Ghanas new companies act 2019 passed, this is what to. Ghana free zones board is being destroyed by corruption. It analyses the constitution of the body, its authority and powers. Ghana free zones authority is making sure there is strict. The ghana free zones board, which is the government agency responsible for the implementation of the programme, is achieving positive results. Is ghana an attractive proposition for it services and. 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. 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. 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. Business opportunities for renewable energy in ghana march.
Ghana free zones authority licenses 16 new companies. 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. 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. Free zones enterprisedevelopment after 10 years of.
Banks and special deposit act, 2016 act 930 date of assent. 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. The free zones is the primary agent for industrial development in ghana. Standards and regulation in ghana commonwealth of nations. 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. 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. Gold, oil, and cocoa exports, and individual remittances, are major sources of foreign exchange.
George kusi principal investment officer ghana investment promotion centre. 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. Michael kofi baafi as he educates and informs ghanaians about the role of freezones in achieving the industrialisation agenda of npp. Ghana free zones board is being destroyed by corruption the campaign by media watch research associates. Administration and miscellaneous provisions secretariat of the board.
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. African countries have sought to replicate the success of east asia by implementing special economic zones sezs. 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. The government has also established a ghana free zones scheme managed by the free zone board. Composition of the board i the board shall consist of a a chairman who shall be the minister for trade and industry. The main idea of establishing the free zones is to develop ghana into a hub for manufacturing and processing through value addition for export. According to the constitution and the education act, primary education in ghana is free and compulsory from kindergarten through junior high school. The uganda free zones authority is a body corporate under the supervision of the ministry of finance, planning and economic development. 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. 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. There are several ways of doing business in this country, the most common being through the registration of a limited liability company. Under the act, foreign investors in ghana are required by law to register with the gipc. The free zones authority is established by act 504 as amended by act 618.
Ghana library board act ghanalegal legal portal for ghana. 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. An act to enable the establishment of free zones in ghana for the promotion of. Gfzb stands for ghana free zones board established under the free zone act, 1995.
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. This act enable the establishment of free zones in ghana for the promotion of economic development. How to obtain free zones licence in ghana legalstone. Criminal code, 1960 act 29 consolidated up to 1999. 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. Ghana free zones boarddetails ghanas official national.
The ghana free zones board takes its mandate from the free zones act 1995, act 504 of the parliament of ghana. Dec 29, 2014 the ghana free zones board takes its mandate from the free zones act 1995, act 504 of the parliament of ghana. Ghana free zones board accra, ghana contact phone, address. Ghana free zones authority plans for special economic zones. Firms that met the free zone criteria exporting at least 70% of. Michael kofi baafi as he educates and informs ghanaians about the role of free zones in achieving the industrialisation agenda of npp. The government has also established a ghana free zones scheme managed by. 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. There is established by this act a board to be known as the free zones board, referred to in this act as the board. Work and resident permits shall be required for any foreign national who wishes to live in ghana and work in a free zone. 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. Free zones board, referred to in this act as the board.
This chapter argues that this is largely due to flaws in the political economy of sez schemes, which prevent replication of. Company is working in associations business activities. This leaves about 208 companies operating currently in the free zone enclaves with 47 located in the tema free zone area. The boards main role is to facilitate, regulate and monitor activities in the free zones. 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. Free zone amendment act 2002 free zones act 1995 free zone act no. Subject to this act and to the rules, the board may regulate its own procedure.
Expansion of ghanas nascent oil industry has boosted economic growth, but the fall in oil prices since 2015 reduced by half ghanas oil revenue. Amendment to the free zones act, 1995 act 504 the parliament of the republic of ghana has passed an amendment to. 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. The ghana free zones authority gfza, is a ghanaian governmentcontrolled institution. The companies act, 1963 act 179 ghana free zones act, 1995 act 505 the internal revenue act, 2000 act 592. Despite decades of international experience, there is still no blueprint for successful sez policies, and the majority of sezs fall well below expectations. What links here related changes upload file special pages permanent link page. 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. It was enacted by an act of parliament, the free zone act 1995 act 504. Promotion centre act of 1994 and the free zone act of 1995, the entire country was. 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. The ghana free zones board represents the principal catalyst for the export.
The ghana free zones board is to provide a onestop service center for free zone investors. Scaling up value creation and local development in the mining. The ghana free zones board gfzb on monday opened its maiden edition of investment week celebration to create the platform for local businesses to. Ghana is located in west africa,on the greenwich meridian, and is fast becoming the. The free zones programme in ghana offers you a conducive business environment to produce at minimum cost for export. Its important and expected role requires the board to. Licenses of 8 free zones firms revoked modern ghana. Gipc act, 1994, which eased rules for the establishment of companies. Ropaa representation of peoples amendment act rrt rapid response teams. Freezone act, 2014 uganda legal information institute. Investment promotion centre act of 1994 and the free zone act of 1995. 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.
Gfzb ghana free zones board established under the free. 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. The board was set up after the free zones act 504 was enacted in 1995. In the mid1990s, ghana undertook significant legal and regulation reforms in order to promote investment and facilitate trade.
Distribution of ghana free zone board enterprises by. Is ghana an attractive proposition for it services and business process outsourcing. All the emerging countries are included in that list. 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. Nabtex national accreditation board and technical examination nacap national anticorruption action plan nacca national council for curriculum and assessment. Act 663, company, ghana, goods, public procurement act 2003. Ghana free zones board business profile on ghanayello. A lack of resources has limited the effectiveness of the authority. The ghana free zones board gfzb was established on 31 st august, 1995 by an act of parliament.
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. Oct 06, 2011 the ghana free zones board represents the principal catalyst for the exportoriented industrial development in ghana. This year saw the promulgation of the ghana industrial free zones authority decree, 1978. The ghana free zones authority gfza was established by an act of parliament, the free zones act 1995 act 504 in 1995. Laws and regulations gabc ghana agribusiness centre. 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. Act 504 free zone act, 19951 an act to enable the establishment of free zones for the promotion of.
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. An act to enable the establishment of free zones in ghana for the promotion of economic development. 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. It has been operating in ghana for over 40 years now. Banks and special deposit act, 2016 date of assent. How is ghana free zones board established under the free zone act, 1995 abbreviated. Incentives under the ghana free zones program investment guarantees double taxation agreements vii.
There is establishment by this act a board to be known as the free zones board, referred to in this act as the board. Agricultural businesses operating in ghana may also need to be familiar with the following legislations and their amendments. Free zone enterprises shall comply with the factories, offices and shops act 1970 act 238 on health and safety requirements. 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. The ghana shipping protection of offshore operations and assets regulations 2011 made under the ghana shipping act provides the follows. Under the act, any area in ghana may be declared a free zone or port. 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. 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.
The ghana free zone board gfzb was established by the free zone. Ghana, a commonwealth member country, has over the years made positive progress as a result of policy. Free zone companies in ghana add your free listing. 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. Ghana is a party to unclos which is implemented in ghana by the maritime zones delimitation law, pndcl 159. In essence therefore, the whole of ghana is accessible to potential. Use of force for preserving order on board a vessel. Ghana the world factbook central intelligence agency. Department of banking and finance, school of business and law, university for. Gfzb is defined as ghana free zones board established under the free zone act, 1995 somewhat frequently. Free zone companies in ghana including accra, and more. Healy consultants will assist our clients with incorporating the optimal corporate structure in ghana.