Government Releases GH¢465 Million for Start of One-District-One Factory Project

The government has released GH¢465 million for the commencement of the one-district-one-factory project. It has also released GH¢256 million for the revamping of 100 private commercially viable and distressed companies throughout the country.

The Director of Policy Planning, Monitoring and Budget at the Ministry of Trade and Industry, Mr Padi Adjirakor, announced this in Accra yesterday.

Speaking on behalf of the sector Minister, Mr Alan Kyerematen, at the opening of the Ghana International Trade and Finance Conference, Mr Adjirakor said all businesses that qualified for the two programmes must present their proposals outlining their business plans to the ministry for the necessary action to be taken.

Background

In its 2016 manifesto, the New Patriotic Party (NPP) promised to establish a factory in each of the 216 districts to transform Ghana’s economic fortunes, while creating employment for the youth.

The initiative, otherwise known as district enterprises, is to establish medium-to-large-scale factories or industrial enterprises that have the potential to fundamentally affect the economy of the districts.

Among other things, the district enterprise is aimed at supporting existing companies, while creating new ones to create employment, as well as add value to the country’s natural resource base.

Mr. Adjirakor said the project, which was expected to kick-start any moment from now, would boost the nation’s economy, create more jobs, as well as make most districts economic giants.

AGI Lauds Government

Reacting to the announcement in an interview at the same function, the Chief Executive Officer of the Association of Ghana Industries (AGI), Mr. Seth Twum-Akwaboah, lauded the government for the bold step taken to facilitate the growth of companies in the country.

He said with the release of the money, companies that would successfully go through the selection process would be supported financially and technically.

He explained that the initiative would reduce the cost of doing business by providing shared industry resources and revenues.

Investors from Mexico

In a presentation, the Mexican Ambassador to Ghana, Ms Maria de los Angeles Arriola Aguirre, said investors from Mexico were ready to invest in areas such as agriculture, health, communication, among others areas, in Ghana. 

She, therefore, appealed to the government to put in place measures that would encourage those Mexican investors to invest in Ghana.

 

Source: graphic.com.gh