Did you know that Barry Callebaut the world’s leading supplier of high-quality chocolate and cocoa products is a registered company under Ghana Free Zones Authority?
Ghana Free Zones Authority is managed by Mr. Michael Okyere Baafi. He has 15 years working experience in Strategic Marketing, Corporate Decision Making, and Customer Relationship Management at various levels.
Cocoa Processing Company, Niche Cocoa Industry Ltd,Cargill Ghana Limited and Cocoa Touton Processing Company are some of Cocoa processing companies registered under the Michael Okyere Baafi’s Free Zones Authority.
It is imperative to note that some of these aforementioned companies sprung out from the existing Cocoa Processing Free Zones Companies.
For instance, Niche Cocoa Industry ltd is managed by a young Ghanaian lady. This points to the fact that there is a transfer of knowledge.
There are several incentives which has attracted foreigners to invest in the Ghanaian economy as a way of creating jobs for the youth.
The following are some of monetary incentives offered to Free Zones Companies:
1. 100% exemption from payment of direct and indirect duties and levies on all imports for production and exports from free zones;
2. 100% exemption from payment of income tax on pro ts for 10 years which will not exceed 15 per cent
3. Total exemption from payment of withholding taxes from dividends arising out of free zone investments;
4. Relief from double taxation for foreign investors and employees where Ghana has a double taxation agreement with the country of the investors or employees.
NB: At least 70% of annual production of goods and services of Free Zone Enterprises must be exported; consequently up to 30% of annual production of goods and services of a free zone enterprise are authorized for
sale in the local market.
By: Sarfo Jnr