Business

Free Zones Board boss talks up innovative plans to boost revenue

The Chief Executive Officer of the Ghana Free Zones Board, Michael Okyere Baafi, has disclosed that government has changed the concept of the Ghana Free Zones Board from being an “occult group” during the past administration.

Mr Okyere Baafi said the time when the Free Zones Board became a privilege of only a few people who don’t account to the people of Ghana is past.

He reiterated that innovation and new ideas are now in place to ensure expansion of the concept and to get more companies involved.

He said the previous administration prevented some companies from benefitting from the Board as only 201 active companies remain.

“My target is to make $6 billion for Ghana through the Free Zones by the end of 2018,” he said on Onua FM’s Yensempa.

Explaining the concept and the activities of the Board to host Bright Akwasi Asempa, the FZB CEO said this is the first time in the history of the establishment of the Free Zones that Ghanaian firms are allowed entry.

It is also the first time in the history of Ghana that a CEOs conference has been organized to give them hearing, coming on the back of an executive breakfast meeting for captains of industries and big boys and girls within the business industry just to know what investment they can do in the enclave.

The Ghana Free Zones Board was established by Customs as a territory where incentives are offered for companies who can export 70 per cent and above products to sell outside.

This is to encourage companies to do more in export after they have applied to be members.

He said members do not pay corporate taxes, withhold tax on dividends and offered duty-free export and import.

A business cannot be confiscated by government under the agreement.

The CEO indicated that the Free Zones Board allows foreigners to transfer any amount of money or profit they make in Ghana.

He stressed that the main objective is to encourage export.

Furthermore, the Free Zones Board always identifies market to help members in countries where they do not export but have potential buyers free of charge.

According to him, this is a new policy arrangement put in place by the government.

By Owoahene Omari Acheampong|Onua 95.1FM|3news.com|Ghana

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