The Ghana Free Zones Authority (GFZA) has been honoured with two awards at the 2021 Corporate Ghana Awards.
The Authority, led by its Executive Secretary, Michael Oquaye Jnr, was named Trade and Investment Company of the Year. At the ceremony, Mr Oquaye Jnr was also named the ‘Enterprising C.E.O. of the Year.’
Receiving the awards, Mr Oquaye Jnr said Ghana is on the verge of becoming the centre of the African trade boom, and every individual is needed to help us to make it a reality.
“The Ghana Free Zones Authority is doing its best, but we can’t do it alone; we need everyone’s help, including yours,” he said.
He further said the Trade and Investment Company of the Year Award honours the Authority’s efforts, particularly in the year after the COVID-19 pandemic’s peak.
The award comes at a time when the Authority is ready to continue working on its mandate, which is to encourage local and foreign investors while also launching a comprehensive brand awareness campaign.
The Authority’s primary focus for the year 2022 is to deepen local investor relations as approximately 65 per cent of GFZA Enterprises have a Ghanaian interest.
The GFZA offers a variety of benefits, including a complete exemption from paying income tax on profits for the first ten years, with a maximum tax rate of 15 percent thereafter.
In addition, all imports for production and exports from free zones are exempt from paying direct and indirect tariffs and levies. These incentives were implemented to help Free Zone Enterprises lower their production costs and ensure that their exported products are competitive in their target markets.
Since 1997 till date the GFZA has attracted in excess of $4billion into the Ghanaian economy. The Authority is poised to exceed the current investment run rate.
The Ghana Free Zones Authority was established on August 31, 1995, by the Free Zone Act (Act 504) to promote economic development and regulate activities in free zones and for related purposes in Ghana. Since its inception, the Authority has adopted innovative and efficient means to meet their statutory obligations.