GHANA FREE ZONES BOARD ANNUAL REPORT AUDITED ACCOUNTS · AUDITED ACCOUNTS 2011 Ghana free zone Board Annual Report 2011 2 VISION STATEMENT To facilitate a vibrant economy in Ghana,

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GHANAFREEZONESBOARD

ANNUALREPORT

&

AUDITEDACCOUNTS

2011

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VISIONSTATEMENT

TofacilitateavibranteconomyinGhana,drivenbyawell-integratedbusinessenvironmentwithworldclasscapacityforcompetition,technologicalinnovations,businessgrowth,

economicdiversityanddevelopment

MISSIONSTATEMENT

TohelptransformGhanaintotheGatewaytoWestAfricabycreatinganattractiveandconducivebusinessenvironmentthroughtheprovisionofcompetitiveFreeZoneincentivesandoperationofanefficient“one-stop-shop”forthepromotionandenhancementofdomesticand

foreigninvestment.

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CONTENTS

Pages1.0 OVERVIEWOFGHANAFREEZONESBOARD 1.1 Introduction 1.2 FunctionsoftheBoard 1.3 Concept 1.4 Purpose 1.5 Strategy 1.6 Achievements 1.7 MembersoftheBoard 2.0 EXECUTIVESUMMARY

3.0 REVIEWOFOPERATIONS 3.1 HumanResourceDepartment 3.2 Marketing,Promotion&PRDepartment 3.3 ProjectEvaluation&LicensingDivision 3.4 Estate&EnclaveDevelopmentDepartment 3.5 MonitoringDepartment 3.6 InformationTechnologyDepartment 3.7 LegalDepartment

4.0 DATAANALYSIS 4.1 InvestmentCapitalSchedule 4.2 ProductionScheduleOfManufacturingAndServiceEnterprises 4.3 ImportScheduleOfCommercialEnterprises 4.4 ExportScheduleOfAllEnterprises 4.5 EmploymentScheduleOfAllEnterprises 4.6 Salary/WageScheduleOfAllEnterprises 4.7 Vat/DutiesPaidOnSalesIntoTheDomestic/LocalMarket 4.8 TrainingScheduleOfAllEnterprises(GhanaianNationals) 4.9 SocialSecurityScheduleOfFreeZoneEmployees 4.10 IncomeTaxScheduleOfFreeZoneEmployees

5.0 FINANCIALREVIEW 5.1 Revenue 5.2 Expenditure

6.0 CONSTRAINTS

7.0 CONCLUDINGREMARKS

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APPENDICES

Page

Appendix1 FreeZoneEnterprisesLicensedIn2011

AppendixII OccupancyatTemaEPZ/MPIPin2011 AppendixIII ListofcompaniesvisitedforOperationalAuditin2011

AppendixIV CapitalInvestedByFreeZoneEnterprises2011 AppendixV Production Schedule Of Manufacturing And Services Enterprises

2011

AppendixVI ImportScheduleOfFreeZoneEnterprises2011

AppendixVII ExportScheduleOfAllFreeZoneEnterprises2011

AppendixVIII EmploymentScheduleOfFreeZoneEnterprises2011

AppendixIX Salary/WageScheduleOfFreeZoneEnterprises2011

AppendixX Vat/DutiesPaidOnLocalSalesByFreeZoneEnterprises2011

AppendixXI Training Schedule Of Free Zone Employees (Ghanaian Nationals)2011

AppendixXII SocialSecurityScheduleOfEmployeesOfFreeZoneEnterprise2011

AppendixXIII IncomeTaxScheduleOfFreeZoneEmployees2011

AppendixXIV AuditedAccounts

TABLES

TableI RegistrationofCompanies TableII Employment TableIII Production TableIV Export TableV CapitalInvested TableVI EmploymentDistributionbySector

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1.0OVERVIEWOFGHANAFREEZONESBOARD

1.1INTRODUCTIONTheFreeZoneAct(1995),Act504,waspassedon31stAugust,1995forthepromotionofeconomicdevelopment, toprovide for the regulationofactivities in free zonesand forrelatedpurposes.ThereisestablishedbythisActaBoardwhichistheGhanaFreeZonesBoard.

1.2FUNCTIONSOFTHEBOARDThefunctionsoftheBoardarestipulatedasfollows:

q Grantlicensestoapplicants;q Assist applicants for licenses under Act 504 by providing services for obtaining other

relevantlicences,permitsandfacilities;q Examine and recommend for approval, proposals relating to the development and

activitiesofthefreezones;q Monitor the activities, performance and development of Free Zone Developers and

EnterprisestoensurecompliancetotheFreeZoneActandanyother lawsrelevanttofreezoneactivities;

q Registerandkeep recordsanddataon theprogrammesofdevelopers,operatorsandenterprisesinfreezones;

q Performsuchotherfunctionsasareincidentaltotheforegoing.

1.3CONCEPTTheGhanaFreeZonesProgrammeisprivatesectordriven.Government'srole is limitedto facilitating, regulating and monitoring activities of Free Zone Enterprises andDevelopers.

TheProgrammeisdesignedprimarilytopromoteprocessingandmanufacturingofgoodsand services through the establishment of Export Processing Zones (EPZs), structuredeitherasenclavesorsingle-factoryenterpriseschemes.TheProgrammealsoencouragesthe development of commercial and service activities in and around seaports andairports.

Under theGhanaFreeZonesProgramme, thewholeofGhana isaccessible topotentialinvestorstolocateinandproducegoodsandservicesprimarilyforexport.

1.4PURPOSEThe main objective of the Free Zones Programme is the promotion of economicdevelopmentthroughthefollowingmeans:

q Attractionofforeigndirectinvestment;

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q Creationofemploymentopportunities;q Increaseinforeignexchangeearnings;q Provision of business opportunities for foreign and local investors to undertake joint-

ventures;q Enhancementoftechnicalandmanagerialskills/expertiseofGhanaians;q Transferoftechnologyanddiversificationofexports.

1.5STRATEGYThe main strategy of the Board is to market Ghana as a destination of choice forinvestmentsthathavepotentialtogenerateexports.Otherstrategiesinclude:

q ProvisionofattractiveincentivestofacilitatethesettingupoffactoriesandbusinessesinGhana.

q Elimination of all bureaucratic and procedural obstacles in the establishment and/oroperationalphaseoffreezonesprojects.

q Encouraging and supporting the linkage of local and foreign free zone investmentsthroughjointventurearrangements.

q Facilitationoftransactionsbetweenfreezoneinvestorsandlocalindustriestomaximizethevalueadditionofexportablecommoditiesinthenationaleconomy.

q PromotionofskillsdevelopmentandimprovedexpertiseofGhanaianemployeesinfreezoneenterprises.

q Encouraging the development and growth of the export sector, through emphasis onvalueadditiontolocalresources.1.6ACHIEVEMENTS

1.6.1RegistrationofCompanies

Since the inceptionof the free zonesprogramme, anumberof companieshavebeenlicensed under the scheme in order to benefit from the incentives that render themcompetitiveandalsogivethemtheopportunity toreacha large internationalmarket.The Ghana Free Zones Board has progressively registered new companies each year.Total number of registered free zone companies as at 2011 was 291, the yearlydistributionofwhichisasfollows:TableIYEAR NO.OFCOMPANIES1996/97 81998 111999 62000 112001 14

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2002 252003 372004 232005 212006 292007 282008 262009 72010 202011 25Total 291

1.6.2EmploymentTotalemploymentcreatedundertheFreeZoneProgrammeasattheendof2011was30,080,yearlydistributionofwhichisasfollows:

TableII

YEAR EMPLOYMENT1996/97 3,4831998 3,9681999 5,5232000 6,8952001 7,4452002 9,4592003 14,0712004 23,9282005 28,3342006 25,7732007 28,8802008 28,5952009 28,9362010 29,7982011 30,080

1.6.3ProductionAnnual production value of Free Zones Companies in 2011 wasUS$1,195.67M. Theyearlyfiguresfrom1996/97to2011areasfollow:

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TableIIIYEAR PRODUCTION(US$M)1996/97 1.40.001998 158.501999 162.202000 134.402001 103.602002 222.502003 286.502004 348.702005 602.902006 506.602007 478.602008 1,116.002009 821.002010 1,329.002011 1,195.67Total 7,517.57

1.6.4Export

Annualtotalexportvalueoffreezonecompaniesin2011wasUS$1,966.72M.Aggregateexports of licensed Free Zone Enterprises from 1998 to 2011 amounted toUS$10,104.63M.Thebreakdownisgivenbelow:

TableIV

YEAR VALUE(US$M)1998 145.401999 184.082000 165.072001 291.032002 174.302003 414.012004 627.402005 509.992006 522.812007 779.902008 1,286.912009 1,667.57

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2010 1,690.702011 1,966.72Total 10,104.63

1.6.5CapitalInvestedDuringtheyearunderreviewUS$224.64Mwas invested invarioussectorsof the freezone programme. The cumulative amount of capital invested in free zones since theinceptionof theprogramme in 1996/97 to the endof 2011 stands atUS$2,157.94M.Thebreakdownofinvestmentsovertheyearsisasfollows:

TableV

YEAR VALUE(US$M)1998 117.181999 80.632000 43.822001 163.522002 41.512003 160.542004 131.322005 185.902006 151.832007 114.032008 315.842009 214.832010 212.332011 224.64Total 2,157.94

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1.7MEMBERSOFTHEBOARD

Hon.HannaS.Tetteh

(Minister of Trade &Industry)

Chairperson

Mr. Kwadwo TwumBoafo

Ag.ExecutiveSecretary

Mr.JoelHyde(late)

Member

Mrs.GiftyAnku

Member

Mr. Raymod NeequayeKotey

Member

Mr.HumphreyQuaye

Member

HajiaLaadiAyiiAyamba

Member

MrsFlorenceHutchful

Member

Hon. Alhaji Ibrahim DeyAbubakari(MP)

Member

Ms. Sheila Acquah-Asare

Member

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2.0EXECUTIVESUMMARY

Theyear2011wasadifficultyearfortheBoardduetotheunfortunatelossofoneofitsmostactiveandeffectivemembersMr. JoelHydediedon18thOctober2011.HewashowevernotreplacedthustheBoardwasmadeupofeight(8)membersasattheendoftheyear.Mayhissoulrestinpeace.

TheGhanaFreeZoneBoard(GFZB)enteredits15thyearofestablishmentin2011.Havingbeeninexistenceforadecadeandhalf,theBoardreflectedontheachievementssofarchalkedandwaysto improvetheimplementationoftheprogrammetomakeitrelevant inmoderntimes.TheBoardhowevercontinuedtomaintainitsfocusonitsmandateofattractingexportorientedinvestmentsintoGhanaandstrivedtoachievetheobjectivesforwhichitwasestablished.

Thenumberofemployeesat theSecretariat increasedmarginallyduring theyear.Asat31stDecember2011thestaffstrengthwasatfifty-two(50).

Duringtheyearunderreview,theGFZBcelebratedits15thyear inoperationbyorganizinganopendaytopromotethe freezonesprogramme locally. Furthermore, theGFZBparticipatedactivelyinlocalfairsandsponsoredselectedsocialprogrammes.Also,thedocumentaryonthefreezonesprogrammewasupdatedtoshowcasenewinvestmentsinthefreezones.

TheBoardreceivedthirty-one(31)newapplicationsduringtheyearandhadabacklogoffive(5) applications from2010bringing taking the total number of applications to thirty-six (36).Outofthis,theBoardapprovedtwenty-four(24)applications,declinedseven(7),whilstfive(5)werependingconsideration.

TheGhanaFreeZonesBoarddidnotrevokethelicenseofanyfreezoneenterpriseduringtheyear,however two (2) companiesvoluntarilyoptedoutof theFreeZonesdue tooperationaldifficulties and the appropriate front-line agencies such as CEPS, NTMC, VAT and IRS wereinformedfortheappropriateexitaudittobeconducted.Thetotalnumberoflicensedfreezoneenterprisesthereforestoodattwohundredandseventeen(217)asattheendof2011.

Intheyearunderreview,nonewexportprocessingzonewasacquiredthereforethenumberofexport processing zones remained four (4). The number of companies located at the TemaExportprocessingZone(TEPZ)duringtheyear increasedfromforty-three(43) inthepreviousyear to forty-seven (47) with forty-one (41) companies located within the Multi-PurposeIndustrialpark(MPIP)andSix(6)withinthebufferzone.

The constructionof the fencewallwas completedduring the year however theBoard facedsome challengeswith regard to the security of the enclave due to the remaining gap in thefencewall.TheBoardcouldnotacquirelandfortheimprovementofwatersupplytotheTemaEPZ.TheBoardliaisedwiththeGhanaPoliceServiceandTemaDevelopmentCorporation(TDC)toejectillegaltenantsfromtheCommunity21landacquiredbytheBoardforconstructionofaresidentialestateinwhichaChinesedeveloperhadexpressedinterest.

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Duringtheyear,theBoardlicensedanotherChinesedevelopertodeveloptheSekondiEPZ.

OtherchallengesfacedbytheBoardincludedtheremovalofillegaloccupantsatthefrontageof theTemaEPZ and repairs of theTemaEPZAdministrationBlock (Red SeaBuilding)whichcaughtfire.ThecontractforthedrillingofaboreholeattheTemaEPZwascompletedduringtheyear.

During the reporting year,monitoring visits were paid to eighty-one (81) licensed free zoneenterprises to ensure that they comply with the Free Zone Act and Regulations. Variousmeasures were instituted by the Board to shore up the revenue base of the GFZB in thepreviousyear yielded results through theenforcementof sanctionandpenalties. The lackoflegislativeinstrumentspellingoutthepenaltypointsposedsomechallengesinenforcingsomeoftheproposedpenalties.

The Operation Audit Department was successfully created during the year to ensurecomplianceofFreeZoneEnterprisesandDeveloperstotheFreeZoneActandRegulations. Inallforty(40)FreeZoneEnterpriseswerevisitedforOperationalAuditduringtheyear.

To improve the information and communication technology infrastructure at the Secretariatfour (4) servers were rebuilt and installed withWindows Server 2008 in addition to a webdrivenapplicationdatabase.Anationwidee-GovernmenttelecommunicationinfrastructureforGhana was also extended to the Secretariat during the year by the National InformationTechnologyAgency(NITA).

Inlinewiththee-Governmentpolicyanewdomainname,gfzb.gov.gh,wasregisteredfortheBoardwithGhanaDotComCompany.

The LegalDepartment gaveadvice to theBoardandensured that theBoardwasadequatelyrepresentedinalllegalsuits.

Totalcapital invested in2011alonebyFreeZoneEnterprisesamountedtoUS$224.64millionwhile the cumulative capital invested since the inceptionof theProgramme i.e.1996/7-2011stoodatUS$2,157.94million

The value of production by Free Zone Enterprises for the year under review amounted toUS$1,195.67million while the value of Export for the same year amounted to US$1,966.72million

Total employment figures as at the end of the year 2011 was 30,080 comprising 29,216nationals and 864 expatriates. Total value of salary/wages for the year under review wasUS$94,583,775.00withGhanaianemployeesearningUS$71,758,676.00andexpatriatesearningUS$22,825,099.00

Total duties/levies paid on sales into the local market as at the end of 2011 amounted toUS$4,927,029.13whilstatotalofUS$1,123,994.02wasspentontrainingGhanaianemployees.Also, Free Zone Enterprises paid a total amount of US$9,394,538.79 in Social Security

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contributionswhilstUS$12,240,997.89was paid as income tax in respect of their employeesduringtheyearunderreview.

TheBoard’s total incomegenerated in2011wasSevenmillion,FourHundredandThirty-OneThousand,FiveHundredandThirty-FourGhanaCedis,(GHC7,431,534)asagainstFiveMillion,EightHundredandTenThousand,OneHundredandNinety-NineGhanaCedis(GHC5,810,199)in 2010. This represents a 28% increase over revenue generated in 2010. The increase wasmainlydue to leviesandpenaltiesagainst companieswho failed tooperateaccording to theboard’sregulations,increasedsaleofForms,paymentoflicencefeesandrenewaloflicences.

The Board encountered some constraints in its operations during the reporting year. Theseincluded the lack of funds to develop the three (3) designated export processing zones, theunreliablesupplyofutilities,merging threeseparatedatabases intoonecentralizeddatabaseduetotheintroductionofnewsoftware.

Going forward, theBoardexpects in theensuing year todeploy strategicmarketingplans toattractmore investments in to the country, andalsoensure strict compliance tooperationalregulationsbyFreeZonecompanies.

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3.0REVIEWOFOPERATION

3.1HUMANRESOURCEDEPARTMENT

3.1.1RecruitmentThehumanresourcecapacityof theGFZBhasbeengrowingsteadily tomatch the increasingworkloadattheSecretariat.Duringtheperiod,atotalofNine(9)peoplewererecruited;two(2) drivers and Seven (7) Assistant Officers were recruited to various departments. AnOperationalAuditDepartmentwascreatedandanOperationalAuditManagerandanassistantwereassignedtoit.Forthesameperiod,four(4)nationalservicepersonswerepostedtotheSecretariat.

3.1.2TrainingandDevelopmentStaff development is a major objective of the human resource department. Staffs wereregisteredforcoursestodeveloptheircapacitiestoincreasetheirproductivityandtwelve(12)staffmembersparticipatedinvarioustrainingprogrammes.SelectedmembersoftheBoardandstaffmembersalsoembarkedontrainingprogrammestobeenlightenedonmanaginginvestmentpromotionagencies,marketingandbestpractices.

TheBoardalsoparticipatedintheWorldFreeZoneConventionwhichsorttoeducatefreezoneAgenciesonbestpractices,infrastructure&realestateinvestmentplanningandmanagementforfreezonesandindustrial/technologyparks,investorattractionandinvestoraftercare.

3.1.3PromotionOne(1)ClerkwaspromotedtotherankofSeniorClerk.3.1.4 StaffStrengthThehumanresourcecapacityoftheGFZBstoodatFifty(50)in2011withthirty-two(32)seniorstaffandeighteen (18) junior staff. In termsofgenderdistribution, therewerenineteen (19)femalesandthirtyone(31)males.3.1.5HumanResourceProgrammeFor2012In the ensuing year, the human resource department is expected to create value to theorganizationbywayof:

• TrainingandDevelopment• DetermineStaffing• Orientingandtrainingnewemployees• Identifyingtrainingneeds• Designinganddeliveringtraining.• Performance/appraisal• RewardingandMotivatingemployees• Evaluation• Feedback

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• HRsystemimplementations• LegalissuesandTeamperformance

3.2MARKETINGDEPARTMENTTheMarketing, Promotion&Public RelationDepartment’s plan for 2011was to concentratemore on local promotions to create awareness of the Ghana Free Zone Programme and itsoffering. In this regard, the Secretariat organized its first open day programme, participatedactively in local fairs and sponsored selected social programmes to enhance its image. TheDepartmentalsocontinuedtopursuetheGFZB’smandateofpromotingandenhancingforeigninvestment.Belowaresomeofthemajoractivitiescarriedoutduringtheyear2011.3.2.1LocalFairsDuringtheyear,theBoardparticipatedinfive(5) localfairs i.e.GreaterAccraRegionalPolicyFair, Ashanti Regional Policy Fair, Kumasi, Volta Regional Policy Fair, Ho, Northern RegionalpolicyFair,Tamale,15thGhanaInternationalTradeFair inAccraandInternationalConferenceandExhibitiononFoodProcessingorganizedbyRidmutConsult.3.2.2InternationalFairsTheBoardalsoparticipatedinthree(3)internationaltradefairs.TheyaretheUS-AfricaSummitExhibition,Washington,USA;SalonduChocolateFair–Paris,FranceandEcowasInternationalTradeFair-Lome,Togo.3.2.3InvestmentpromotionMissionsTheBoardincollaborationwiththeGIPC,embarkedonseveralinvestmentpromotionmissionsandbusinessfora.Inallabout15countrieswerevisited.Theyare;

• Kigali,Rwanda• UAE,Dubai• NewDelhi,India• TelAviv,Israel• DarEsSalaam,Tanzania• Moscow,Russia• Seoul,SouthKorea• KualaLumpur,Malaysia• Orlando,UnitesStatesofAmerica• WashingtonDC/NewYork,USA• Paris,France• Perth,Australia• Lagos,Nigeria• Lome-Togo• London,UnitedKingdom

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FromtheInvestmentpromotionmissionsembarkedon,theBoardreceivedvariousdelegationsfromaroundtheworldonfollowupmissions.ThedelegationswerefromIndia,Morocco,UK,Israel, USA, Iran, Gambia, Israel, Sri Lanka, Italy and Kenya. Alteco Chemical Limited, a GlueManufacturingCompanyfromSingaporecommencedresearchonthepossibilityof locatingasubsidiaryinGhana.Members of these delegations were provided with information on the investmentopportunities available under free zones programme. The Department organized visits toselectedFreeZoneEnterprisesforsomeofthedelegations.3.2.4PromotionalMaterialsIntheyear2011,thedepartmentprintedadditionalbrochuresasaresultofincreaseinnumberofenquiriesreceivedandparticipation in localandforeignfairs.Thedepartmentalsoprintedbrochures in French and Korean for the Salon Du Chocolate Fair in France and for theinvestment promotionMission to South Korea respectively. Promotionalmaterialswere alsoforwarded toGhanaMissionsabroad through the InformationServiceDepartmentandsomeweredirectlyforwardedtoMissionsthathostedinvestmentprogrammes.Attractivebannerswerealsoproducedhighlighting informationwhichweredeemedessentialtoinvestorstoenabletheBoardmarketitselfeffectivelyduringinvestmentpromotionmissionsand conferences. Banners were also printed in French and others were printed for specificinvestment programmes in various countries to provide more personalized messages toinvestors.3.2.5StudyToursTheBoardin2011receivedtwodelegationsfromTogoandGambiaonstudytourvisits.Thesegroups had discussions on the development of free Zone enclaves and exchanged ideas oninvestment Promotion management. They also visited the Tema Export Processing Zone toacquaintthemselveswithactivitiesattheEnclave.3.2.6OpenDayEventTheobjectiveoftheeventwastogiveGFZBtheopportunitytoinform,aswellasmakeahighimpact impression, particularly among the press, prospective Free Zone subscribers,stakeholders, policy makers, and the general public about its functions, services, goals,achievements&challenges,andthewayforward.TheorganizationoftheopendayeventgavetheGFZBtheopportunitytoshowcaseitselfandoperating Free Zone Enterprises to the public through media discussions, documentaries,conferencepresentationsanddialogue.Thenewinteractivewebsitewasalsolaunched.TherewasanexhibitiontoalsoshowcaseproductsoftheFreeZoneenterprises,atouroftheTemaEPZenclaveaswellasvisit toselectedsingle factorycompanieswasalsobroadcastedonthelocalTV.TheopendayeventconcludedwithagrandBanquetatMovenpickAmbassadorHotelwhich presented a platform for bringing together top government officials, key regulators,

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diplomatic missions, free zone operators, corporate heads of international and local firms,potentialinvestors,andthemedia.3.2.7DocumentaryTheBoardalsoproducedadocumentarytotellthesuccessstoryoftheFreeZonesprogrammeduringtheopendayevent.ThedocumentarytooktheformoftestimonialsfromHeadsofFreeZoneEnterpriseswhotestifiedontheincentivesthattheGhanaFreeZonesofferandhowithasaided their business. Some of the Free Zone Companies who gave testimonials wereCommodityProcessingIndustry(CPI),GoldenExotics,RedSeaHousingServicesLimited,CargillGhanaLimited,BlueSkiesproducts,HasanInvestments.3.2.8PublicityAttention given to the Ghana Free Zones Boardwas unprecedented during the year. This ismainly due to organization of the openday event and awell-managed relationshipwith themediabythedepartmentTheBoardwasfeaturedinthefollowingmagazinesandnewspapers;

• TheGhanaReport2011Edition• SmartPeopleMagazine2011,Vol.2• AgooMagazine,4thEdition2011,Vol.10• GlobalTraderbyBritishChamberMagazine2011Edition• TheCommonwealthYearbook2011Edition• GhanaBusinessandFinance,September-October20111ssue009• TheChronicle,August2011Vol.20No.155• DailyDispatch,August2011Vol.29No.1• TheEnquirer,August2011Vol.13No.0751,No.083No.090,pg8-9• TheNewGhanaianVoice,August2011Vol.2Edition008/2010• TheBusinessAnalyst,August2011,Vol.No.67,68• EconomyTimes,August2011.Et0064• TheCitizen,August2011,pg7• TheGhanaianTimes,September2011,pg27issueNo.156,130,679,0855-1502• DailyGraphic,August2011,Issueno.18607,18601,18613• TheDemocrat,August2011• DailyGuide• DailyPost,August2011,pg6-7,Vol.1IssueNo.509• TheInformer,August2011No.442• TheSpectator• AfricaWatchMagazine,2011Edition• BusinessWeekMagazine,2011Edition• Al-Hajj,August2011,vol.1No.59• BusinessEnquirer,August2011Vol.13No.087• TheMirror,FemaleFZEnterpreneur,feature

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Alsothereweresometelevisionandradiopublicationssuchas;

• GhanaTelevision(GTV)(MorningShow,TVAnnouncements)• RadioGold,(MorningShow,LPMS,PrimeTimeBusinessSegment)• PeaceFM(MorningShow,Interview,PrimeTimeBusinessSegment)• TV3(BusinessAdvocate,BreakfastShow,TVAnnouncements)• CitiFM• AsempaFM(DriveTime)• JoyFM(MorningShow,PrimeTimeBusinessSegment)• AdomFM• OmanFM• Atlantis• HotRadio(NewsCoverage)• SunnyFM• TVAfrica(TVAnnouncements)• Net2• ETV(NewsCoverage)• Skyy(NewsCoverage)

ThenewdocumentarywasalsoairedonMetroTV,TV3andTVAfrica

Fromtheabovepublicationsmadebeforeandduringtheopendayevent,itisevidentthattheBoard was given extensive attention by the media and thus was able to market the Boardeffectively to the Ghanaian public. As a result of the open day event, and advertisementenquiriesforthelocalinvestmenthassoaredsignificantly.

The Board also advertised in the Presidential Dairy 2012. The Department also producedcorporate dairies for the year 2012 and distributed to stakeholders, GhanaMissions AbroadandselectedagenciesthattheBoardcameintocontactwithduringtheyear.

3.2.9EnquiriesDuringtheperiod,over800enquirieswerereceivedexcludingtelephonecallsandemails.Thedepartment gave guidance and support to investors who purchased application forms. Itassistedinsomecaseswithregistrationofthebusiness,securingprovisionalpermitsfromEPA,andothergovernmentalagenciesand tracked theentireapplication.Someapplicationsweresuccessfulbutotherswerenot.Thedepartmentprovidedinformationorrequesttoacademiaforresearchpurposes.Selectednon-governmentalorganizationsalsovisitedthesecretariatforinformationonthefreezonesforpolicyplanningpurposes.

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The department also adapted a different approach to responding to emails. Emails wererespondedto immediatelyand insomecases followupwithofficialswhowerechargedwithcertaintaskstoenabletheSecretariatbuilditsimagebybeingmoreresponsive.3.2.10InvestorAftercareThe Department during the year under review did not have a routine schedule for investoraftercare. It is hoped that itwould liaise better in 2012with theMonitoring Department toorganize investor aftercare services to exiting Free Zones Enterprises and also organize astakeholderforum.3.2.11WayforwardFortheyear2012thedepartmentwouldhaveto

• DevelopaneffectivesystemofsolvingproblemsfacingtheFreeZonesEnterprises.• RedesignandupdateinformationontheeconomyinthecurrentGFZBbrochure• ProduceadocumentaryonGhanatobettermarketGhanaasaconducive investment

location• Organisea FreeZonesexhibition tomarket theBoard,educate thepublic andattract

morelocalenterprisesintotheFreeZones.• Instigateaneffectivecollaborationwiththemonitoringdepartmenttovisitlicensedfree

zonesenterprisesandensurethattheyareoperatingsmoothly.• Plan for the organization of yearly focus groupmeetings with heads of licensed free

zonesenterprisesandotherrevenueagencies.

3.3 PROJECTEVALUATIONANDLICENSINGDIVISION

The Ghana Free Zones Board received thirty one (31) new applications from prospectiveinvestorsandhadabacklogoffive(5)applicationsfrom2010whichbroughtthetotalnumberof applications for consideration to thirty six (36). Out of this number the Board approvedtwentyfour(24),declinedsevenandfivearependingforconsideration.

3.3.1ApprovedApplicationsThelicensedcompaniesweremadeupofone(1)fromtheservicesectorrepresenting4.17%,one(1) forenclavedevelopment(4.17%)andtwenty-two(22) fromthemanufacturingsectorrepresenting(91.66%).Thuscomparingthenumberofapplicationsapprovedin2011to2010,thenumberincreasedby4representing20%increment.

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Details of the approved companies and their respective sectors /subsectors are attached asAppendixI.

3.3.2DeclinedApplicationsTheBoarddeclinedfour(4)applicationsforreasonthatthenatureofthecompanies’activitieswouldposeachallengeandtheBoardwouldnotbeabletomonitortheiractivitieseffectivelyto ensure that they comply with the Free Zones Act. The other three (3) were declined forreasonsthatoneofthecompany’sapplicationdidnotreflectthenatureofbusinessitintendedto engage in, the other company would not provide the needed employment and the lastcompany’sMOUsubmittedasevidenceofexportwasnotconvincing.

3.3.3PendingApplicationsTherearefive(5)applicationspendingforconsideration.Thecompaniesandtheirnatureofbusinessareasfollows:Table1.1

NameofCompany NatureofbusinessNsawamCanneryLLC Canningoffruitsandvegetables

LindraSeafoodLtd ManufacturingofcannedtunaGCResourcesLtd ProcessingofcocoahuskintopostashSustainableBiomassSolutionsGh.Ltd ProcessingofwoodwasteintobriquetteAfiaPetroleumResourcesLtd Processingofcrudeoilintopetroleum

products

3.4 ESTATE&ENCLAVEDEVELOPMENTDEPARTMENT

SectorDistribugon

ServiceSector

EnclaveDevelopment

manufacturingsector

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TheEstate&EnclaveDevelopmentDepartmentismandatedtospearheadtheBoard’sleadingstrategy of developing declared sites for free zone operations into enclaves and industrialparks.ThisDepartmenthasitskeyfunctionsasthefollowing:

1. PlanningandmonitoringofinfrastructuredevelopmentprojectstoupgradetheBoard’senclavestoworldclassindustrialestatesforinvestmentgrowth.

2. Coordination of utility supplies and services to ensure maximum productivity byoperators.

3. Enforcementofestatedevelopmentandproductionstandardstoensuregoodindustrialharmonyandenvironmentalsafety.

4. ManagementofBoard’sproperty-Secretariatbuilding,equipmentservicing(airconditioners,fireextinguishersetc)

3.4.1ExportProcessingZonesThenumberofdeclaredFreeZonesEnclavesstillstandsatfour(4);

• TemaExportProcessingZone(EPZ)• SekondiEPZ• ShamaEPZ• AshantiEPZ

3.4.1.1TemaExportProcessingZone

Ø Occupancy

The current occupancy of the Tema EPZ/MPIP is Forty five (45). The detail breakdown isattachedasAppendixII.

Ø InfrastructureDevelopment

v Water/ElectricityConnectionsDuringtheperiodofreporting,theunder listedcompanieswithintheMultipurposeIndustrialPark(MPIP)appliedforwaterandelectricityconnectionstotheirpremises.TheDepartmentduly liaisewith theGhanaWaterCompany Ltd (Tema)andGRIDCo/VRA/AVHermonLtdtoconnectthemtotheutilities.Thecompanieswere;

• NicheCocoaProcessingLtd• TopIndustriesGhanaLtd• VehradLtd• OctoglowLtd• SanbaoPharmaceuticalLtd• LewadisLtd• CometGhana

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• Polypet

Three (3 ) other companies i.e. CommoditiesProcessing Industries Ltd,GCBioChemicals Ltdand BearMachines Ltdwhich are all locatedwithin the former Business Focus Ltd area andwereonthePrampramElectricityCompanyofGhanaFeeder (domestic)wereallmigratedtothepermanentTEPZpowerfeeders.

v ConstructionOfFenceWallThe contract for the Construction of part of the Security fence wall at the TEPZ/MPIP wassatisfactorydone.ThoughtheBoardfundedtheconstructionofpartsofthesecurityfencewallthere is the other side (ILDC) area where the entire old fence wall has collapsed. There isthereforetheneedtoconstructtheothersidetomaketheTEPZ/MPIPfullyenclosed.

v ResurveyOfMPIPLandOn the directives of the Board, the Department worked closely with a Land Surveyor toresurveythewholeoftheMPIPlandandthesizeoftheindividuallandfortenants.Adraftnewsiteplanhasbeensubmitted,showingthewelldemarcatedareasofalltenants

v WaterImprovementAtTEPZ/MPIPDuring the year under review, the Department together with Messrs SAL Consult Ltd, theConsultantshiredby theWorldBank/MSMEprojecton theaboveproject,metwithoneMr.Ben Adjei, whose land the Board intends to acquire for the development of water boosterstationnear theTemaendof theMotorway.Following the failureofMr.Adjei tovoluntarilyreleasetheland,theDepartmentincollaborationwiththeLegalDepartmentgeneratedalettertoLandsCommissionforcompulsoryacquisition.

Meanwhile,theBoardandtheMSME(MOTI)hasstartednegotiationswiththelandownerforpossibleamicablereleaseoftheland.

v GeneralWaterSupplyToTEPZ/MPIPBetweenJanuary–March,2011theTEPZ/MPIPexperiencedperiodicshortageofwatersupply,duetothebreakdownoffacilitiesattheKpongHeadwaterWorks.The situation, however improved significantly since April-May due to the good workingrelationshipbetweentheDepartmentandGhanaWaterCompanyatTema.

Ø OtherActivitiesv RemovalNotices(IllegalOccupants)

InMay,2011,anejectionnoticewasissuedtoanumberofillegaloccupantsatthefrontageoftheTemaEPZ/MPIP,topavewayforitsdevelopment.TheDepartmentwiththeassistanceofKponeDivisionalPolicesupervisetheejectionofallsuchsquatters.

v FireOutbreakDuringthelatterpartoftheyear,theTemaExportProcessingZoneAdministrativeBlock(RedSeaBuilding)caughtfire;itwastheTopflooroftheblock(prefabricatedblock).Themeterand

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allelectricalcablestotheareaweredestroyedaswellassomepanelsandceilingmaterials.Inthemeantime,electricitysupplytotheblockhasbeencutoff.RedSeaHousingLtdhasbeenrequestedtosubmitestimatesfortherepairsforthebuilding.

v LandscapingAtTEPZEntranceThecontractfortheDrillingofaBoreholeattheentranceoftheTemaExportProcessingZonehasbeensatisfactorycompleted.

v SecurityToboostupsecurityattheTEPZ/MPIP,theBoardontherecommendationoftheDepartmentprocuredabrandnewTataPick-upfortheKponeDivisionalPoliceforenclavepatrolduties.

v OutstandingPaymentOfPremiumForLandTheDepartmentinconsultationwiththeAccountsandLegalDepartmentcompiledthelistofalldebtors in relation to land allocation at the MPIP. Defaulters were written to settle theirindebtedness.

Ø Visitsv EDIFManagement

Management of EDIF visited the TEPZ/MPIP during the period of reporting. The visit was toenable them have a firsthand information on part of the Storm Drain, the Agency will beprovidingfundforconstruction.ItisworthmentioningthatEDIFisfundingtheconstructionofthefirstphaseoftheinternalstormdrain.

v WorldBankTeamA three man delegation from theWorld Bank-Accra andWashington office led by Mr. KofiBoatengAgyenvisitedtheTEPZ.

v TogoFreezoneAdelegationfromTogoFreezonevisitedtheTEPZ/MPIPduringtheperiodunderreview.Thevisit was to enable them have a firsthand information on our activities at the Free zonesEnclave.

v VisitToTEPZByThePressAs part of the 15th Open Day celebration of the Ghana Free Zones Board, the Departmentconducteda cross sectionofPressmen to theTemaEPZ.Among the companies visitedwereCargillGhanaLtd,RedSeaHousingLtdandLucky1888.

3.4.1.2SekondiEPZInFebruary2011,topexecutivesofHasanInt.GroupfromChinavisitedtheSekondiEPZ.TheHasanInt.GroupisthestrategicinvestorswhohavebeenlicensedbytheGFZBtodeveloptheSekondiEPZ.During thevisitof theExecutives, they interactedwith thechiefsandpeopleof

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theprojectcatchmentareaandinteractedwiththepresstooutlinetheirvisionandstrategyforthe development of the enclave. Meanwhile, Hasan Investments Gh. Ltd has engaged anEnvironmentalconsultanttoundertaketheenvironmentalassessmentontheland.3.4.2TemaCommunity21ResidentialLandDuringthe latterpartofthereportingyear, theDepartmentheldseriesofmeetingswiththeGhanaPolice (Community21) and theTemaDevelopmentCorporation (TDC)on the issueofejectingallexistingillegal/encroachersontheaboveland.LettersweresenttoTDC,AshaimanMunicipalandthePolicetothateffect.TheDepartmentisworkingwithaprivateSurveyortoproperly identifyanddemarcateallboundariesoftheCommunity21land,toensurethatanydemolitionwillbeconfinedtoourassignedarea.Meanwhile,theDepartmentvisitedthelandwith Chinese investors who have expressed interest to develop the land. During the periodunder review, the Department collaborated with a Land Evaluator to value the TemaCommunity21land.3.4.3RenovationWorksAtTheSecretariatThe renovation works at the Secretariat was completed during the year under review. Itinvolves re-roofing of parts of the building, tilling of all offices, fixing of new doors andwindows,curtainblinds,ceilingandpaintingoftheentireSecretariat.Othersare, landscapingaswellasnewpavementblocksforpartsofthecompound.

3.5MONITORINGDEPARTMENT

TheMonitoringDepartmentcontinueditswatchdogroleofensuringcompliancebyfreezoneenterprises and developers of the rules and regulations as stipulated in the Free Zones Act1995,Act504andRegulations(L.I1618).Inpursuanceofthisrole,thedepartmentundertookvariousactivitiesfortheyear2011ofwhichthemajoronesareasfollows:

3.5.1MonitoringVisitsToLicensedCompaniesIn theperiod, a total numberof eightyone (81) licensed companieswere visited tomonitortheiroperationsandalsoensurethat,theyconformtotheFreeZonesActandRegulations.Thespecificpurposesofthesevisitswereasfollows:

Ø ToauthenticatetheappropriatedocumentssupportingthequarterlyreturnssenttotheBoard.

Ø To ascertain the level of compliance by licensed companies, with the rules andregulationsgoverningtheiroperations.

Ø To seek justification for exemption applications submitted by various licensedcompanies and to authenticate the usage of the items for which the request forexemptionweremade.

Ø To identify and assist in addressing any operational difficulties facing licensedcompanies.

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Inthecourseofthesevisits,operatorswereeducatedontheFreeZonesActandRegulationsandwereadvisedanddirectedastohowtoconducttheiroperationsinordernottoinfringeonthelaws.

Someshortfallsweredetectedinthebooksofsomecompaniesaswellassomeinfractionsofthe law and recommendations were made in the monthly reports for consideration by theBoard’sCommitteeonMonitoring.Theseledtosanctioningofsomecompanies.

Monitoring exercises revealed that, some licensed companieswere found to have exemptedthemselves frompayingappropriate taxeswithout theuseof theappropriateGFZBForm9s.SuchdefaultingcompaniesweremadetopayforthecostoftheseForm9sandinsomecasesmadetopayappropriatepenalties.

The monitoring officers in all cases educated these companies on their obligation to useappropriateGFZBForm9tocoverallformsoftransactions.

3.5.2CollaborationwithOtherFrontLineAgenciesThedepartment continuedwith its collaborativeworkwithother front line agencies such asGhana Revenue Authority (Customs and Domestic Tax Division) and National TechnicalMonitoring Committee (NTMC) The department shared information continuously with theseagenciesespeciallyCustomsandNTMContheoperationsoflicensedcompanies.

One Officer of the department, who is a member of the National Technical MonitoringCommittee, collaborated with the Committee to conduct financial audit in some selectedcompanies in the Greater Accra Regions for the period. Various findings were made withregardstoshortcollectionsandinfractionsofthelawandreportswereissuedtotheHeadsofvariousfrontlineagenciesforappropriateremedialactionstobetaken.

3.5.3DepartmentStaffStrengthandTrainingOver the past years, there has been conscious effort to augment the staff strength of thedepartmentandfortheperiod,twoOfficerswereemployedtoaugmentthemonitoringroleofthedepartmenthoweveroneofthemhadtoleavetheorganisationtofurtherhiseducationinthelatterpartoftheyear.

The three monitoring teams which were constituted in the previous year were operationalduring the period to enhance and fast-track the work of the department. The departmentconducted in-house training for the entire monitoring officers to be abreast with theirresponsibilities in a way and manner to conduct monitoring exercises and also monitoringofficerswereintroducedtoanewformatforreporting.

Duringthisperiod,Officerswereassignedtothevariouscompaniestoberesponsibleforthemintermsofcompliance.

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3.5.4RevenueGenerationMeasuresDue to the strict enforcement of the penalties and sanctions spelt out in the Act 504 andRegulationL.I1618,andotheroperationalmeasuresgeared towards the increase in revenuebasefortheBoard,thedepartmentwasabletorealizedsubstantialamountfortheBoardbeingsanctionsandpenaltiesplacedoncompanieswhodidnotcomplywiththeregulations.

3.5.5WayForwardThedepartmenthasscheduledtohaveatrainingseminarforalltheFreeZonesenterprisesforthefirsthalfofyear2012onhowtofilethequarterlyreturnsandotherresponsibilities.

3.6OPERATIONALAUDITDEPARTMENT

TheDepartmentwassetupinJanuary2011.ThepurposeoftheDepartmentwastostrengthenthe capacity building of the Board by ensuring compliance of the free zone enterprises anddevelopersasenshrinedinsection3(e)oftheFreeZonesAct,1955(Act504).

Thefollowingactivitieswerecarriedoutduringtheyear:

• SystemsReviewanddocumentingthesystem• DrawingupofOperationalAuditplansandstrategies• DevelopmentofOperationalAuditmanual• Designedinternaltrainingprogrammeforstaff.

3.6.1InternalTrainingThe Department organized an internal training programme for staff of the monitoringDepartment.Keytopicsdiscussedatthetrainingincludedthefollowing.

• ElementsofOperationalAudit• DistinctionbetweenmonitoringandOperationalAudit• RegulatoryframeworkofFreeZoneEnterprises• EthicalrequirementsofOperationalandMonitoringofficers.• StepstoemployintheauditandreviewofoperationsofFreeZonesEnterprises• InternalControlQuestionnaire• Casestudies

3.6.2OnSiteAuditsThesecondtofourthquartersoftheyearwasdevotedforonsiteOperationalaudits.Atotalof40FreeZonesEnterpriseswerevisited.AppendixVdetailscompaniesvisitedaccordingtoregionalclassification.

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3.6.3ConcernsThefollowingconcernsweregenerallynotedduringtheOperationalaudits.

• NonfilingofannualreturnswiththeRegistrarofcompanies• WithholdingtaxeswerenotheldandpaidtotheRevenueAgencies• PrudentialReturnstothesecretariatwerenotgenerallyreliable• Business/Corporateplansobjectiveswerenotmet.

3.7INFORMATIONTECHNOLOGYDEPARTMENT

TheInformationTechnologyDepartmentoftheGhanaFreeZonesBoardcontinuedperformingitskeyroleofprovidingefficienttechnicalsupporttoallstaff.Othermajoractivitiesthathavetakenplacefromthebeginningoftheyearinclude:

• RegularlyupdatingtheGFZBwebsite• UpdatingoftheFreeZoneEnterprises’database• Managingtheinternetconnectivityandoperatingthecorporateemailsystem• OperatingtheGCNetSystem• Ensuringdatasecurityandbackingupofimportantdata• Managingthenetworkinfrastructure

3.7.1HardwareTheDataCentreattheSecretariatwhichhasbeeninplaceforthreeyearswasgivenafacelift.TheharddrivesandRAMofallfiveserverswereupgradedfrom72GBand1GBto250GBand4GBrespectively.Thishasimprovedthecapacityoftheserversdrastically.

Contract has been awarded for the procurement of new computers, printers and otheraccessoriesforstaff.SupplyoftheitemswouldbedoneinearlyJanuary2012.

3.7.2SoftwareFouroftheservershavebeenrebuiltwithinstallationofWindowsServer2008.Inaddition,awebdrivenapplicationdatabasehasbeendevelopedfortheSecretariat.Withthedevelopmentofthenewdatabase,theITdepartmentensuresthatdataiscapturedontimelybasistoproviderealtimeinformationonfreezoneinvestors.

3.7.3NetworkInfrastructureAnationwidee-GovernmenttelecommunicationinfrastructureforGhanawasextendedtotheSecretariatduringthelastquarteroftheyearbytheNationalInformationTechnologyAgency(NITA). Theproposed infrastructurewouldextend thenationalbackbone infrastructure toalldistrictsinthecountryandprovideanationaldatacentreandasecondarydatacentrefacilityfor disaster recovery capability, and ultimately connect all public institutions andMDAs andMMDAstoasinglesharedcommunicationsandcomputinginfrastructuretofacilitateeffectivedelivery of government services to citizens, businesses and others. The network is also

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expected toprovide a single secure gateway to the internet and implement services such asaccesscontrol,spamfiltering,firewallsandanti-virusdefencesforthegovernmentnetworkasawholeandbetweentheindividualMDAsasmayberequired.3.7.4OperationOfTheGCNetTheoperationoftheGCNetsystemwasverysmoothformostpartoftheyear.Ontheaverageabouttwenty-five(25)exemptionsaregrantedthroughtheGCNetsysteminaday.3.7.5GFZBWebPortalIn linewith the e-Government policywhere allMDAs are to conform to the government ofGhana domain name standards (ie. gov.gh for all MDA), a new domain name has beenregisteredfortheBoardwithGhanaDotComcompany.Thedomainnameisgfzb.gov.ghAcontracttorevamptheGFZBwebsitewasawardedlaterpartofyear2010.TheITdepartmentin collaboration with the Marketing department ensured that the project was executedsuccessfully.Thewebportalwhichwouldbeusedtopromotetheactivitiesof theBoardandattractpotentialexportorientedenterprisestoGhanaundertheFreeZoneActwas launchedduringtheGFZBOpenDaypressconferenceinAugust2011.Thewebportalwouldalsoserveasa one-stop-shop for inquires and a source of useful information about Ghana Fee Zonesprogramme as well as ability to submit Free Zone Enterprise (FZE) applications on-line. Theportalwouldalso facilitate the issuanceof electronic formsand theelectronic submissionofapplications for licensebyFZEswishing toundertakevariousbusiness transactions.Again,allcircularsfromtheBoardtotheFreeZoneEnterprisesshallbemadeavailableonlineandcouldbeaccessedthroughthewebportal.

All Free Zone Enterprises shall be trained to use the Portal to submit their quarterly returnsonline.

3.7.6WayForward

Recent trends show thatmajority of organizations are redefiningmarketing by incorporatingmobile marketing techniques into their marketing campaign strategy, simply because itprovideshighrateofreadability.ItisinthisdirectionthattheITdepartmentproposesthattheBoardutilizestheBulkSMStechnologytosendtextmessagestoFreeZoneEnterprises.

ItisthehopeofthedepartmenttoapplythestateofthearttechnologytodrivethebusinessoperationsoftheBoard.

3.8LEGALDEPARTMENT

TheLegalDepartmentduringtheyearunderreviewperformeditscorefunctionsof:

1. OfferinglegalcounseltotheBoardandSecretariat

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2. ProsecutinganddefendingallsuitsonbehalfoftheBoardwithassistancefromtheAttorneyGeneral’sDepartment.

3. Dealing and answering requests from licensed free zone companies and thegeneralpublicforitsopiniononcertainsectionsoftheFreeZonesAct,1995(Act504).

4. DraftinglegaldocumentssuchasSub-Leases.5. ConductinglegalresearchfortheBoardandtheSecretariat

3.8.1LandMatters

Ø LitigationDuringtheyearunderreview,theBoardtogetherwiththeAttorneyGeneralwasservedwithawrit issuedbytheEjisuTraditionalCouncil fromtheKumasiHighCourt (CommercialDivision)for payment of compensation due on land earmarked for the Ashanti Technology Park. Thedepartment liaisedwith theAttorneyGeneral’sDepartmentandensured that theBoardwaswellrepresentedinthesuit.

Ø Community21,TemaA Court of Appeal decision, adjudging the Board owner of Community 21, has not beensufficient todeter illegalscattersandtrespassers fromencroachmentof the land.TheBoard,during the year under review liaised with the Security Agencies in its bid to stop theencroachment.

3.8.2WayForwardThe Legal Department would seek to deepen its collaboration with the Security Agencies,particularly thePoliceService toensure that thearmedtrespassers inoccupationofanyoftheBoard’slandbanksarearrestedandprosecutedunderthePublicLands((Protection)Act,1974(N.R.C.D.240).

4.0DATAANALYSIS

4.1INVESTMENTCAPITALSCHEDULE

ThetotalcapitalinvestmentmadebylicensedFreeZoneEnterprisesduringtheyearamountedto US$224.64 million an increase of 5.8% over the 2010 figure of US$212.33 million. Thecumulativeamountofinvestmentcapitalinthefreezonessinceinceptionoftheprogrammein1996/97totheendof2011nowstandsatUS$2,156.92million(refertoappendixvi)

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4.2PRODUCTIONSCHEDULEOFMANUFACTURINGANDSERVICEENTERPRISES

Theex-factoryvalueofproductionforFreeZoneEnterprisesinthemanufacturingandservicesectorduringtheyearamountedtoUS$1,195.67millionrepresentinga10.03%decreaseoverthe2010figureofUS$1,329.00million(Refertoappendixvii)

4.3IMPORTSCHEDULEOFCOMMERCIALENTERPRISES

CommercialFreeZoneEnterprisesimportedsemi-finishedandfinishedgoodsatatotalvalueofUS$71,675,211.25 for re-packaging and re-export to the ECOWAS region and beyond. Thisrepresentsan increaseof114%overthepreviousyear’sfigureofUS$33,387,984.98 (RefertoAppendixVIII.)

4.4EXPORTSCHEDULEOFALLENTERPRISES

Total ex-factory value of exports of all Free Zone Enterprises (manufacturing, Service andCommercial) amounted toUS$1,966.72million representing an increase of16.35% over the2010figureofUS$1,690.70million(RefertoAppendixIX)

4.5EMPLOYMENTSCHEDULEOFALLENTERPRISES

Themost important contribution of the Free Zones Programme to the economyofGhana isemployment creation. At the end of the reporting year, the employment figure ofGhanaiannationalsemployedbytheFreeZoneEnterprisesreached29,216.Thisrepresentsan increaseof16.36%overthe2010figureof25,109

Thedistributionofnationalemployeesaccordingtogenderindicatesthat22,808i.e78.07%weremalewhereas6,408i.e.21.93%werefemale.

ThenumberofexpatriatesemployedbyFreeZoneEnterpriseswas864representing2.87%oftotalemployment.ThetotalemploymentgeneratedbytheFreeZonesProgrammeasat2011was30,080(RefertoAppendixX).

DistributionofemployeesintheFreeZonesProgrammebysectorisshowninthetablebelow:

Table

Sector NumberemployedDeveloper 16Manufacturing 27,970Service 1,596Commercial 498

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4.6SALARY/WAGESCHEDULEOFALLENTERPRISESThefreezonesprogrammecontributesgreatlyintheeconomicempowermentoftheGhanaianworkforce.Totalvalueofsalary/wagesfor2011amountedtoUS$94,583,775.00anincreaseof7.62%overthe2010figureofUS$87,888,997.31'The total salary/wage paid to Ghanaian Nationals working with Free Zone EnterprisesamountedtoUS$71,758,676.00.This representsan increaseof5.44%over the2010valueofUS$68,057,840.41. Expatriates working under the free zones programme earnedUS$22,825,099.00(RefertoAppendixXI).

4.7VAT/DUTIESPAIDONSALESINTOTHEDOMESTIC/LOCALMARKET

Total duties/levies paid on sales into the local market amounted to US$4,927,029.13representinganincreaseofabout96%onthepreviousyear’sfigureofUS$2,511,097.16(RefertoAppendixXII)

4.8TRAININGSCHEDULEOFALLENTERPRISES(GHANAIANNATIONALS)

Under the free zone regulations at least 1%of the total annual salary/wagebill of free zonecompaniesshouldbespentonthetrainingofGhanaiannationalsemployedinthecompanies.In 2011, a total amount of US$1,123,994.02 was spent on training national employeesrepresenting 1.5% of the total salary wage bill indicated above. Even though the minimumrequirement was achieved, only 71 Free Zone Enterprises actually offered training to theiremployees.(Ref.AppendixXIII)

TheBoardneedstotakestepsintheensuingyeartoensurethatmoretrainingprogrammesareimplementedforGhanaianstaffworkingunderthefreezones.

4.9SOCIALSECURITYSCHEDULEOFFREEZONEEMPLOYEES

In 2011,127 Free Zone Enterprises contributed a total ofUS$9,394,538.79 in Social SecuritycontributionstotheSocialSecurityandNationalInsuranceTrust.(Ref.AppendixXIV)4.10INCOMETAXSCHEDULEOFFREEZONEEMPLOYEESInthereportingyear,128companiescontributedatotalofUS$12,240,997.89inIncomeTaxinrespectoftheiremployees.(Ref.AppendixXV)

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5.0FINANCIALREVIEW

ThefinancialpositionoftheBoardasat31stDecember2011isasfollows:

5.1REVENUE

Total income generated in 2011was SevenMillion, FourHundred and Thirty-One Thousand,Five Hundred and Thirty-Four Ghana Cedis (GH¢7,431,534) as against Five Million, EightHundred and Ten Thousand, One Hundred and Ninety-Nine Ghana Cedis (GH¢5,810,199) in2010.Thisrepresentsa28%increaseoverrevenuegeneratedin2010.Theincreasewasmainlydue to levies and penalties on companies who do not comply with the board operationalregulations,increasedsalesofForms,LicenseFeesandrenewals.

5.2EXPENDITURE

Totalexpenditurein2011amountedtoFourMillion,Sixty-ThreeThousand,Twenty-OneGhanaCedis(GH¢4,063,021)asagainstThreeMillion,EightHundredandTwenty-oneThousand,FourHundred and Seventy-Six Ghana Cedis (GH¢3,821,476) in 2010. The marginal increase inexpenditurewasmainlyduetoincreaseinadministrative&otherexpenses.

Excess incomeover expenditurewasThreemillion, ThreeHundredand Sixty-Eight thousand,FiveHundredandFourteenGhanaCedis (GH¢3,368,514) in2011asagainstOnemillion,NineHundred Hundred and Eighty-Eight Thousand, Seven Hundred and Twenty-Two Ghana Cedis(GH¢1,988,722)in2010.

TheAuditedAccountsisattachedasAppendixXVI.

6.0CONSTRAINTS

There was still no physical development at the three (3) designated enclaves in Boankra,SekondiandShamathusaffectingtheBoard’sabilitytoattractinvestorsintotheseenclaves.

TheunreliablesupplyofutilitiesalsoaffectedtheoperationsoflicensedFreeZoneenterprises.The Board faced a major challenge in this respect, especially with regard to the companieslocatedintheTemaExportProcessingZone.

Furthermore, the Marketing/Promotion Division could not implement all its scheduledinvestment promotion missions due to lack of funding. The Department could also notimplementactivitiesintheMarketingCommunicationPlanduringtheyear.

TherewasdelayintheimplementationoftheManagementInformationSystemtosupporttheoperationsoftheBoard.

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ThecommunicationsnetworkinfrastructuremadeofLocalAreaNetworks(LANs)andinterfacesforaWideAreaNetworks (WAN)throughwhichvarioususersgainaccesstothe InformationSystems of the GFZB were under-utilized. Most users hardly used the corporate email forcorrespondence.

Another major challenge was converting andmerging three separate databases on licensedFreeZonecompanies intoonecentralizeddatabase (i.e.FZMS).With theassistanceofPersolSystems Limited, the contracted software developers, the IT Department was somewhatsuccessfulinthedatatransfer.

Again,therewereconstraintsinimprovingtheoperationalenvironmentattheTemaEPZwithregardto:

§ Arrangingwithoperatorsandhawkerstoprovideanduselitterbinsandorganiserefusecollection.

§ Landscapingimprovementaroundtheentrance,§ EnsuringpropermaintenanceofvergelawnsplantedbyILDCandPSI.§ Monitoringproperlocationofdirectionalsignsbyoperatorssoastoavoidclutter.§ Failureofcontractorstomeetthedeadlinesforthecompletionofprojects§ Peoplewithoutpermitsmanagingtoaccesstheenclavewhichposesthreattosecurity

attheenclave.Also,theSecretariatfacedthechallengeofnothavingaclearLegislativeInstrumentonvariouspenaltypointstobeappliedwheneverFreeZonesenterprisesfailtocomplywiththerulesandregulationsmakingitverydifficulttoapplythenecessarysanctions.

Again, the inability of the Board to raise the requisite funds for payment of compensationassessedbyLandsCommissiononlandbanksmakestheBoardpredisposedtosuitsinstitutedbyclaimants.

TheBoardwasalsoconfrontedwithillegallyarmedoccupants(landguards)onitsCommunity21 land.Thisposedaserious threatofbodilyharmtoofficers, representativesandagentsoftheBoard,whomayinthecourseofexecutionoftheirduties,havetophysicallyworkontheland.

7.0CONCLUDINGREMARKS

SubstantialprogresswasmadeintheimplementationoftheFreezonesProgrammeduringtheyearunderreviewinspiteoftheconstraints.Theboardwilladoptinternationalbestpracticesandstrategiesofattractingbothdomesticandinternational

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Appendices

AppendixI-FreeZoneEnterprisesLicensedIn2011

NAMEOFCOMPANY NATIONALITY SECTOR/SUBSECTORVegproGhanaLtd British/Kenyan Manufacturing

(Commercialfarming,horticulturalcrops)HasanInvestmentGhanaLtd Chinese Developer

(SekondiExportProcessingZone)EntranceIndustriesGhanaLtd Ghanaian Manufacturing(Pharmaceuticalproducts)PBC–SheaLtd Ghanaian Manufacturing(sheabutter)

AirLiquideAfricaServicesLtd French Manufacturing(medicalandindustrialgases)

UnifruitLtd Ghanaian Manufacturing(processingpineapple)ServairGhanaCompanyLtd Ghanaian/

FrenchService(Airlinecateringandrelatedservices)

WorldClothingCompanyLtd American Manufacturing(Garmentmanufacturing)KimminicOilLtd Ghanaian Manufacturing(CrudeVegetableOilInto

biodiesel)ShebuIndustriesLtd Ghanaian/Dutch Manufacturing(Sheanutintosheabutter)

BlackstarFoodsLtd Ghanaian Manufacturing(processingcashewnuts)

StarlightWestAfricaNaturalResourcesLtd

French Manufacturing(Processingnaturalplantsproducts)

AbellonCleanenergyGhanaLtd Indian Manufacturing(woodpelletsandsolidbiofuel)

TakoradiRenewableEnergyLtd French/Ivorian Manufacturing(woodchips)CCTRopesandTwines Ghanaian Manufacturing(Ropesandtwines)RiderSteelGhanaLtd Chinese Manufacturing(steelproducts)WadAfricanFoodsLtd Ghanaian Manufacturing(FruitProcessing)CanadaOpticalLaboratoriesLtd British-Canadian Manufacturing(opticallenses)S.F.InternationalCommodityCo.Ltd

Chinese Manufacturing(colouredsteelproducts)

AgronaCompanyLtd Dutch Manufacturing(fruitProcessing)EcologisticsLtd Ghanaian-Italian Manufacturing(palmoilprocessing)ChidwellLtd British Manufacturing(bulkfragrance

compounds)GhanaOilPalmDevelopmentCompanyLtd

Ghanaian-Belgian

Manufacturing(Palmoilprocessing)

GNFoodsLtd Ghanaian-Chinese

Manufacturing(tomatopaste)

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AppendixII-OccupancyatTemaEPZ/MPIPin2011

NO.

NAMEOFCOMPANY

ACTIVITY/PRODUCT

STATUS

1 3FGHANALIMITED PROCESSINGOFSHEANUTSANDOTHEROILSEEDS

OPERATING

2 BARRYCALLEBAUT COCOAPROCESSING OPERATING

3 BEARMACHINESW/ALIMITED MANUFACTURE OF FOOD PROCESSINGMACHINE/EQUIPMENT

TESTRUN

4 CARGILLGHANALIMITED COCOAPROCESSING OPERATING

5 COMMODITY PROCESSINGINDUSTRIESLTD.

COCOAPROCESSING OPERATING

6 DECORPLASTLIMITED HOUSEHOLDPLASTICWARE TEST TRIAL OFEQUIPMENTS

7 DISCTRONIC MANUFACTURINGLIMITED

DVD,VCD,CDSMANUFACTURING SUSPENDEDOPERATIONS

8 G.C.BIOCHEMICALSLTD CHEMICAL EXTRACTION FROM MED.PLANTS

STARTUP

9 GHANA SPECIALTY FATSINDUSTRIESLTD

SHEABUTTERPROCESING OPERATING

10 HUFRA-COMPU-TECHSLTD MACHINERY&MECHANICAL PRECISIONPARTS

OPERATIONSUSPENDED

11 GLOBALGARMENTS GARMENT OPERATIONSUSPENDED

12 PREMIERQUALITYLTD GARMENT OPERATIONSUSPENDED

13 LUCKY1888 GARMENT OPERATING

14 REDSEAHOUSINGSERVICES(GH)LTD

PREFABRICATEDBUILDING OPERATING

15 SITOSGHLTD WAREHOUSING/COMMERCIAL OPERATING

16 ILDC ENCLAVEDEVPT OPERATING

17 OCTOGLOWGHANALIMITED ENCLAVEDEVPT OPERATING

18 NICHIECOCOAINDUSTRIESLTD PROCESSINGOFCOCOALIQUOR OPERATING

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19 REBECCAFASHION MANUFACTURING OF SYNTHETIC HAIRPRODUCTS

OPERATING

20 B.DASSOCIATES

COCOAPROCESSING TEST TRIAL OFEQUIPMENTS

21. A-Z PETROLEUM PRODUCTSGHANALTD

LUBRICANTSANDTANKFARMING PROCESSINGLANDDOCUMENTS

22. MINISTRYOFCOMMUNICATION ICT PROCESSINGLANDDOCUMENTS

23. SANBAOPHARMACEUTICALSLTD PHARMACEUTICALS BUILDINGFACTORY

24. XARADEVELOPERSGH.LTD. PROCESSINGLANDDOCUMENTS

25. BLOWPACKLIMITED MANUFACTURING TAKE AWAYCONTAINER

PROCESSINGLANDDOCUMENTS

26. COMMODITIES PROCESSINGINDUSTRIESLTD

COCOAPROCESSING OPERATING

27.

TOPINDUSTRIESLTD. PLASTICANDPACKAGINGPRODUCTS OPERATING

28. ONEGHANALOGISTICSLTD. MANUFACTURING PACKAGINGCURTAINS


29. VEHRADTRANSPORTLTD. HAULAGE/LOGISTICS/FREIGHTHANDLING

BUILDINGFACTORY

30. SIKELELELTD. HEALTHPRODUCTS BUILDINGFACTORY

31. LEWADIS

COMMERCIAL BUILDINGFACTORY

32.

HOMEFOODSLTD. FOODPROCESSING PROCESSINGLANDDOCUMENTS

33. ALPHACOMMODITIESLTD. COCOAPROCESSING PROCESSINGLANDDOCUMENTS

34. POLYPETLTD. PLASTICPRODUCTS PROCESSINGLAND

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DOCUMENTS35. KGMINDUSTRIES PLASTICHOUSEHOLDWARES PROCESSING

LANDDOCUMENTS

36. COMETGHANALTD WAREHOUSING BUILDINGFACTORY

37. ARVNASHINDUSTRIESLTD. FURNITURE PROCESSINGLANDDOCUMENTS

38. ELARLTD. FLEXIBLEPACKAGINGMATERIALS PROCESSINGLANDDOCUMENTS

39. UNIWELLLTD PROCESSINGLANDDOCUMENTS

40. RIDGEENERGY PROCESSINGLANDDOCUMENTS

41. ELECTROABOUSAMRACOLTD GENERAL ELECTRICAL REWINDINGMOTORSANDGENERATORS


42. POTRODOMINTPVT EXPORTATIONOFCASHEWNETS,SHEARNUTSETC


43. SUCCESSPLASTICSLTD MANUFACTURE AND TRADE INHOUSEHOLDPLASTICPACKING


44. MARSINTERNATIONAL

PROVISION OF INNOVATIVE RECORDSMANAGEMENT


45. AFRIC-AMERICAN TRADEX CO.LTD

FOODPROCESSING SUSPENDEDOPERATION

46.

S.F INTERNATIONALCOMMODITYCO.LTD

COLOUREDSTEELTILES BUILDINGFACTORY

47.

RAILIT TOTAL TRANSPORTATIONGH.LTD

WAREHOUSINGOFANTIVIRALDRUGS OPERATING

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MPIPOCCUPANCY

COMPANYNAME TYPEOFACTIVITY OPERATIONALSTATUS

1. XARA DEVELOPERS GH.LTD.

PROCESSING LANDDOCUMENTS

2. BLOWPACKLTD MANUFACTURING TAKE AWAYCONTAINERS


3. NICHECOCOALTD PROCESSINGOFCOCOALIQUOR

TEST-TRIALOFEQUIPMENTS

4. TOPINDUSTRIESLTD PLASTIC AND PACKAGINGPRODUCTS

OPERATING

5.

ONE GHANA LOGISTICSLTD

MANUFACTURING PACKAGINGCURTAINS

BUILDINGWAREHOUSE

6.

VEHRADTRANSPORTLTD HAULAGE/LOGISTICS/FREIGHTHANDLING

BUILDINGWAREHOUSE

7.

SIKELELELTD HEALTHPRODUCTS BUILDINGFACTORY

8. RIDGEENERGY PROCESSING LANDDOCUMENTS

9.

COMETGHANALTD WAREHOUSING BUILDINGFACTORY

10. LEWADIS WAREHOUSING BUILDINGFACTORY

11. HOMEFOODS FOODPROCESSING PROCESSINGDOCUMENTS

12. AVNASHINDUSTRIESLTD FURNITURE BUILDINGFACTORY

13.

ALPHACOMMODITIESLTD COCOAPROCESSING PROCESSING LANDDOCUMENTS

14. POLYPETLTD PLASTICPRODUCTS PROCESSING LANDDOCUMENTS

15. ELARLTD FLEXIBLEPACKAGINGMATERIALS PROCESSING LANDDOCUMENTS

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BUFFERZONE

COMPANYNAME TYPEOFACTIVITY OPERATIONALSTATUS

1. UNIWELL PROCESSING LANDDOCUMENTS

2. A-Z PETROLEUMPRODUCTSGHANALTD

LUBRICANTS AND TANKFARMING


3. ELECTROABOUSAMRACOLTD

GENERAL ELECTRICALREWINDING MOTORS ANDGENERATORS


4. POTRODOMINTPVT EXPORTATIONOFCASHEWNETS,SHEARNUTSETC


5. SUCCESSPLASTICSLTD MANUFACTURE AND TRADE INHOUSEHOLDPLASTICPACKING


6. MARSINTERNATIONAL

PROVISION OF INNOVATIVERECORDSMANAGEMENT


7.

IMEXCOINVESTMENTS WAREHOUSING PROCESSING LANDDOCUMENTS

16. KGMINDUSTRIES PLASTICHOUSEHOLDWARES PROCESSING LANDDOCUMENTS

17. SANBAOPHARMACEUTICALSLTD

PHARMACEUTICALS BUILDINGFACTORY

18. LUCKY1888 GARMENTS OPERATING

19. GLOBALGARMENTS GARMENTS OPERATING

20. PREMIERQUALITYLTD GARMENTS SUSPENDEDOPERATIONS

21. OAKBROOKLTD GARMENTS SUSPENDEDOPERATIONS

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8. FNJINVESTMENTS TANKFARMS PROCESSING LANDDOCUMENTS

AppendixIII–ListofcompaniesvisitedforOperationalAuditin2011(a) ACCRA/TEMA1. BomartFarms(b)WESTERNREGION2. DanicaPlastics3. HomeFoodsLtd1.Wienco4. Gravita2.Samartex5. ArrowNetwork3.UnicontrolCommodities6. Socomex4.JohnBitar7. NewrestCatering5.MondialVenner8. Lewadis9. FlemingoInternational10. RedSeaHousing11. F.AFally12. ARNManufacturing13. SitosCommodities14. VehradImports&Exports15. IntelligentCardProduction16. Pakmart17. NonFerrousMetals18. AsanskaJewellery19. L’oreal20. PraiseExports21. AirLiquideServices22. Busylab23. Interpack24. E-processInternational25. GoldRecovery26. GhanaFlowers27. SterlingInternational28. MyrocFoodProcessing29. MahobHoldings30. KponeLobsters31. ContinentalExports32. Lubcon33. 3F(GH)Ltd34. EdwardSnell

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AppendixIV-CapitalInvestedByFreeZoneEnterprises2011

AppendixV–CostofProductionOfEnterprises2011

0.00

20.00

40.00

60.00

80.00

100.00

120.00

COMMERCIAL MANUFACTURING SERVICE DEVELOPER

6.28

102.23114.25

1.88

AMOUNT(US$M)

SECTOR

CAPITALINVESTEDBYSECTORS-2011

-

200.00

400.00

600.00

800.00

1,000.00

1,200.00


2.31

1,156.58

30.46 6.31AMOUNT(US$M)

SECTOR

COSTOFPRODUCTIONBYSECTORS-2011

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AppendixVI-ImportScheduleOfFreeZoneEnterprises2011

AppendixVII-ExportScheduleOfAllFreeZoneEnterprises2011

-

50.00

100.00

150.00

200.00

250.00

300.00


71.68

283.98

24.65

71.68

AMOUNT(US$M)

SECTOR

IMPORTSSCHEDULEBYSECTORS-2011

-200.00400.00600.00800.00

1,000.001,200.001,400.001,600.001,800.00

COMMERCIAL MANUFACTURING SERVICE

64.09

1,795.42

99.53AMOUNT(US$M)

SECTORS

VALUEOFEXPORTSBYSECTORS-2011

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AppendixVIII–EmploymentScheduleofFreeZoneEnterprises2011

AppendixIX-Salary/WageScheduleOfFreeZoneEnterprises2011

0

5000

10000

15000

20000

25000

30000

Developer Manufacturing Service Commercial

16

27,970

1,596 498NO.EMPLOYED

SECTOR

EMPLOYMENTDISTRIBUTIONBYSECTORS-2011

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00


5.78

71.80

16.29

0.09AMOUNT(US$M)

SECTOR

SALARY/WAGESCHEDULEBYSECTORS:2011

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AppendixX-Vat/DutiesPaidOnLocalSalesByFreeZoneEnterprises2011

AppendixXI-TrainingScheduleOfFreeZoneEmployees(GhanaianNationals)2011

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50


1.55

3.30

0.08AMOUNT(US$M)

SECTOR

VAT/DUTIESPAIDONLOCALSALESBYSECTOR-2011

-100,000200,000300,000400,000500,000600,000700,000800,000900,000

1,000,000


75,169

974,095

149,899

AMOUNT(US$)

SECTORS

TRAININGCOSTBYSECTOR-2011

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AppendixXII-SocialSecurityScheduleOfEmployeesOfFreeZoneEnterprise2011

AppendixXIII-IncomeTaxScheduleOfFreeZoneEmployees2011

0.001.002.003.004.005.006.007.008.00


0.15

7.94

1.440.01AM

OUNT(US$M)

SECTOR

SOCIALSECURITYCONTRIBUTIONBYSECTOR-2011

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00


0.32

7.70

4.20

0.02AMOUNT(US$M)

SECTOR

INCOMETAXPAIDBYSECTOR-2011

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AppendixXIV-AuditedAccounts

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Documents

GHANA FREE ZONES BOARD ANNUAL REPORT AUDITED ACCOUNTS · AUDITED ACCOUNTS 2011 Ghana free zone Board Annual Report 2011 2 VISION STATEMENT To facilitate a vibrant economy in Ghana,