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Business News of Thursday, 16 November 2017

Source: Mohammed Saani Ibrahim

GIPC partners SADA to promote investment

A Memorandum of Understanding [MOU] has been signed between the Ghana Investment Promotion Center [GIPC] and the Savannah Accelerated Development Authority [SADA] to facilitate investments promotion in the three northern regions of Ghana.

The MOU has among other things the objective to develop a one-stop information platform that will provide expanded, in-depth local support and up-to-date information to investors keen to explore investment possibilities on offer in the area.

In her address, the Minister for Special Development Initiatives, Mavis Hawa Koomson described the agreement as a unique opportunity for the two government institutions to share experiences on best practices.

The MOU, Hawa Koomson further noted offers both SADA and the GIPC the opportunity to effectively collaborate to enable the country achieve the objectives of its transformation agenda within the shortest possible time.

She reminded development authorities of their key roles in investment promotion through the implementation of their planning, resource mobilization, development coordination and infrastructural projects implementation especially under the Infrastructure for Poverty Eradication Programme [IPEP].

The Minister said it is for this reason that development authorities’ effective collaboration with GIPC is imperative to the optimization of investment.

She, therefore, called on the two institutions to work closely to enable Ghana achieve an accelerated socio-economic transformation.

"The future envisaged for the next generation is one that must be sustainable, inclusive and innovative which can only be achieved through high level investments,” she added.

On his part, The GIPC Chief Executive Officer, Yofi Grant, welcomed SADA’s approach to partner his outfit saying “SADA is ready for business and the GIPC is equally ready to provide its help in pulling potential financiers and businesses into the area to bolster the region’s economy’’.

He added that the northern part of Ghana has vast arable land suitable for agricultural and agro-processing investment and therefore challenged Ghanaian businesses and entrepreneurs to make use of the opportunities being provided by SADA to invest in the catchment areas.

The GIPC Boss mentioned that the government has the responsibility of ensuring the survival of the private sector to create jobs for the people as such his outfit has created an enabling environment for businesses to thrive, create jobs and generate incomes for the people.

He mentioned education, railway and infrastructural development as some of the potential areas of investments that abounds in the SADA catchment areas where both local and foreign investors can take advantage of.

The railway project of the government Mr. Yofi Grant emphasized is a key investment area that will open up the north with the southern part of the country through to other West African nations especially the Sahelian landlocked countries which deserves particular attention from potential investors.

In his welcome address, the SADA Boss, Charles Abugre, was hopeful the partnership will be successful and looks forward to having similar partnerships with other state institutions such as the Ghana Free Zones Board amongst others.

He announced that SADA will soon be replaced with the Northern Development Authority [NDA] but the roles will remain the same.

As part of the agreement, the GIPC will market the investment projects developed by SADA to both local and foreign business communities. Both entities will also plan and implement investment promotion missions, road shows, forums both locally and internationally.

GIPC and SADA will also undertake joint research and feasibility studies on making the area a more attractive and available to broaden the landscape for investors, as well as methods to reduce and remove constraints to investment through policy and incentives.

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