The Ghana Investment Promotion Authority (GIPA) has identified 45 bankable investment projects across five northern regions as part of efforts to mobilise private capital, expand local processing and create jobs through investments in agriculture, renewable energy, solid minerals and tourism.
The projects, ranging from mango processing plants in Upper East Region to eco-tourism infrastructure in North East Region, are expected to provide a pipeline of investment opportunities for domestic and international investors as the agency seeks to shift the northern corridor from raw material production toward value-added industrial activity.
Deputy Chief Executive Officer-GIPA Mr. Razak Baba announced this at a regional investment forum in Tamale, organised under the theme ‘Driving local investment – unlocking regional potential: mapping opportunities and mobilising growth in the northern, north-east, savannah, upper east and upper west’.
He said the initiative will involve building a verified database of investment opportunities, connecting project owners with potential financiers and strengthening local stakeholders’ capacity to package commercially viable projects.
“We have identified 45 specific, bankable projects across these five regions, ranging from mango processing plants in the upper east to eco-tourism infrastructure in the north east. We have done the groundwork and now we need local capitalists to take the lead,” he said.
The forum brought together local entrepreneurs, traditional authorities, diaspora investors and development partners to identify, assess and document investment prospects across the five regions. It also seeks to promote projects originating from Metropolitan, Municipal and District Assemblies (MMDAs), small- and medium-sized enterprises and community-based actors.
The initiative is being supported by MTN and collaborating institutions including the Ministry of Trade, Agribusiness and Industry, Ghana Export Promotion Authority (GEPA), the 24-Hour Economy initiative, Ghana Enterprise Agency, Ghana Free Zones Authority, the World Bank and GIZ.
Representing Northern Regional Minister Mr. Ali Adolf John, Regional Development Planning Officer Alhaji Habib Shahadu said the region is ready for investment but requires capital, technology and strategic partnerships to convert its economic potential into commercial activity.
“The northern region is a market ready for immediate investment, commercial growth and long-term economic value. Our collective duty now is to secure the right capital, strategic partnerships and lasting dedication to bring life into these opportunities,” he said.
He stressed government initiatives alone will not deliver the required economic transformation, arguing that public interventions must be complemented by private investment, innovation and effective partnerships.
He called for closer collaboration among government institutions, financial institutions, training providers, businesses and local communities to improve financing access, develop relevant skills and increase local participation in economic activity.
The Chief Executive Officer-Northern Development Authority, Dr. Emmanuel Abeere-Inga, identified infrastructure constraints and limited private-sector capacity as obstacles to economic development in the region.
He said the initiative can help businesses access funding and expand operations, while reaffirming the authority’s commitment in working with GIPA on projects designed to integrate local communities into development efforts.
The Ghana Free Zones Authority also highlighted incentives available to export-oriented businesses seeking to establish operations in the northern corridor.
Its Regional Manager, Mr. Sameed Akalilu, said licenced free zone enterprises qualify for a 100 percent exemption from corporate income tax on profits for 10 years, followed by a concessional rate not exceeding 15 percent.
He added that qualifying enterprises enjoy exemptions from direct and indirect duties and levies on imported machinery, raw materials and production inputs required for export. Other incentives include exemptions from withholding taxes on dividends arising from free zone investments and relief from double taxation where applicable agreements exist.
The incentives, he said, are intended to support export-oriented manufacturing and value addition in the five regions.
Beyond the identified projects, Mr. Baba outlined broader development ambitions involving the use of inland waterways for transportation, irrigation of two million hectares of land, establishment of agro-industrial parks and development of tourism clusters along river systems.
The scale of these proposals means that implementation will depend on project preparation, infrastructure availability, financing arrangements and the ability to attract investors willing to commit capital over the long-term.
GIPA plans to extend the investment roadshow to Wa, Bolgatanga and Walewale in coming weeks, with localised matchmaking sessions intended to connect project owners with domestic financial institutions.
Mr. Baba said the agency will work with traditional leaders, entrepreneurs and other regional stakeholders to build an investment intelligence database grounded in local content and expert assessment, while using business-to-business platforms to connect project promoters with prospective investors.
SOURCE: B&FTIMES
