Shadoh Netting Firm Inaugurated

A $2.5 million fishing net and rope manufacturing plant has been inaugurated at the free zones enclave at Kpone, near Tema.

The plant owner, Ghana-Shandong Netting Company Ltd, is one of the beneficiaries of a Chinese Exim Bank loan facility of 150 million Yuan granted to the Government of Ghana for the promotion of joint ventures in the country.

Mr Kweku Agyeman Manu, a Deputy Minister of Finance and Economic Planning, who commissioned the project, said the factory’s takeoff is a manifestation of the government’s commitment to the provision of the requisite support for the operation and development of the private sector towards economic growth.

He noted that although fishing is a major occupation for those living along the coast and the banks of rivers, almost all inputs for fishing are imported at high cost and are in short supply.

In view of this, he said, the establishment of the company will enable operators in the fishing sector to have access to the necessary inputs at relatively cheap prices and thereby boost the fishing industry.

He was optimistic that the factory will create employment and that the country will also benefit from revenue to be derived from the export of its products to other ECOWAS countries.

Touching on bilateral co-operation between the two countries, the deputy Minister said, since 1972, China has provided various forms of financial and technical assistance, such as interest free loans, grants, and training programmes for Ghana to cater for areas such as health, food and agriculture, education and culture.

Mr Manu, therefore, expressed the government’s appreciation to the Republic of China for its continued support for the socio-economic development efforts of Ghana.

In his contribution, the Paramount Chief of Kpone Traditional Area, Nii Tetteh Otu, hailed the siting of the factory at Kpone and expressed the hope that it will assist the fishing sector while generating jobs for the youth in the area.

Mr Li Panfeng, General Manager of the company, also gave the assurance that the company will bring its experience and work to bear on the operations of the factory, in order to derive the maximum benefit from the investment.