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.