In a strategic push to diversify Ghana’s foreign direct investment portfolio, the Ghana Free Zones Authority (GFZA) has signaled its readiness to host a new wave of East Asian industrial giants at the recent Ghana-Korea Business Forum held in Accra.
At the forum, organized by the Ghana Investment Promotion Centre (GIPC), the GFZA positioned the nation’s Special Economic Zones as the ideal launchpad for Korean technology and capital into the wider African market.
“As the government seeks to bolster its “24-Hour Economy,” through high-tech manufacturing, the arrival of a delegation led by the Korea Trade-Investment Promotion Agency (KOTRA) provided a timely opportunity to bridge the gap in Ghana’s industrial processing and renewable energy sectors”
Ghana Free Zones Authority
According to the Authority, the mission’s success was underpinned by significant legislative backing, notably facilitated by Hon. Dr. Othniel Ekow Kwainoe, the Member of Parliament for the Ekumfi Constituency. By involving the Parliamentary Select Committee on Trade, Industry and Tourism, the forum ensured that the Korean delegation met with the policymakers responsible for the legal frameworks governing their prospective investments.
The Korean interests were not limited to a single sector; instead, the delegation explored a multifaceted landscape including manufacturing, agribusiness, healthcare, and industrial processing. This broad scope aligned with the GFZA’s mission to move beyond raw material exports and toward a value-added industrial economy.
“Delivering remarks on behalf of the Chief Executive Officer of the Ghana Free Zones Authority, Dr. Mary Awusi, the Deputy Chief Executive Officer for Finance and Administration, Mr. Musah Sibiri Hamidu, noted that over the years, the Authority has consistently welcomed initiatives that promote Korean business interests in Ghana, particularly within the Free Zones ecosystem”
Ghana Free Zones Authority
The East Asian Advantage
Mr. Musah Sibiri Hamidu highlighted the proven track record of East Asian firms already operating under the Free Zones Scheme. He noted that these enterprises are critical drivers of Ghana’s export performance and human capital development through specialized skills transfer.
The GFZA used the platform to detail its “investor-friendly” suite of incentives, which include tax holidays, duty-free imports for production, and the ability to repatriate profits. These measures are designed to mitigate the risks typically associated with emerging markets, making the Ghanaian Free Zones a “safe harbor for Korean capital in a volatile global economy.”
The GIPC Chief Executive, Mr. Simon Madjie, reinforced the message of a “New Ghana” that is aggressively pursuing private-sector efficiency. He urged the Korean businesspersons to utilize the GFZA and GIPC as one-stop shops to find credible local partners, thereby reducing the “entry friction,” often faced by foreign firms.
“Mr. Simon Madjie reiterated that Ghana is open for business and that ongoing reforms are aimed at delivering private sector services more effectively and efficiently. He encouraged Korean businesspersons to seek credible partners through either the GFZA or GIPC”
Ghana Free Zones Authority
The synergy between these two agencies is a key component of the current government’s strategy to improve the ease of doing business. By presenting a unified institutional front, Ghana is successfully competing with other regional hubs like Cote d’Ivoire and Nigeria for high-value Korean manufacturing projects.
The forum concluded with a shared commitment to fostering long-term, sustainable partnerships.
For Ghana, the ultimate prize is not just the capital but the technology transfer that Korean firms are known for. As these industries establish themselves in Ghana, they provide the local workforce with exposure to world-class manufacturing standards and innovative renewable energy solutions.
“At the close of the forum, all parties agreed that global partnerships such as the Ghana-Korea Business Forum are critical to advancing shared aspirations for industrial growth, technology transfer, and sustainable investment”
Ghana Free Zones Authority
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