Business

Ghana Free Zones not being funded by state; that is a problem – CEO

1 Mins read

The Ghana Free Zones is the only free zones in the Africa region that is not being funded by the state, CEO of the Ghana Free Zones Authority (GFZ), Mr Michael Okyere Baafi, has said.

He said this makes it difficult to rub shoulders with their counterparts in the sub region who are being funded by their states.

“The truth of the matter is that Ghana’s free zones incentives are not lucrative as far as the sub-region is concerned. I’m an executive member of the African Free Zones Organisation. I served on the board in the sub-region.

“I think I will be the tall person amongst all of them in terms of clout, a West African executive representing the African Free Zones organisation.

“And I’m telling you the truth: Ghana’s free zones incentive is not the most lucrative. As a matter of fact, it doesn’t even come near to that of Cote d’lvoire which is our neighbour. For me, it’s just misconceptions; people just have this mindset and they don’t know the reality. So, they need to be told the reality”, Mr Okyere Baafi told Accra-based Class FM.

He added: “Ghana’s free zones is the only free zones in the Africa region here that is not being funded by the state. That is another thing we must look at.

“We cannot compare ourselves with these people. What they do and the benefit they get. We have to generate our own money, small money to develop the free zones, which is creating a lot of problems for us as far as expanding our frontiers is [concerned] and also doing more”.

“Looking at the other countries, they are doing more because their governments are supporting them.”

Further, he said: “We have to look at the holistic benefits, we should not only look at the government gaining money or gaining revenue. But we have to also look at other things the state is benefiting [from] in the form of skills transfer, knowledge transfers; these are things that cannot be quantified.”

“The truth of the matter is that free zones, the world over, has been the main game-changer in transforming a lot of economies, especially in the UAE where Jabal Ali turned the whole country upside-down. Free zones is for economic growth and economic development”, he emphasised.

Related posts
AfricaBusinessCovid-19EconomyHeadlineTechnologyWorld

Ernst & Young, Microsoft collaborate on digital vaccine management system

2 Mins read
Georgia, Tennessee and Oklahoma are among the states that will distribute and schedule their COVID-19 vaccine reserves using a new digital vaccine…
AfricaBusinessCovid-19

6 reasons why Africa's new free trade area is a global game changer

5 Mins read
AfCFTA, the largest global free trade area by countries participating, could transform the continent’s economic prospects. • It aims to be a…
AfricaAgribusinessBusinessCovid-19Opportunity

Tech to deal with Africa supply chain challenges

3 Mins read
While it’s likely few people outside the supply chain industry would have given much thought to the sector before 2020, it didn’t…

Leave a Reply

Your email address will not be published. Required fields are marked *