Ghana must move beyond merely attracting capital and instead secure productive investments that expand local production, create quality jobs, facilitate technology transfer, and boost exports, the Ghana Free Zones Authority (GFZA) has declared.
Speaking at the launch of the Ghana Investment Promotion Authority’s 2025 Annual Investment Report in Accra, Deputy Chief Executive Officer of GFZA, Latif Abdul Oduro, emphasised that the focus of investment promotion must increasingly shift towards investments that build productive capacity and generate sustainable employment.
“The focus of investment promotion must increasingly move beyond attracting capital to attracting productive investments that create productive capacity, generate quality jobs, transfer technology, develop global businesses,” Mr Oduro stated.
Industrialisation at the Core
He stressed that industrialisation and export development must remain central to Ghana’s investment strategy, with particular emphasis on agro-processing, pharmaceuticals, light manufacturing, and information and communication technology.
Mr Oduro also called for stronger linkages between foreign investors and Ghanaian businesses to ensure that local enterprises benefit from investments through technology transfer and skills development.
“Stronger links between foreign investors and local enterprises can promote local sources of technology transfer and skills development,” he emphasised.
He further cautioned that access to international markets alone is insufficient, asserting that Ghanaian enterprises must be able to compete on quality, cost, and reliability.
“Our enterprises must be able to compete on quality, cost and reliability with international markets,” Mr Oduro asserted.
Translating Statistics into Tangible Benefits
The Deputy CEO concluded that the ultimate goal must be to ensure that investment translates into tangible economic benefits for Ghana.
“We can translate investment statistics into practice, productive enterprises, jobs, technology, increased exports and sustainable development,” he said.
His remarks come against the backdrop of Ghana recording approximately **US651.7 million in 2024, according to the 2025 Investment Report. A total of 254 projects were registered across GIPA, GFZA and the Petroleum Commission during the year, expected to generate 18,748 jobs when fully operational.
However, Bank of Ghana data indicate that 95.4% of net FDI inflows came from reinvested earnings, meaning existing foreign investors accounted for most of the inflows by retaining earnings in Ghana and expanding their operations rather than relying primarily on fresh capital entering the economy. The GFZA alone recorded 42 new capital investments worth US$176 million during the year.
GFZA’s Track Record
Established on 31 August 1995 by the Free Zone Act, 1995 (Act 504), the GFZA has cumulatively generated export revenues exceeding US145.4 million in 1997 to US1 billion in exports.
Capital investments have expanded from US354.8 million in 2024, with an additional US$70 million invested in the first half of 2025. The authority currently oversees 306 active licensed enterprises, with five Export Processing Zones across the country.
Incentives and Transition to SEZs
Investors operating under the Free Zones Scheme benefit from a 10-year corporate tax exemption, customs duty waivers on production inputs, unrestricted repatriation of profits, and 100% foreign ownership. The GFZA also has over 7,000 acres of litigation-free industrial land available at strategic locations including Tema, Mpintsin, Shama, and Sekondi.
The authority is currently transitioning from Export Processing Zones to a modern Special Economic Zones (SEZ) model—a move aimed at creating more comprehensive economic hubs integrating multiple industries and services. GFZA CEO Dr Mary Awusi, the Authority’s first female Chief Executive Officer since its establishment in 1995, has reaffirmed the Authority’s commitment to advocating for the passage of the Special Economic Zone Act, which would provide the legal framework for this transition. The strategic pivot aligns with Ghana’s positioning within the African Continental Free Trade Area (AfCFTA) and the government’s broader economic transformation agenda.
“Ghana must move away from exporting raw materials and instead focus on processing and exporting value-added products,” Dr Awusi has previously stated.
Mr Oduro’s call for a shift towards productive investments reinforces this vision, urging Ghana to prioritise investments that deliver lasting industrial and economic transformation.
