1D1F is the biggest industrialisation drive since colonial days - Ofori-Atta

Akufo Addo Ofori Atta Ken Ofori-Atta, Finance Minister and President Akufo-Addo (left)

Wed, 27 Jul 2022 Source: rainbowradioonline.com

Finance Minister, Ken Ofori-Atta, has announced that 125 factories under the One District One Factory initiative are currently operational across the country.

He disclosed this while presenting the mid-year budget review on Monday, July 26, 2022.

“Mr. Speaker, the President’s vision to see Ghana producing what we use for ourselves and our neighbours as well is unfolding right before our very eyes. Out of 296 1D1F projects undertaken since 2017, 125 are currently operational across the country,” he said.

He described the initiative as “the biggest industrialisation programme our country has seen since colonial days.”

“Seen against the 278 projects and 106 operational 1D1Fs reported in November, 2021, our industrialisation agenda is progressing steadily and we will urge more investors to see the current global supply chain challenges as rather an opportunity to invest in Ghana now, the commercial centre of the Africa Continental Free Trade Area,” he said.

“Government, for our part, will continue to support 1D1F firms with technical assistance, tax incentives and access to credit, including interest payment subsidy support to de-risk lending to create jobs and promote export orientation for transformation,” he added.

The One District One Factory (1D1F) initiative is the vision of President Nana Addo Dankwa Akufo-Addo to change the nature of Ghana’s economy from one which is dependent on import and export of raw material to one which is focused on manufacturing, value addition and export of processed goods.

Government creates the necessary conducive environment for the businesses to access funding from financial institutions and other support services from Government agencies to establish factories. Ghanaian entrepreneurs will thus own the companies, operate them and bear all the risks and rewards of the projects.

On August 25, 2017, the President launched the 1D1F programme at Ekumfi in the Central Region.

He also cut sod for the commencement of the first factory, a pineapple/ fruit processing factory at Nanabeng in the Central Region of Ghana.

Source: rainbowradioonline.com
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