The Ghana Investment Promotion Centre (GIPC) and the Savannah Accelerated Development Authority (SADA) have signed a Memorandum of Understanding (MOU) to facilitate investment promotion in the Northern Region.
The agreement between the two agencies will enable them to collaborate and showcase multiple investments within the SADA zone, in a bid to increase the influx of foreign-direct investment into the region.
Speaking at the signing ceremony on Tuesday, November 14, the Chief Executive Officer of GIPC, Yofi Grant said the partnership is a start of an important leap forward for SADA as it is working to maximise its potential and making the concerted effort to reach out to local and international investors who have an interest in conducting business in the region.
According to him, GIPC is ready to provide its assistance in pulling these potential financiers and businessmen into the area to bolster the region’s economy.
“I think this is a very critical point and turning point in our relationship, that we are actually formalising the engagement between SADA and GIPC.....I’m very happy that today GIPC is formally signing an MOU with SADA to partner in making sure that we redirect significant investments into the region and make the dreams of transforming that whole northern sector of our country a reality. I think that we’ve come to a point where our common interest of national development outpaces our individual interest and this MOU will actualize that,” he said.
The MOU lays out plans for SADA to develop a one-stop information platform that will provide expanded, in-depth local support and up-to-date information to investors keen on exploring investment possibilities in the area.
The Savanah zone’s arable lands suitable for agriculture and agro-processing is high on the list for promotion and investment, and there are opportunities in providing supporting infrastructure and services.
GIPC will in turn market the investment projects developed by SADA to local and international business communities. The two parties will also plan and implement joint investment promotion missions, road shows, and forums both locally and abroad.
The organizations will also undertake joint research and feasibility studies on making the area more attractive to broaden the landscape of investors, as well as methods to reduce and remove constraints to investment through policy and incentives.
SADA CEO, Charles Abugre said the signing of the MOU signals the potential for a bigger partnership saying he is excited GIPC recognizes the value of the things his outfit has done over the years.