Implement Free Zones Act incentives – CoGP boss
The Chamber of Pharmacy Ghana (CoGP) has called on government to extend both physical and non-physical incentives under the Free Zones Act to private sectors in the country.
Speaking in an interview with the Ghanaian Times shortly before the 2019 Ghana Manufacturing Awards ceremony at the weekend, Chief Executive Officer (CEO) of the CoGP, Anthony Ameka, noted that it was important for government to implement the Free Zones Act incentives available under Ghanaian law in the private economic zones as well.
“We are calling for the implementation of physical and non-physical incentives that are available under the law to also be extended to private economic zones or private industrial parts,” he said.
He mentioned that, the Chamber was looking forward to a 100 per cent exemption of import duties, 15 per cent maximum tax rate, relief from double taxation for foreign investors among several other physical and non-physical incentives.
Mr Ameka said “Some of the physical incentives we are looking at are 100 per cent exemption of import duties and levies, 100 per cent exemption of exports duties, 100 per cent exemption of income tax on profit for 10 years.
And the non-physical incentives, no import licensing requirements, minimal customs formalities and there should not be any conditions or restrictions for repatriation of net profits.”
According to him, the mandate of the Free Zones Act, was 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, adding that, it had clauses including incentives, investment guarantees, transfer of profits, guarantee against expropriation, and operation of foreign currency accounts.
BY RAISSA SAMBOU