The Ghanaian government has entered into a memorandum of understanding with Dubai’s state-owned Ports, Customs and Free Zone Corporation (PCFC) to develop an economic zone and digital incubator in Accra, the nation’s capital. This initiative aims to attract foreign investment to West Africa and expedite Ghana’s ambition to become a regional technology leader.
Under this agreement, a 25-square-kilometre area in Accra has been designated for PCFC to develop the economic zone. PCFC will oversee the zone’s operations to attract global technology firms and facilitate investment and business growth.
The memorandum also encompasses property development within the zone. Financial specifics of the deal have not been disclosed.
PCFC’s subsidiaries include Dubai Customs, Trakhees, Dubai Ports Authority, Jafza, Dubai Maritime Authority, PCFC Security, and PCFC Investment.
The African Continental Free Trade Area (AfCFTA), established in 2021, is projected to boost intra-African trade by 40% by 2045. This is expected to lead to a 50% increase in demand for transport services, according to Liz Bains, a Dubai-based business journalist covering Africa and the Middle East, writing for AGBI.
