About 80 companies licensed to operate as free zones companies are inactive and unfit to carry out business as beneficiaries of the Free Zones Act, the Ghana Free Zones Authority has said.
To this end, the Board of the Authority has approved various sanctions for such companies before the end of the year.
According to the Executive Secretary of the Authority, Michael Baafi, these companies have flouted the rules for the concept and will need to apply for a new license after the sanctions.
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He spoke in an interview with JoyBusiness after a short media interaction to begin this year’s investment week celebrations.
The theme for the celebration is â€˜export oriented industrialization, key to Ghana’s development.â€™
About 18 companies have been licensed to operate as free zone industries since the beginning of the year 2018.
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According to Mr. Baafi the board is interested in attracting local investors into the programme to benefit from the numerous initiative of the concept.