232 out of 260 1D1F factories on track – Alan Kyerematen

Politics of Friday October 9, 2020

Source: Starr FM

2020-10-09

The government says 232 of the 260 factories under its flagship 1D1F industrialization program are near completion and some are operating at full capacity.

Trade and Industry Minister Alan Kyerematen, who announced this at the Nation Building Updates held in Accra on Thursday, September 8, 2020, also revealed that “through the government’s 1D1F initiative, 76 projects have been completed and are in progress. fully operational, 107 projects are under construction, 36 are ready to begin construction and 13 are in the process of being financed by the Private Financing Initiative (PFIs) ”.

He was speaking on the topic “Industrialize Ghana; District by district, the Minister of Commerce and Industry noted that the 1D1F agenda is the key to Ghana’s structural transformation. He said that it is time for the country to move from an agrarian economy to an industrialized economy and, in doing so, the government will provide the necessary support to businesses to achieve this agenda.

The 1D1F is a private sector-led initiative conceived by President Akufo-Addo to create the enabling environment necessary for businesses to access funding from financial institutions and other support services from government agencies to establish factories and production units in the various districts of the country.

It seeks to change the structure of Ghana’s economy from one that relies on the import and export of raw materials to one that focuses on manufacturing, adding value, and exporting processed products through the processing of raw materials that are They are mainly found in the 275 districts of the country in finished or semi-finished products.

According to him, 162 of these factories representing 72% are new companies, while the remaining 64 are existing companies that joined the program.

Highlighting the role of the program in the transformation of Ghana, Mr. Kyerematen noted that the program is “here to stay” and therefore the country must look inward and be self-sufficient in certain specific production adding value to our endowment. of natural resources to promote import substitution and thus conserve our scarce foreign exchange.