Business News of Thu, 9 Aug 201810
1D1F: Tomato paste, spices factory to be ready in December 2018
Government’s quest to industrialize the country through its flagship programme One-District-One-Factory has witnessed a major boost as one of the factories registered under the programme is scheduled to commence operations in December this year.
The factory, sited in Afienya, is known as Leefound Food Stuff Company Ghana Limited and is a joint venture between two major shareholders; Ghana Rise Food Company Ghana Limited and Tianjin Limmin Condiments Company Limited of China.
The two are jointly investing $3 million with additional capital after operations commence in December.
The establishment of the factory has also attracted two other investors who will build ancillary factories to produce tins and cartons to feed the tomato and spices factory in Afienya.
At full capacity, the company is expected to produce 300 containers of tomato paste a month to feed both local and sub-regional markets.
Addressing the audience at the groundbreaking ceremony, Deputy Trade Minister Robert Ahomkah Lindsay disclosed that Leefound Food Stuff Company Ghana Limited, when established, will provide a total of 140 direct jobs and 500 indirect jobs with less than 10 being expatriates.
A very highly impressed Ahomkah Lindsay applauded the company for their swift actions since registering the company in January 2018 and joining the 1D1F programme in March of the same year.
The deputy Minister was optimistic the factory will open up the Ningo-Prampram area and bring to life the economic potential of the communities through its job creation and collaboration with small-medium scale enterprises.
“As a self-financing project, the government has taken the responsibility to facilitate its activities to ensure it is established properly to make it sustainable. The Ghana Investment Promotion Council (GIPC) has already begun processes to ensure the smooth clearance of all necessary materials being imported by the project; it is speedily working on the work permits of the expatriate who will be teaming up with their local counterparts to execute the project” Ahomkah Lindsay explained.
The deputy Minister asserted “In line with the government’s desire to improve the local economies through the 1D1F programme, the Ministry of Trade and Industry in collaboration with the Management of the company will ensure that indigenes of this locality, Ningo-Prampram District particularly the Afienya community, will be direct beneficiaries of employment in the company.”
Deputy General Manager, Tianjin Food Group, Zhang Jun challenged all stakeholders to be focused on completing the task by December despite the hurdles they may be confronted with.
Zhang Jun hinted his outfit is conducting investigations into Ghanaian agriculture sector and will partner with investors to establish similar factories in Ghana.
“We came to the beautiful Republic of Ghana this time, to witness the joint venture between Chinese companies and local companies to build a tomato paste processing factory to provide fresh and delicious tomato paste for Ghana citizens. At the same time we are going to conduct inspections of other food projects, negotiate with related companies looking for more investment opportunities and broader investment channels.”
57 factories approved for Accra, 14 begin operations
Also at the groundbreaking ceremony, the Deputy Trade and Industry Minister, Ahomkah Lindsay revealed that the government has given approval for 57 businesses to either expand or establish themselves under the 1D1F programme.
The 14 companies he noted have received approval from the banks with some finalising their agreements with them.
The tomato factory he remarked is one of 14 factories that has been approved for the Greater Accra Region and has commenced initial work ahead of production.
The deputy Trade Minister stated that the factories though given approval, have different completion dates and capital requirements.
More than half of the 57 factories the deputy Minister disclosed are into the Agro-processing subsector.