Import/Export Product

Import/Export Product

The two main seaports at Tema and Takoradi handle most of Ghana’s imports and exports respectively. Both ports have undergone extensive rehabilitation, which has improved efficiency. The turnaround time for ships at Ghanaian ports is now one of the quickest in West Africa and the tonnage handled has also increased significantly.

AGOA Prot Procedure

The African Growth & Opportunity Act currently accords over 7,000 products exported from eligible 35 Sub Saharan Countries (including Ghana) preferential tariff treatment, i.e., duty-free and quota-free to the American Market. The only condition under this non-reciprocal Trade Agreement is that such goods ought to be certified by Customs Authorities as goods, which are truly products of Ghana.

Since 20th March 2002 Ghana has been approved to receive the textile and apparel benefits under the AGOA after having established an effective VISA System. Prior to the approval, CEPS had brought into force new Regulations to support the VISA System, i.e., Commissioner’s Order No1 of January 30th, 2002.
Procedures at the Port

Under the Regulations, new procedures have been outlined to regulate exports of specified textile articles.

Currently, goods being exported to the U.S under the AGOA pass through three main ports that are, Kotoka International Airport (Cargo Section), Tema Port and Takoradi Port.

Export Incentive Schemes

The Ghana Export Promotion Council in close collaboration with the Ministry of Trade and Industry plays a crusading role in the establishment of incentive schemes for exporters, some of which are:

• An Export Proceeds Retention Scheme in operation allows exporters to exchange all (i.e. 100%) foreign exchange proceeds from non- traditional exports into cedis at competitive rates negotiated with the exporter’s bankers or keep them in their foreign exchange accounts.
• A Corporate Tax Rebate, which allows any manufacturer or any person, engaged in agricultural production, exporting part or all of his production, to claim tax rebate between 40% and 75% of his tax liability
• A Custom Duty Drawback that allows exporters to draw back up to 100% of duties paid on material imported to produce goods for export.
• A Bonded Warehousing that allows manufacturers to seek Customs license to hold imported raw materials intended for manufacturing for export in secures places without payment of duty.
• Up – Front Duty Exemption, which operates alongside the duty drawback system enables exporters, enjoy 100% duty exemption on imports intended to go into production for export.

Main Import Commodities

• Capital Goods
• Chemical Products
• Consumer Goods
• Crude Oil
• Food ingredients
• Fuel
• Intermediate goods
• Machinery
• Petroleum products
• Tobaccos
• Beverages

Main Export Commodities

• Bauxite
• Cocoa Beans and Products
• Copra
• Cut Flowers
• Diamonds, cut
• Food ingredients
• Fruit
• Gold
• Manganese
• Refrigeration compressor lubricants
• Tea and coffee
• Timber
• Tuna
• Aluminum

Highlights of the Free Zone Act (FZA)

• The FZA allows for production, manufacturing, and services, including financial services.
• Exemption from taxes of import into free zone area.
• Exemption from taxes on profits for 10 years.
• Up to 30% of the annual production can be sold in the national customs zone.
• A foreign investor may take hold of 100% of shares in free Zone property.
• Income tax after 10 years shall not exceed 8%.
• Foreign and domestic investors shall have equal status.
• No Nationalization or expropriation within a free zone.
• Free Zone enterprises shall have the ability to hold a foreign currency account.

Contract negotiations and terminations determined by the free zone enterprise.

For more information, please visit the following link: http://www.gfzb.com.gh/

Export Free Zones and Export Processing Zones

In July, 1995, the Ghanaian Parliament enacted the country’s free Zone Act which created one of the world’s most attractive packages of Incentives for hassle-free business operation for exporting firms. These incentives serve to amplify business in what is already a centre for international business.