The Ministry of Trade and Industry is considering the development of a Special Economic Zone (SEZ) within the Tema port enclave to drive investments and trade.
SEZ is an industrial zone created within a specific geographical location to attract foreign investment and spark technological advancement.
Businesses operating at SEZs benefit from additional economic advantages including tax incentives and the opportunity to pay lower tariffs.
SEZs also help to increase export levels for the country and other countries that supply it with intermediate products.
The government’s industrialization program will be advanced by the SEZ within the port enclave, according to Minister of Trade and Industry K.T. Hammond.
He stated yesterday, while giving visitors a tour of Meridian Port Services (MPS) in Tema, that the government will give the required regulatory guidance and supportive environment to encourage the development of the SEZ within the port.
The Minister’s working visits to familiarize himself with the activities of organizations and institutions in the trade facilitation arena also included a tour of the cargo checks at Kotoka International Airport and the offices of the Ghana Revenue Authority (GRA) at Tema Port.
He said that increasing international commerce was a key component of the government’s development plan and that it would offer all the assistance required to increase Ghana’s trade receipts.
“The SEZ is an excellent concept, and the Ministry will give it immediate consideration. According to what we’ve been told, it will contribute to rising export and import volumes, improving port operations, Mr. Hammond continued.
He claimed that the SEZ was a financially wise decision that ensures corporate centralization and draws in foreign direct investments.
Mr. Hammond counseled the Kotoka International Airport’s port operators and cargo entrance and exit ports to strive to get rid of any processing barriers that would irritate enterprises.
The Minister previously praised the managers of Nick TC Scan Limited, the business in charge of scanning products for import and export, for the technological advances that had accelerated the company’s processes.
In order to boost efficiency, he also called for ongoing investments in and regular training of security personnel using the technology.
a portion of The Upper West and East regions’ Hamile and Paga freight entrance points, among others, now have modern scanning equipment with advanced detecting technology, according to Joojo Morrison, general manager of Nick TC- Scan Ltd.
“We’ve put a lot of money into our scanning technologies. For the KIA Cargo checkpoint and two other ones that will be in the nation by September of this year, we anticipate the introduction of a new scanner with cutting-edge technology by the end of May.
This equipment has been upgraded with a strong system that can detect every container’s contents, he continued.
Meridian Port Services’ Chief Executive Officer, Mohammed Samara, stated that the organization was working to establish Ghana as a major shipping hub.
According to him, roughly six shipping companies already use Ghana as a hub for transshipment. He said that the establishment of an economic zone will increase commerce and investment.