GIPC registers only 55 companies in Volta in three decades

Madam Evelyn Nyarko, Director of Investor Services, Ghana Investment Promotion Centre (GIPC), says that her outfit has registered only 55 investments in the Volta region in almost three decades.

She said the investments into agriculture, manufacturing, general trading, service, tourism and export trading were between 1994 to September 2023.

She said within the stipulated period, some US$109 Million investments accrued from Foreign Direct Investment (FDI).

Madam Nyarko disclosed these during this year’s Regional Sensitization Tour of GIPC, which took place in Ho, the Regional capital on Thursday.

It sought to promote local indigenous businesses, target investments and promote direct partnerships between local investors and foreign investors.

It was under the auspices of the Volta Regional Coordinating Council (VRCC), Ghana Export Promotion Authority (GEPA), Ghana Export and Import Bank (GEXIM Bank) for entrepreneurs, planners, economists and women enterprises.

Madam Nyarko further gave the breakdown of wholly indigenous or Ghanaian registered investments as 25, spanning agriculture, service, tourism, general trading as well as building and construction with investment portfolio of US$3.464 Million within the period under review.

She said Greater Accra and Ashanti Regions had become the areas with the greatest number of registered Companies and appealed to entrepreneurs and businesses in the Volta region to register with GIPC.

She said the forum was objected to creating awareness on GIPC’s mandate and offerings, insight and collate the region’s untapped economic potentials and opportunities; obtain information on small, medium scale enterprises as well as sensitise Municipal, District Assemblies (MDAs) on land bank creation for investment purposes.

She said dubbed ‘GIPC Cares’ was an investment priority sectors with special purpose vehicle in the agriculture and agro-processing import substitution sector and animal husbandry, manufacturing, healthcare, housing and infrastructure developments are opened for businesses.

She said GIPC helped incoming and existing investors by providing support services including assistance to procure authorities and permits required for the establishment and operation of enterprises were given to registered companies, urging businesses to take advantage.

Mr Augustus Awity, Chief Director, VRCC had encouraged MDAs to leverage on business development projects, which could be marketed by the GIPC as Public Private Partnership (PPP) initiative to enhance the overall development of the respective districts and the region.

He said GIPC’s creation of Land Banks, District Investor Guides and Project Profiles, which are crucial tools to aid in the attraction of investments and make Ghana the preferred location for Foreign Direct Investment (FDI, would propel local economies into limelight.

He said the presence of the Planners, Economists, Local Businessmen and women and other technocrats at the meeting would deepen meaning and articulate clearly investment development plans for local business enterprises to buy in.

Mr Awity said the African Continental Free Trade Area (AfCFTA), which was the largest free trade area after the World Trade Organisation, was expected to connect some 1.3 billion people across 55 countries with a Gross Domestic Product (GDP) valued at US$3.4 trillion.

He said the workshop sought to enlighten the local individuals and businesses on the advantages of AFCFTA and urged entrepreneurs to capitalise on the offer with the diversification of African exports, to attract FDI and accelerate the needed growth.

He said the company profiles and project catalogue derived from this workshop would form the basis for ‘business-to-business (B2B) meetings within the continent for a unifying and rewarding trade relationship and partnerships.

Madam Doris Ama Bansah, Ho Zonal Officer, Ghana Export Promotion Authority (GEPA), said services provided by GEPA included product development, market development and access; trade and advisory services, market research, trade information and promotion as well as capacity building.

She outlined the National Export Development Strategic Plan (NEDS) spanning 10 years beginning 2020 with non-traditional exports expected to jump to US$25.3 Billion in 2029 from the US$2.8 Billion in 2020, if the scheme was fully implemented.

She said earnings for 2021 and 2022 envisaged to grow to US$3.33 Billion and US$3.5 Billion.

Madam Bansah said NEDS runs on three pillars to expand and diversify the supply base for value added industrial export products and service to improve the business regulatory environment for export and to build and expand the required human capital for industrial export development and marketing.

Mr Abdul Abubakari, Head of the Eastern, Volta and Oti Regions of GEXIM Bank, giving an overview said the statutory functions of the Bank include providing finance, risk bearing services as well as trade and market information and export advisory services to the Ghanaian export community.

He said the Bank was envisioned to facilitate the transformation of Ghana’s economy into an export one by supporting and developing trade between Ghana and other countries, overseas investments by Ghanaian Companies and eliminate critical market failures in the Ghanaian economy thereby making Ghana competitive in the global marketplace.

He said the bank was modeled for large-scale job creation, value addition and generation of foreign exchange.