Standards and regulation in ghana commonwealth of nations. There are several ways of doing business in this country, the most common being through the registration of a limited liability company. The ghana free zones authority gfza was established by an act of parliament, the free zones act 1995 act 504 in 1995. Amendment to the free zones act, 1995 act 504 the parliament of the republic of ghana has passed an amendment to. The ghana free zone authority was established on august 31, 1995 by an act of parliamentthe free zones act, 1995 act 504, to enable the establishment of free zones in ghana for the promotion. George kusi principal investment officer ghana investment promotion centre. If you are looking beyond the horizon for where to locate your business, then you are at the right place ghana free zones board gfzb. There is established by this act a board to be known as the free zones board, referred to in this act as the board. An act to enable the establishment of free zones in ghana for the promotion of. Ghana library board act ghanalegal legal portal for ghana. Distribution of ghana free zone board enterprises by. Ghana free zones board is being destroyed by corruption the campaign by media watch research associates. It has been operating in ghana for over 40 years now.
Banks and special deposit act, 2016 act 930 date of assent. Executive chairperson of reroy group, a leading cable manufacturing company, kate quartey papafio has been awarded in this years ghana women excellence in business awards. Use of force for preserving order on board a vessel. This act enable the establishment of free zones in ghana for the promotion of economic development. The ghana free zones board represents the principal catalyst for the export. Licenses of 8 free zones firms revoked modern ghana. It analyses the constitution of the body, its authority and powers. The ministry of trade and industry oversees the work of the board.
Ghana free zones authority is making sure there is strict. Download report independent evaluation group world bank group. Sep 03, 2019 ghana free zones board gfzb any investor who will be producing to export at least 70% of its total output can take advantage of the free zones act to get located within the free zone enclaves at tema or sekondi or any part of the country as permitted this will be after going through the registration processes already described above and then. Ghana maritime security act, 2004 act 675 3 this act shall not apply to a the following ships owned or operated by the republic and used only for noncommercial activities, i a warship, or ii a ship designated for naval, military, customs or law enforcement. Ghana free zones board if you are looking beyond the horizon for where to locate your business, then you are at the right place ghana free zones board gfzb. What links here related changes upload file special pages permanent link page. Amendment to the free zones act, 1995 act 504 the parliament of the republic of ghana has passed an amendment to the free zones act, 1995 act 504 by issuing a legislative instrument l. Ghana free zones board gfzb any investor who will be producing to export at least 70% of its total output can take advantage of the free zones act to get located within the free zone enclaves at tema or sekondi or any part of the country as permitted this will be after going through the registration processes already described above and then. Michael kofi baafi as he educates and informs ghanaians about the role of freezones in achieving the industrialisation agenda of npp. The government has also established a ghana free zones scheme managed by the free zone board. Gfzb ghana free zones board established under the free. Aug 29, 2017 the ghana free zones board gfzb on monday opened its maiden edition of investment week celebration to create the platform for local businesses to take advantage of its exportoriented programmes.
Ghanas new companies act 2019 passed, this is what to. Ghana is a party to unclos which is implemented in ghana by the maritime zones delimitation law, pndcl 159. Gipc act under the ghana investment promotion centre act, 20 act 865, any enterprise in which there is foreign participation is required to register with the ghana investment promotion centre gipc. Pricewaterhousecoopers ghana limited 1 october 2010 this edition of on point, our abridged tax newsletter, focuses on recent amendments to the ghanaian tax laws and general updates regarding tax issues in ghana. In exercise of the powers conferred on the minister responsible for trade and industry by sections 262 and 41 of the free zone act 1995 act 504, and after consultation with the minister responsible for customs and exercise and the commissioner of customs, excise and preventive service in accordance with section 262 of act 504, these regulations are made this 22nd day of february, 1996. According to the constitution and the education act, primary education in ghana is free and compulsory from kindergarten through junior high school. In essence therefore, the whole of ghana is accessible to potential.
Subject to this act and to the rules, the board may regulate its own procedure. The ghana shipping protection of offshore operations and assets regulations 2011 made under the ghana shipping act provides the follows. There is establishment by this act a board to be known as the free zones board, referred to in this act as the board. The financial sector is overseen by the bank of ghana, whilst the ghana free zones board enables the establishment of free zones in the country for the promotion of economic development and to provide for the regulation of activities in free zones. In the mid1990s, ghana undertook significant legal and regulation reforms in order to promote investment and facilitate trade. The ghana free zones authority gfza was established on 31st august, 1995 by an act of parliament1995 act 504, to enable the establishment of free zones for the promotion of economic development. A lack of resources has limited the effectiveness of the authority. Companies can be engaged in the production of any type of goods or services for export, including bpo, telemarketing and other callcenter operations, and it services. The ghana free zones authority gfza, is a ghanaian governmentcontrolled institution formed on 31 august 1995 to facilitate the setting up of free zones in ghana to improve the economic development and to regulate its related activities. To make it easier for free zone developers to acquire the various licenses and permits to operate, the ghana free zones authority gh provides a onestop approval service to assist in the completion of all formalities. Under the act, foreign investors in ghana are required by law to register with the gipc. Ghana free zones authority licenses 16 new companies.
Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange. Laws and regulations gabc ghana agribusiness centre. Gfzb is defined as ghana free zones board established under the free zone act, 1995 somewhat frequently. Ghana free zones board is being destroyed by corruption. Incentives under the ghana free zones program investment guarantees double taxation agreements vii. Act 630 ghana maritime authority act, 2002 e iii the ghana shippers council, and two women with specialised knowledge in the maritime industry nominated by the minister. Ghana free zones board gfzb the ghana free zones programme is designed to promote processing and manufacturing of goods through the establishment of export processing zones epzs, and, encourage the development of commercial and service activities at sea and airport areas.
Free zones authority is available on this page, please ensure you have adobe reader to view the documents as they are in the widely accepted pdf format. Banks and special deposit act, 2016 date of assent. The ghana free zone board gfzb was established by the free zone. Ghana the world factbook central intelligence agency. Free zones board, referred to in this act as the board. Freezone act, 2014 uganda legal information institute. In ghana, companies registered under the ghana free zones authority gfza are taxed at a rate of 1% for the first ten 10 years of their operation, and thereafter at a rate of 15% on income. Scaling up value creation and local development in the mining. How is ghana free zones board established under the free zone act, 1995 abbreviated.
Department of banking and finance, school of business and law, university for. The companies act, 1963 act 179 ghana free zones act, 1995 act 505 the internal revenue act, 2000 act 592. The third edition which took place over the weekend is an annual event, which is meant to celebrate ghanaian women who are excelling in various fields of endeavour and. Free zone enterprises shall comply with the factories, offices and shops act 1970 act 238 on health and safety requirements. Ghana is located in west africa,on the greenwich meridian, and is fast becoming the. Promotion centre act of 1994 and the free zone act of 1995, the entire country was.
Production at jubilee, ghanas first commercial offshore oilfield, began in middecember 2010. The free zones programme in ghana offers you a conducive business environment to produce at minimum cost for export. The ghana free zones board is to provide a onestop service center for free zone investors. The new companies act does not require companies to file an objects clause with the registrar of companies limiting the objects of the company or the various activities the. The ghana free zones authority gfza, is a ghanaian governmentcontrolled institution. The legislation governing the gfza creates an attractive environment through the provision of very attractive incentives to free zone companies. The uganda free zones authority is a body corporate under the supervision of the ministry of finance, planning and economic development. Dec 29, 2014 the ghana free zones board takes its mandate from the free zones act 1995, act 504 of the parliament of ghana. With the implementation of the investment promotion centre act of 1994 and the free zone act of 1995, the entire country was treated like a free zone. Free zones enterprisedevelopment after 10 years of. Expansion of ghanas nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half ghanas oil revenue.
Ghana, a commonwealth member country, has over the years made positive progress as a result of policy. Act 504 free zone act, 19951 an act to enable the establishment of free zones for the promotion of economic development, to provide for the regulation of activities in free zones and for re lated matters. Healy consultants will assist our clients with incorporating the optimal corporate structure in ghana. The board was set up after the free zones act 504 was enacted in 1995. Act 504 free zone act, 19951 an act to enable the establishment of free zones for the promotion of. The ghana free zones board gfzb was established on 31 st august, 1995 by an act of parliament. The ghana free zone board gfzb was established by the free zone act, 1995 act 504 as amended by the free zone amendment act, 2002 act 618 to enable the establishment of free zones in ghana for the promotion of economic development. Ghanas new companies act, 2019 does away with the ultra vires rule, which requires companies to stick strictly to the category of businesses stated in their regulations. Its important and expected role requires the board to. The government has also established a ghana free zones scheme managed by.
Jul 31, 2015 the ghana free zones board, gfzb, has as part of its corporate social responsibilitycsr presented an amount of ten thousand ghana cedis, ghc. Composition of the board i the board shall consist of a a chairman who shall be the minister for trade and industry. The act allows a free zone company in ghana to be 100% foreign owned, 100% ghanaian owned or investors can come together to form a company or a joint venture between a ghanaian and a foreigner. The free zones authority is established by act 504 as amended by act 618.
Business opportunities for renewable energy in ghana march. Firms that met the free zone criteria exporting at least 70% of. Free zones living the west african gateway dream herald. The ghana free zones board gfzb on monday opened its maiden edition of investment week celebration to create the platform for local businesses to. The boards main role is to facilitate, regulate and monitor activities in the free zones. It was enacted by an act of parliament, the free zone act 1995 act 504. Michael kofi baafi as he educates and informs ghanaians about the role of free zones in achieving the industrialisation agenda of npp. African countries have sought to replicate the success of east asia by implementing special economic zones sezs. Despite decades of international experience, there is still no blueprint for successful sez policies, and the majority of sezs fall well below expectations. The ghana free zones board takes its mandate from the free zones act 1995, act 504 of the parliament of ghana. This chapter argues that this is largely due to flaws in the political economy of sez schemes, which prevent replication of. Ropaa representation of peoples amendment act rrt rapid response teams. Free zone companies in ghana including accra, and more. Ghana free zones authority plans for special economic zones.
An act to enable the establishment of free zones in ghana for the promotion of economic development. Support institutions 26 kumasi city investment promotion unit kcipu 26 ghana investment promotion centre gipc 27 ghana free zones board 27 some major investors in kumasi 28 contacts 30 appendix 32. Use of force in correcting a child, servant, or other similar person for misconduct. Ghana free zones board accra, ghana contact phone, address. Criminal code, 1960 act 29 consolidated up to 1999. The ghana free zones authority gfza was established on 31st august, 1995 by an act of parliament the free zone act 1995 act 504, is to enable the establishment of free zones in ghana for the promotion of economic development. How to obtain free zones licence in ghana the ghana free zone board gfzb was established by the free zone act, 1995 act 504 as amended by the free zone amendment act, 2002 act 618 to enable the establishment of free zones in ghana for the promotion of. The ghana free zones board gfzb has revoked the licenses of eight companies operating in the countrys free zone enclaves for nonperformance and noncompliance to regulations set by the board.
Oct 06, 2011 the ghana free zones board represents the principal catalyst for the exportoriented industrial development in ghana. The ghana free zones board, which is the government agency responsible for the implementation of the programme, is achieving positive results. Ghana free zones board business profile on ghanayello. The free zones is the primary agent for industrial development in ghana. Investment promotion centre act of 1994 and the free zone act of 1995. Company is working in associations business activities.
Free zone companies in ghana add your free listing. Administration and miscellaneous provisions secretariat of the board. Gfzb stands for ghana free zones board established under the free zone act, 1995. The main idea of establishing the free zones is to develop ghana into a hub for manufacturing and processing through value addition for export. Work and resident permits shall be required for any foreign national who wishes to live in ghana and work in a free zone. All the emerging countries are included in that list. Free zone amendment act 2002 free zones act 1995 free zone act no. How to obtain free zones licence in ghana legalstone. Ghana free zones boarddetails ghanas official national. Is ghana an attractive proposition for it services and business process outsourcing. The ghana free zones authority was established on 31st august 1995 by an act of parliament to enable the establishment of free zones in ghana for the promotion of economic development, to provide for the regulation of activities in free zones and for related purposes. This year saw the promulgation of the ghana industrial free zones authority decree, 1978.
This leaves about 208 companies operating currently in the free zone enclaves with 47 located in the tema free zone area. Nabtex national accreditation board and technical examination nacap national anticorruption action plan nacca national council for curriculum and assessment. Agricultural businesses operating in ghana may also need to be familiar with the following legislations and their amendments. Act 663, company, ghana, goods, public procurement act 2003. To create a free zone, the president of ghana must declare that an area of land or building is a free zone or single factory zone. Is ghana an attractive proposition for it services and. Under the act, any area in ghana may be declared a free zone or port.
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