Free Zones — Incentives

To implement the government's policy of attracting investments, the following incentives have been provided under the Free Zones Act 404 1995.

Duties

100% exemption from payment of direct and indirect duties and levies on all imports for production, and export from the free zones.

Taxation

• Free-Zone enterprises are granted 100% exemption from income tax on profits for 10 years, after which the tax rate shall not exceed 8%.
• Relief from double taxation for foreign investors and employees

Customs Incentives

No import licensing requirements, with minimal customs formalities.

Zone Ownership

100% ownership of shares by investor (foreign or national) in a free-zone enclave and enterprise.

Capital/Profit Repatriation

• No conditions or restrictions on repatriation of dividends or net profit;
• No conditions or restrictions on payments for foreign-loan servicing;
• No payments of fees and charges for technology transfer agreements;
• No conditions or restrictions on the remittance of proceeds from the sale of any interest in a free-zone investment.

Management of Foreign Currency

Free-zone investors are permitted to operate foreign currency accounts with banks in Ghana.

Sales to Local Market

Up to 30% of annual production of goods and services of a free-zone enterprise are authorised for sale in the local market.

Investment Guarantees

Free-zone investments are guaranteed against nationalisation and expropriation.

Ghana Free Zones Board Website: www.gfzb.com