Chief Operating Officer of GIPC, Carl Nelson
The Chief Operating Officer (COO) of the Ghana Investment Promotion Centre (GIPC), Carl Nelson, has implored participants of the Africa Green Revolution Forum (AGRF) to explore the vast opportunities within Ghana’s agriculture value chain and invest in them.
In a presentation on Thursday during a special session for the host country, he highlighted the incentives that come with investing in Ghana, including tax exemptions and stable democracy and economy, which, according to him, make Ghana the best investment destination on the continent.
The session, dubbed, “Investing in agriculture in Ghana — Raising efficiency and productivity for economic growth”, was to highlight key investment areas in the country that could be used to scale up using technology.
The week-long international forum which ended yesterday was on the theme, “Grow digital; leveraging digital transformation to drive sustainable food system in Africa,”, brought together more than 2,800 global stakeholders in agriculture to discuss how digital technology could aid agriculture on the continent.
Mr Nelson listed opportunities in the sector to include establishment of fertiliser plants, manufacturing facility for production of irrigation equipment and investment in the entire value chain of the Komenda Sugar Factory.
Others, he said, were investment in the growth and export of rice, cocoa processing and value addition for export, financing of aquaculture, poultry production, cashew and e-agriculture programmes.
On the incentives, he said investors could enjoy one per cent concession tax rate for five to 10 years pending on the agricultural activity.
According to Mr Nelson, cattle farming, tree crop farming and venture capital financing attract one per cent concession tax rate for 10years from start of operation while agro processing business comes with same incentive but for the first five years.
“Other incentives include customs duty exemption on plant, machinery and equipment,” he said, adding that with Ghana’s robust macro-economic status, investors were assured of value for investment.
Deputy Minister of Food and Agriculture, in-charge of horticulture, George Oduro, in his opening remarks, noted that agriculture had been prioritised by the government to build a resilient economy and develop the country.
For this reason, he said the government was creating the enabling environment for agribusiness to grow through the introduction of initiatives driven by technology and research, including the planting for food and jobs programme and the construction of green houses.
These initiatives, he said were helping to add value to agricultural produce, prevent post-harvest losses, adding there were many areas the government stood ready to partner investors for businesses.
Contributing to a panel discussion, Lord Paul Boateng, chairman, Board of Directors of the Africa Enterprise Challenge Fund, urged the government to build the capacity of local investors to take advantage of opportunities in the country.
He said although foreign investment was needed, it should not be all about them as their dominance was not healthy for the economic stability of the country.
