The Ghana Investment Promotion Centre (GIPC) has held a business investment sensitization forum for business owners in Damongo, the Savannah regional capital.
GIPC is a government agency established under Act 865 to promote, coordinate, and facilitate investment in the Ghanaian economy.
On 24th May, 2020, the GIPC, in collaboration with the Savannah Regional Coordinating Council and other local authorities, held the debut GIPC regional
sensitization forum to sentitize the people of Savannah region about the need to process and profile their businesses to assist them attract support from financial institutions.
The program was held at the Savannah regional coordinating council's conference hall and attended by farmers, business men and women, producers, artisans, government officials among others.
Speaking to the media on the sidelines of the program after presentation, the Director of Investor Services Division, Mr. Ashong-Lartey Edward said the GIPC mandate is to promote, coordinate, encourage and facilitate investment in the Ghanaian economy. This apply to both Ghanaian own businesses and foreign businesses.
Ashong - Lartey explained that, the team's visit to the region is to help them look at local content requirements of potential business investments in the region by lacing with MDA's in other to bring to the doorsteps the services of the GIPC to other parts of the country and to also to let them know how the centre can be of Assistance to the people of the region in their businesses and to provide an ideal platform for the identification and compilation of domestic data on various projects and identified investment opportunities in the region for onward presentation to potential investors.
He further explained that, the identified investment opportunities will be profiled and marketed to potential investors and also put into the centres website for anybody in the world to access the information adding that, the centre, when on investment missions carries the projects identified along to market them to potential investors and to as well showcase them to investment delegations that visits the country.
The director in charge of services also said their visit to the region was to ensure that investments relating to economic activities are evenly spread across the country and very hopeful that the seminar will enable them get in touch with the business community, the chiefs and stakeholders of the region.
Ashong-Lartey added that the Regional Sensitization Tour (RST) is aimed at meeting the local content aspect of GPIC's promotion and targeting activities. The GIPC identifies opportunities and market them to places, investors abroad and other interesting parties. But locally we believe that there is a lot we can achieve so the regional sensitization program is to make people aware of the existence of GIPC, the services provided, and how to grow businesses, he explained.
One of the key things we seeking to do is to work with the various stakeholders to identify specific business opportunities, profile them and market them to potential investors, he added.
Ashong-Lartey said the Savannah region has numerous opportunities and the GIPC will assist stakeholders to profile and market these opportunities to potential investors, both Ghanaians and foreign. He added that the available opportunities in the region need to be tapped and, the way to tap them is through a systematic process, identify the projects, profile them and market them to potential investors. Once these projects are well documented, it becomes easier for investors to come into the region.
Currently, the Savannah region has no registered business with GIPC data. The GIPC is hoping to start receiving well profiled businesses or projects from the region so as to help link them with investors. He encouraged business owners to get their businesses well documented and start benefiting some support from financial partners.
Ashong-Lartey disclosed that for the non Ghanaian businesses or foreign owned businesses, they have to meet some minimum capital requirements depending on the type of business one undertakes.
To ensure that right processes are followed, the monitoring will go round to check on compliance with the investment laws to make sure all businesses fall within the right bracket.
He said the GIPC is very interested in working within Ghanaian businesses because the GIPC wants more local businesses to get assist from viable financial institutions.
The Nationwide Sensitization Tour is a GIPC initiative, purposed to augment other undertakings in encouraging investors to 'Grow in Ghana' and 'Grow with Ghana'.
The Savannah regional minister, Saeed Muhazu Jibriel's speech was delivered on his behalf by the regional Planning and Economic Director, kwesi Baah Saasi.
In his keynote address, Saeed Muhazu Jibreel called on investors across the world to invest in the region because it has numerous potentials, ranging from land, tourism, mining and oil exploitation.
On agriculture, the minister explained that the agricultural potential of the Savannah region is immense. The area is one of the main grain and tuber producing area in Ghana.
Therefore, harnessing the natural resources of the region, particularly in Agriculture, will not only help to reduce poverty but also create employment to arrest the urban drift of young men and women to other areas of the country. Agriculture has the potential to turn the region into the ‘bread basket’ of the country.
The Savannah region currently has about 2.69 million hectares of land under cropping and livestock rearing. It also has approximately 1.67 million hectares of land potentially suitable for the cultivation of a wide range of crops including maize, rice, millet, sorghum, yam, cassava, soya beans, groundnuts and other legumes.
Investors have the opportunity of taking advantage of the vast arable land in the region for the establishment of Cashew and Mango Plantations among other tree crop plantations. The region also has the potential of becoming a hub for Agro based industries not only in the Northern part of the country but Ghana as a whole. The region has the highest concentration of Shea/butter nut trees not only in the northern Ghana but also probably the country as a whole. The potential area of investment is the establishment of a Value Chain system in the Production, Processing and marketing of these crops. This would bring about good returns to the investors as well as facilitate the engagement of the surplus labour-force.
He added that land in the region is also suitable for rice and vegetable production. The proximity to Tamale Airport makes it easier to export vegetables to any part of the world.
There is abundant water at the White and Black Volta and more tributaries could be created to collect water whenever there is a spillage from Bagri dam, thus turning a misfortune to a blessing. The people of the region rely solely on the rain fed agriculture and there are all indications that they will embrace any alternative source of water to cultivate their crops. This alternative has been seen to be irrigation because the rain fails people year on year basis even though there is vast arable land.
Saeed Muhazu Jibreel further stated that the vast grassland in the region provides potential for commercial livestock and Poultry production. Common livestock produced in the region include cattle, sheep, goats and pigs. Poultry has been identified as a viable venture considering the springing up of several hotels and restaurants across the region.
On Mineral Exploitation, he said several mineral deposits have been identified in commercial quantities in the Savannah Region. The Region indeed has the greatest potential for mineral exploitation and development in the Northern Sector of Ghana. Some of the mineral deposits found in the area include Gold deposits in the Bole and Bui Sections of the Birimian Geological Belt. Mining in the Savannah region is mainly small scale gold mining but there is the potential for large scale mining. There is an untapped potential for other minerals such as Bauxite, Diamond, and Manganese in the region.
On Hydrocarbon exploitation he explained that there is a high probability of the discovery of hydrocarbons. Of the 692 Seismic lines acquired by GNPC for exploration for hydrocarbons, 54.4% are in the Northern sector and over 75% of those are in Savannah region. Deba, a community in the East-Gonja Municipality of the region has been identified to have deposits of hydrocarbon. The prospects of investing in the oil extraction industry is enormous to the inhabitants, the investors, the Municipality, the region and the Nation as a whole.
The Savannah Region abounds in rich eco-tourism potentials. Some major tourist attraction sites are:The Mole National Park in Damongo, West Gonja District. This National Park has 4,840 sq. Km of reserved land for Wildlife such as Elephants, Antelopes, Buffaloes, Warthogs, Apes, Birds and some 400 other Animal Species.The Larabanga Mosque believed to have been built in the 13th Century. The Larabanga Mystery Stone – A mysterious boulder of rock that has the Subject of Splendid Local Legend. The Salaga Slave Route and the Salaga Slave Camp/Market where the Trans-Saharan Slave Caravans made stop-overs and engaged in Slavery Transactions. There are also the Famous Slave Wells where the Slaves took their bath and drank clean water to quench their thirst.
The Daboya Smock-Weaving Centre has a large number highly skilled Weavers who produce quality smocks for both the Local and Export Markets.
Ndewura Jakpa foot-prints site at Akamade at Kulaw- Abrumasi area in the East Gonja municipality are all viable investment destinations.
The confluence of the White and the Black Volta Lake in Lourchira at the Kulaw Area.The region has vast tourist potentials, the attractions mentioned above are well known but less developed.
Though Mole Game Reserve stands out, it is not integrated with other attractions to maximize the gains. Expected areas of investments include rehabilitation and confinement of tourist areas, construction of hotels, promotion and integration of culture and tradition in tourism menus, he added.
Speaking to Damongo based community radio station, PADFM, Mr Abdul Salam, a commercial farmer said it's now increasingly difficult for farmers to remain in farming due to hight cost of farm inputs. He sighted the high cost of fertilizer, ploughing, chemicals among others as reasons and appealed to the GIPC to help the businesses in the area profile their businesses to begin receiving the needed support.
The GIPC team will move to the Upper West region to continue the sensitization between May 25 and 31, 2022.