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Investments in Three Northern Regions Still Low

2006-04-10 16:07:31
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Of the 1,940 enterprises established in the country between September 1994 and December 2005, the three northern regions attracted only 25 enterprises.

The Upper West Region had only one enterprise established, according to records of the Ghana Investment Promotion Centre (GIPC).

Over the same period, the Upper East Region had five enterprises, while the Northern Region had 19 enterprises established.

The Principal Investment Promotion Officer at the GIPC, Mr Augustine Otoo, told a regional investment promotion forum in Cape Coast on Friday that the Greater Accra Region had 1,545 of the total enterprises established and this, he noted, had shifted most economic activities to the country’s capital.

The forum, attended by district chief executives, departmental heads and chiefs, was to discuss how to promote investment drive in the Cape Coast area.

Mr Otoo said the Ashanti Region attracted 129 enterprises with the Western and Central Regions attracting 85 and 60 enterprises respectively. The Eastern Region had 56, Volta 28, and Brong Ahafo 12.

Total capital accruing from these, he said, amounted to ¢2.277 billion, including ¢1.856 billion of foreign investment.

Mr Otoo said the three northern regions now had zero per cent taxes in all parts of the regions, in the hope that many more enterprises would be attracted to the area.

Mr Otoo says other tax rebates and incentives exist for investors who would want to invest in other parts of the country apart from the Greater Accra Region.

He urged the regions to work harder to attract investors to boost the economic vibrancy in the regions, noting that many natural resources abound in all parts of the country, which should be exploited for development.

Mr Otoo said there were prospects in the Central Region for investment in real estate, salt and wood-processing and for information and communication technology.

Mr Kwadwo Filson, Deputy Director of GIPC, for his part, urged the various entrepreneurial associations to educate members on the many incentives and opportunities when setting up businesses in less deprived areas.

source: graphic

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