Empirical Analysis of the Economic Benefits of Free Ports and Their Challenges to Ghana: A Cross-Sectional Survey of Tema Harbour

Ebenezer Nickson Neequaye,Dechun Huang,Nelson Amowine,Stella Fynn

doi:10.4236/jss.2018.64016

Abstract

Free ports have existed for centuries. However, free countries have taken the initiative to adopt free port policies. This paper took a look at some economic benefits of free port in Ghana and the possible challenges that the country is likely to face adopting such policies. The study adopted a survey method where questionnaires were administered to 300 respondents. It was found that free port policy has both economic benefits as well as costs. Regardless of the economic situation within which a country finds itself, the concept of free port policy should be an ideal trade policy for all nations across the globe. To gain economically from free port policy, countries must be cognizant of certain challenges and accordingly address them.

Highlights

Liberalization of trade in goods and services, improvement in transportation, information and communication technology (ICT), combined with free-market ideology have resulted in expeditious mobility of goods and services across borders
The primary aim of this paper is to examine the economic benefits that can accrue from free ports for Ghana as well as some possible challenges [7] that the country faces
The study was conducted to examine the economic benefits that can accrue from free ports for Ghana as well as some possible challenges that the country is likely to face

Summary

Introduction

Liberalization of trade in goods and services, improvement in transportation, information and communication technology (ICT), combined with free-market ideology have resulted in expeditious mobility of goods and services across borders. There has been increased level of competition resulted in public sector and private sector organizations recognizing the need to transform from national and regional business strategies to global business strategies [2]. The United States is home to over 250 free port, which employ 420,000 people and handle $750 bn of merchandise. They have played a major role in retaining, re-shoring and growing domestic manufacturing activity and boosting trade [3]

Objectives

Methods

Results

Conclusion