According to Dr. Bawumia, every regional capital will become a “Duty-free zone” if he is elected as a President. This policy initiative is aimed at helping businesspersons and the business community at large.
Now, what is Duty-free Zone? Duty-free zone is an area often at ports or airports where imported goods are stored, handled, displayed or processed without being subject to customs duties or taxes or certain regulations until they are sold or exported.
Is it true that currently, Ghana has only one Duty-free zone located in Tema? The answer is a BIG LIE.
Under the Ghana Free Zones Authority and Free Zone Act 1995(Act 504) there are establishments of some free zones areas across the Country.
Some of the Duty-free Zone areas in Ghana are:
1. Ashanti Technology Park
2. Sekondi Export Processing Zone
3. Shama Export Processing Zone
4. Tema Free Zone
Other special economic zones in Ghana are as follows:
1. Greater Kumasi Industrial City Project and Special Economic Zone
2. Builsa Agro-Processing Park
3. West Park at Shama
4. Savelugu Industrial Park
The Ghana Free Zones program has been designed to promote processing and manufacturing of goods through the establishment of Export Processing Zones(EPZ).
There are three(3) types of Free Zones namely:
1. Industrial Free Zone:
It is used for the importation of raw materials for manufacturing of products for exportation.
2. Commercial Free Zone:
It is used for the importation of general goods for subsequent sorting, mixing, re-bagging, re-labelling or further processing into finished products for re-export.
3. Service Free Zone:
It provides services to the Free Zone Operators, and companies operating outside the Free Zones.
In accordance with Free Zone Act 1995(Act 504), there are also licensed Free Zones Enterprises/Companies, and Duty-free Shops/Stores in Ghana.
What is seriously paramount to the businesspersons and the general business community is management of Exchange Rate(Cedi Depreciation), Inflation, and Policy Rate(which drives Interest rates on loans at the Banks), not necessarily Duty-free Zone per Region.
Respectfully, H.E. Dr. Bawumia should get himself a “Semi-Permeable Team of Elders & Researchers” that would always audit and validate his campaign promises or policies before he shares them with the Ghanaian people. This will save him from unnecessary backlash or attacks.
… Signed…
Razak Kojo Opoku(PhD)
Founding President of UP Tradition Institute