Yofi Grant, CEO of the Ghana Investment Promotion Centre (GIPC), has announced Ghana's plans for establishing green zones across the country.
Speaking as a panelist on the Sustainable Trade Africa forum on the theme “Transforming Africa Trade for climate resilience and sustainable development, at COP 29, Grant emphasized the importance of utilizing special economic zones to create green zones, focusing on sustainable green manufacturing.
Once you create an enclave, you can manage your green financing, your green manufacturing within that enclave. And that is what the special economic zones will do with their own incentive structure, rules and regulations,” he explained.
He further explained that green zones are crucial for Ghana's manufacturing sector, as they promote eco-friendly practices and reduce environmental impact.
By creating enclaves, Ghana can better manage green financing and manufacturing within these specialized areas,”.
The Green Zones will ensure sustainable manufacturing which will encourage environmentally responsible production processes, fosters investment and job creation in the manufacturing sector as well as reduce pollution and promotes eco-friendly practices.
While Grant acknowledged the importance of timelines, he noted that the focus should be on initiating and establishing green zones, rather than rushing to meet specific deadlines.
Setting up a factory, for instance, can take up to 18 months, and global economic factors can influence progress,” he noted.
Green Economy is the pathway to achieving sustainable development in contemporary times, especially in developing economies such as Ghana. The GE concept entails a paradigm shift in contemporary development thinking, contrasting the dangers posed by the unsustainable approaches to development in the past decades.
Practically, it involves changes in production, consumption and lifestyle towards economic activities that use natural resources efficiently, enhance and preserve environmental quality, and remove social inequalities.
Sustainable Trade Africa 2024 reflected the organizers' extensive experience in doing business across Africa. It defined and illuminated the various lucrative opportunities the Africa continent offers with clear insights from panelists and speakers on the proclivities and positive uniqueness of the diversity of opportunity found in the continent,” Grant stated.
The Sustainable Trade Africa forum is a visionary initiative aimed at galvanizing stakeholders from across the African continent and beyond to embrace sustainable trade practices. The event focuses on driving economic growth while addressing climate change challenges.
The event features expert panel discussions, networking opportunities, and project showcases focused on sustainable trade and development in Africa. Key topics include Special Economic Zones, UAE-Africa Economic Corridors, and Investment Opportunities.
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