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According to the Finance Minister Ken OforiAtta’s -mid-year report to parliament on Monday, July 25, 2022, 125 of the 296 1D1F projects launched since 2017 are still in functioning across the nation.
He said, “Mr. Speaker, the President’s ambition to see Ghana producing everything we use for ourselves and our neighbors as well is unfolding right before our own eyes. This is by far the biggest industrialization initiative our country has seen since colonial times”.
“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 rather as an opportunity to invest in Ghana – the commercial centre of the Africa Continental Free Trade Area”.
He said the 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”.
The President’s One District One Factory (1D1F) project aims to shift Ghana’s economy away from being on on the import and sale of raw materials and toward manufacturing, adding value, and exporting processed goods.
According to the initiative’s website, most of these raw materials are found in the districts and would have otherwise been wasted.
The private sector is driving it.
In order for firms to develop factories, the government “creates the required favorable climate for them to acquire capital from financial institutions and other support services from government agencies.”
Through the proposal, Ghanaian business people will own the corporations, run them, and take on all of the ventures’ risks and profits.
The 1D1F program was introduced by the President at Ekumfi in the Central Region on August 25, 2017.
The President cut the sod for the first facility, a pineapple/fruit processing factory, at Nanabeng in the Central Region shortly after the start.
Source: Ghanatodayonline.com
