Headlines

In order to upgrade the Tema Export Processing Zone’s water and sewage systems, the Free Zones Authority and IFE sign a funding agreement.

In order to upgrade the Tema Export Processing Zone’s water and sewage systems, the Free Zones Authority and IFE sign a funding agreement. The Facility Investing for Employment (IFE) and the Ghana Free Zones Authority (GFZA) have inked a grant agreement to improve the Tema Export Processing Zone’s (TEPZ) water and sewage system.

With a total area of 1,200 acres (480 hectares), the Tema Free Zone is the largest industrial zone in Ghana. Although it is perfectly located in Tema, the primary seaport and industrial center of the nation, it faces a number of developmental challenges, including an inadequate water supply for commercial operations.

The project would meet the industrial companies located in the industrial park’s current daily water demand of 7,518 m3, thereby contributing to the resolution of the demand and supply gap.
The project will cost more than €1.84 million in total.

The Ghana Free Zones Authority would provide a commitment fee of €184, 168, or 10%, and the Facility Investing for Employment (IFE) would commit €1.65 million, or 90%.

In order to supplement the current one, a new water storage facility would be built. It would include an underground tank measuring 6,800 m3 (1.5 million gallons) and an overhead tank measuring 2,273 m3 (500,000 gallons) with a pumping station.

The investment would position resident companies in the Tema Export Processing Zone to create a total of 1,500 jobs in addition to enhancing the customer services and productivity of the businesses in the Tema enclave.

the Free Zones Authority and IFE sign a funding agreement.

The German Federal Ministry for Economic Co-operation and Development (BMZ) has authorized the KfW Development Bank to create the Facility Investing for Employment (IFE) as an investment vehicle. After the water project was built, a sewage system would be constructed.

The MoU was signed by Mr. Mike Oquaye Jr., Chief Executive Officer of the Ghana Free Zones Authority. He stated that although the 91 companies operating within the enclave were currently consuming 1,653,729 gallons (7,518 m3) of water per day, the enclave had a storage capacity of 6,800 m3.

According to him, the ground-level tank supplied 4,090 m3/day on a daily basis, and a 2,710 m3/day buffer had been set aside for emergencies, such as the need to put out a fire or support TEPZ’s construction projects.

“After addressing the demand and supply gap that has resulted in higher production costs, shorter production cycles, stifled expansion, and slowed production growth, the project will take about 12 months to complete, which invariably affects the need for accelerated job creation,” he stated.

After this was the sixth project agreement signed, Mr. Steffen Kuhl, Managing Director, IFE, stated that the strong, multipurpose export industrial zone was crucial to the nation’s economy and that eight or nine more projects of a similar nature might be signed by the end of the year.

The “hidden champions,” or smaller businesses that make goods that are only sold by one or two companies worldwide, are what really strengthened the German economy, not Mercedes Benz or Siemens. I say this because, occasionally, we undervalue the significance of little businesses and other things,” he remarked.

“We believe that the only way to accelerate our development is through industrialization, and one of the key pillars is the establishment of special economic zones and parks,” stated Mr. Michael Okyere Baafi, Deputy Minister for Trade and Industry. This is the reason the Ghana Free Zones Authority is so important to us.

In order to upgrade the Tema Export Processing Zone’s water and sewage systems, the Free Zones Authority and IFE sign a funding agreement.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button