Africa’s largest free zone industrial park, the $1.5 billion Gomoa Central Special Economic Zone (GCSEZ) in the Central Region, will be formally opened by President John Dramani Mahama tomorrow.
The project marks a significant turning point in Ghana’s efforts to integrate regional trade and industrialise on a broad scale within the African Continental Free Trade Area (AfCFTA).
It is anticipated that the project, which is situated on a 21,000-acre plot of land in the Gomoa Central District, will generate over 60,000 jobs, draw billions of dollars in private investment, and establish the region as a significant centre for export services, manufacturing, agro-processing, and logistics.
The program is a component of the government’s 24-Hour Economy strategy, which aims to increase production outside of the regular working day. It is backed by the Ghana Free Zones Authority and the AfCFTA Secretariat.
Speaker of Parliament Mr. Alban Bagbin, Presidential Advisor on the 24-Hour Economy Goosie Tanoh, Dr. Sam Jonah, Executive Chairman of Jonah Capital, Krobo Edusei Jr., Executive Chairman of Safebond Africa Investment Group, Member of Parliament for Gomoa Central Kwame Asare Obeng, and Ghana Journalists Association President Albert Dwumfour are among the other dignitaries anticipated to attend.
The Gomoa Industrial Park is intended to serve as a fulcrum for Ghana’s shift from an economy reliant on imports to one focused on production and exports.
The park aims to lower operating costs and encourage value addition in manufacturing, services, and agriculture by grouping enterprises and offering contemporary infrastructure, such as roads, utilities, warehouses, and digital connectivity.
When fully operational, it is expected to help local suppliers, create billions in export revenue, and promote inclusive growth in the Central Region and beyond.
Additionally, the initiative is in line with the AfCFTA framework, giving producers access to a market that comprises more than 1.3 billion people on the continent.
The initiative is transformative, according to Kwame Asare Obeng, a member of parliament for Gomoa Central, who said, “This is a complete ecosystem where sustainability and profitability thrive together.”
The zone’s strategic location offers access to many ports and the Lagos-Abidjan Corridor, he continued, and its renewable energy infrastructure would guarantee “some of the lowest operating costs in the region.”
Analysts warned that Ghana’s cost structure and business climate would determine the project’s viability, despite the euphoria surrounding it.
Source: newsthemegh.com