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The government’s bold move to remove major economic and bureaucratic hurdles to ease the cost of venturing into industrial ventures has manifested itself in the recent emergence of new competitive factories across the country.
Its flagship program of decentralizing industrial development through a one-factory district initiative has so far seen 28 factories completed and fully operational as direct projects under the 1D1F program, while 153 are currently in various stages of completion as new. factories, revived or expanded factories.
In the first week of September, Trade Minister Alan Kyeremanteng made a stop at several IDIF factories, including Amantin Agro Processing Limited, a wholly owned Ghanaian company.
Although nearing the final phase of completion, the factory is listed as one of the most modernized and fully automated industrial starch factories in the West African subregion with a total investment of $ 34 million.
Currently, the company is cultivating 14,000 acres of farmland as its own plantation while supporting thousands of local farmers to cultivate more than 40,000 acres of farmland under a subcontracting scheme involving 15,000 major outside producers.
Alan Kyeremanten also made a stop at Premium Foods Limited, an agricultural processing company located in Jachie, Pramso in Kumasi and which has yet to go live under the 1D1F program in November.
“Private sector operators who have risked their capital and also made an initial effort to establish these industrial companies. The government’s contribution is to create that supportive environment to make these investments attractive.
The government has approved a significant number of incentives. Additionally, all IDIFs have a 5-year tax holiday. We must then help stabilize them before taxing them.
This is not the government that arms state companies. It is a government that works in collaboration with the private sector. That’s what 1D1F is all about, ”the Commerce Minister told Joy Business.
At the commissioning of Ekumfi Fruits and Juices Limited and Casa De Ropa Limited in the Central Region by President Nana Addo Dankwa Akufo Addo, the leadership of the Agricultural Development Bank (ADB), moved to support subcontracted farmers that supply raw materials to factories under government mandate. flagship initiative of One District One Factory (1D1F).
ADB Managing Director Dr. Kofi Mensah said that the bank will soon disburse an amount of around ¢ 50 million to outsourced agricultural companies operating within the catchment areas of these factories.
So far, Parliament has approved a total of $ 2,068 million tax exemption on machinery, equipment and raw materials that will be acquired by three companies under the Government’s One District One Factory (1D1F) Program.
With the 1D1F project constantly gravitating towards agricultural processing, there is measured confidence that Ghana will become a leading food basket in the sub-region, as the risks of food insecurity are currently negligible, considering the Planting for Food and Jobs initiative.
