G-3 REGIONAL ECONOMIC AND INVESTMENT SUMMIT (G-3REIS)
Endowed with diversified riches and vast natural resources (fertile land, minerals, forestry, wildlife, tourism and energy) and being an emerging investment destination with huge untapped economic potential, the three Northern regions of Ghana( Northern, Upper East, Upper West Regions) are strategically positioned at the crossroads of the contemporary global economy. With geographical proximity, historical and cultural affinities, the three regions are not only natural economic hinterlands, but also contiguous to 3 ECOWAS countries(Togo, Burkina Faso, Cote d ‘Ivoire), thus providing significant potentials for development, regional cooperation and economic integration. This potential however remains under-exploited due to a number of factors including, inter alia, poor (physical and economic) infrastructure, lack of private capital and investment.
The Africa Islamic Economic Foundation (AFRIEF) is therefore, launching the G-3 Regional Economic and Investment Summit (G-3REIS), as a premier regional platform dedicated to cross-border investments, stimulating and facilitating foreign direct investments from around the world to Northern Ghana. As a platform for dialogue and debate on socio-economic issues facing the North, each year the Summit would tackle the critical issues, develop new insights, and generate ideas on policy priorities for Ghana’s decision-makers aimed at facilitating the coordination of policies, building of partnerships, formulation of initiatives and access to finance, leading to intensified trade, investment and exchange. This year’s edition is scheduled to take place at the Modern City Hotel, Tamale, Northern region of Ghana on the 25th -26th February 2019, under the theme: Stimulating Northern Ghana’s Economic Growth.
The purpose of this high-level strategic Summit is to create a better awareness and understanding among policy makers, leaders and stakeholders of the public and private sectors, the academic and professional communities about the attractive investment opportunities in diverse sectors of the three regions and how the full spectrum of Islamic finance offerings – from banking, capital market and insurance products down to the halal Industry – can advance Ghana’s economic development plans and economic diversification program. Furthermore, the Summit is to foster the development of an integrated food economy in the three Northern regions based on agricultural diversification and efficient agricultural production that take advantage of innovative technologies and practices, tailored trade and investment approaches, well-functioning domestic markets and strategic conservation of food and water.
In addition, this high level meeting is designed to, within the framework of national priorities, meet five core objectives: (a) consensus-building, by developing partnerships between the private and public sectors and disseminating best practices, while facilitating access to finance and allowing developmental funds/financial institutions to get a closer understanding of linking financial to non-financial services towards the sustainable development of the three Northern regions; (b) policy-oriented analysis, by identifying key issues underlying the development trajectory of the three regions, and by designing suitable policies in order to determine the size and contribution of the sectors within the economy and their growth potential and investment opportunities;(c) strategic partnership, by working with the Ghana Government to map the economic sectors and sub-sectors of the regions in order to understand what exists, where the value chain for each is concentrated, what possibilities exist to support and expand the varying sectors, (d) best practice, by highlighting international best practices for governments and financial institutions on productive and sustainable job creation, and (e) technical cooperation, by cooperating with the Ghana Government to articulate an alternative economic development strategy that can optimize the economic potential of the three regions to stimulate private investment, attract new technologies, and promote entrepreneurship in Ghana.