The Ghana Free Zones Authority says it has begun moves to establish a separate unit to look at modalities to attract oil and gas companies onto the Free Zones concept.

This according to the Authority will position Ghana as an emerging oil and gas country.

Executive Secretary, Michael Baafi was speaking at the investment week celebrations of the Authority.

The theme for the celebration is ‘export-oriented industrialization, key to Ghana's development.’

Licensed companies

About 18 companies have been licensed to operate as free zone industries since the beginning of the year 2018.

Mr Baafi said 201 company has been set up in the country with 181 being active and has created employment for 29,170 people last year.
Inactive firms to face sanctions

About 80 companies licensed to operate as free zones companies are inactive and unfit to carry out business as beneficiaries of the Free Zones Act, the Ghana Free Zones Authority has said.

To this end, the Board of the Authority has approved various sanctions for such companies before the end of the year.

According to the Executive Secretary of the Authority, Michael Baafi, these companies have flouted the rules for the concept and will need to apply for a new license after the sanctions.

“Meanwhile, the Authority has identified about 60 to 80 companies who were licensed to operate as free zone companies inactive and unfit to carry out business as beneficiaries of the Free Zones,” he said.

As part of the celebrations, the Authority organize road shows in all ten regions of Ghana to create awareness and promote the concept.

The Ghana Free Zones Authority (GFZA) was established in August 1995 as the agency responsible for the implementation of the free zones programme.

Among the line-up of activities for this year's investment week includes a breakfast meeting with the CEO and tour of facilities in the Tema Free Zones enclave.