per cent tax on the raw materials and machinery equipment you bring into the country for production. So there are a lot of benefits companies can get by investing in the enclave to create jobs.”