Business persons asked to link up with those in Burkina and Niger

Bolgatanga, May 26, GNA - Business persons in the Upper East Region were at the weekend advised to form cooperatives and link-up with businesses in Burkina Faso and Niger to enable them expand. They were also urged to register their businesses with the Ghana Investment Promotion Centre (GIPC) and obtain license from the Ghana Free Zones Board (GFZB) so as to benefit from numerous incentives including tax and tariff exemptions.

Mr. Augustine A. Otoo, Director, GIPC and Nana Kodwo Adentwi, Manager Enclave and Estate Development, GFZB, gave the advice during a regional investment outreach in Bolgatanga where they met several business persons to talk on 'Investment Promotion and Ghana's Development in the new Economic World'.

Nana Adentwi said businesses that apply to the GFZB for license would not be inhibited while exporting or importing goods, thereby making it a lot easier to trade with neighbouring countries. He told the business persons that if they formed cooperatives, they would have easy access to loans and also be able to operate large businesses that would be more profitable. For the smock industry in the region, he said, it could easily be expanded and produced for export as there is a big market for it in Malaysia.

Nana Adentwi said adding value to products from the region could open a big market for them and that locally woven baskets, leather work and cloth weaving are areas that need improvement. Mr. Otoo said agriculture had been under developed for a long time but there is a lot of potential in that field and asked all those interested in such investment to write to GIPC so that they could be linked up with other investors. Businesses that are registered under GIPC would be given 10 years exemption from tax.

These are tree cropping, cattle ranching, rural banking and all Free Zone enterprises while fish farming, poultry, livestock, excluding cattle, and cash crop farming would attract five years exemption. After the initial tax holiday period, agro processing enterprises in the three northern regions that use local agricultural raw materials as their main inputs would continue to enjoy tax exemption, including free customs duty on machinery and other agricultural equipment. Mr. Otoo told the business persons that the GIPC would assist businesses that register with it to implement its project and provide after care services. It would also liaise with other agencies on behalf of the business.

He said the government was committed and supportive and the country is one of the most conducive places for investments. 26 May 09