The China National Textile and Apparel Council (CNTAC) will invest 300 million U. S. dollars in Ghana’s Savannah Accelerated Development Authority (SADA) zone covering five regions (provinces), local media reported here on Monday.
A Memorandum of Understanding (MOU) to that effect has been signed between the government of Ghana and the CNTAC.
Signing on behalf of the government of Ghana, Kwesi Quartey, Secretary to President John Damanai Mahama, said the aim of establishing SADA was to facilitate the development of the deprived Savannah ecological zone.
“This will then help to bridge the development gap between the area and the southern sector of the country,” Quartey stated.
SADA is a flagship initiative of the government aimed at fast-tracking the development of the Northern, Upper East and Upper West regions and the northern parts of the Brong-Ahafo and Volta Regions.
It is an independent agency for coordinating a comprehensive development agenda for the five beneficiary regions.
The SADA zone, Quarey noted, has the potential for commercial agriculture, and expressed delight that a number of Chinese companies had already expressed interest in investing in the area.
Xu Yingxin, Vice-President of the CNTAC who signed on behalf of the Chinese council, also noted that while the textile industry in China was vibrant, Ghana also had potential in large-scale cotton production.
He was hopeful that the agreement would not only be beneficial to both parties in the future but would also lead to the strengthening of relationship between the two countries.
Charles Abugri, Chief Executive Officer of SADA, disclosed that the Authority had also signed an agreement with CAMAC, a Chinese engineering company, to embark on some infrastructure projects.
He was glad that CNTAC had already acquired 5,000 acres of land for the cultivation and processing of cotton. Enditem
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(Via: NewsGhana)