Policy Already in Place: Dr. Razak Kojo Opoku Challenges Dr. Bawumia’s 1 Region 1 Duty-Free Zone Claim

A statement by Dr. Razak Kojo Opoku, Founding President of UP Tradition Institute, challenges a proposal by Dr. Mahamudu Bawumia, 2024 NPP Presidential candidate regarding establishing Duty-free zones in every regional capital if elected president. The statement asserts that Dr. Bawumia’s claim misrepresents the existing Duty-free zone framework in Ghana.

According to him,Ghana already has Duty-free zones and special economic zones established under the Ghana Free Zones Authority and Free Zone Act 1995 (Act 504). Examples include:
1. Ashanti Technology Park*
2. Sekondi Export Processing Zone
3. Shama Export Processing Zone
4. Tema Free Zone

Other special economic zones are the Greater Kumasi Industrial City Project, Builsa Agro-Processing Park, West Park at Shama, and Savelugu Industrial Park.

Types of Free Zones in Ghana
The Ghana Free Zones program includes three types:
1. Industrial Free Zone For manufacturing products for export using imported raw materials.
2. Commercial Free Zone For importation of goods for sorting, mixing, re-bagging, etc., for re-export.
3. Service Free Zone Provides services to Free Zone operators and companies.

Key Economic Considerations
The statement emphasizes that critical issues for businesspersons and the business community include management of:
Exchange Rate (Cedi Depreciation)
Inflation
Policy Rate (influencing interest rates on loans)

Call for Validation of Campaign Promises
Dr. Razak Kojo Opoku respectfully suggests Dr. Bawumia should have a team to audit and validate campaign promises before sharing them publicly to avoid backlash.

Definition of Duty-Free Zone.
A Duty-free zone is an area where imported goods are handled without customs duties or taxes until sold or exported, often at ports or airports.

Context of Existing Framework Ghana’s Free Zones Authority operates under Act 504, with existing free zones and licensed enterprises, indicating Duty-free zone policies are already in place.

SikkaNews
Kwame Asare