1D1F: GEXIM pumped GH¢800m to fund projects - Agyinsam

Various factories under the One District One Factory (1D1F) initiative has been completed with others at certain stages of completion, says the Chief Executive Officer (CEO) of the Ghana Export-Import Bank (GEXIM).

Lawrence Agyinsam stated that this followed the disbursement of an amount on GH¢800 million to support 84 1D1F projects and other initiatives aimed at boosting the local economy.

He noted that while some of the factories’ setup were from scratch, other distressed companies were beneficiaries in order to prevent the near collapse of these indigenous businesses.

"About 74 of the factories are new, only 10 were existing and had to be supported to boost their production capacity. With the new ones, they are located across the country. Some are complete while some are between 80 and 90 percent complete," Agyinsam disclosed in an interview with Graphic.

Aside supporting the IDIF initiative, Lawrence Agyinsam revealed that GEXIM will focus on boosting other sectors such as agriculture, the creative arts and medicine.

He outlined that the GEXIM has allocated $60 million into the local pharmaceutical industry; GH¢234 million into the cashew sector and $10 million into the local garment industry.

The ID1F is a flagship project by the Akufo-Addo-led government which seeks to promote the Ghana Beyond Aid (GBA) through funding enterprises playing in all sectors of the economy as well as create employment.

Additionally, government says its emphasis is on identifying high growth businesses in the strategic sectors of the economy.

He noted that although his outfit is aware about the crippling effect of Coronavirus, the effective way to achieve a Ghana Beyond Aid is an investment in the local economy.