President Akufo-Addo has commissioned an ultra-modern lube manufacturing company under the 1D1F initiative in Gomoa Akoti in the Central Region.

The factory established by RikPat Company Ltd. is a solely Ghanaian-owned auto-lubricant manufacturing company which produces various lines of automotive products, needed to service vehicles.

It is the second of such factories in Ghana and markets its products under the brand name Seahorse.

The launch was achieved at a durbar at the factory premises in Gomoa Domenase.

The President was accompanied to the event by the Central Regional Minister, the Minister of Local Government, the Minister of Information, the Minister of Trade & Industry and other high-ranking officials.

Also in attendance were officials from the Gomoa East District and the traditional rulers and leaders of the area.

In his official statements during the launch, the President in his remarks said “This factory is evidence of the government's continued drive to industrialize Ghana. My government is focused on industrialization as we are convinced that it holds the key to Ghana’s economic growth and also provides a solution to unemployment.

Furthermore, the RikPat Company Ltd. success story is a matter of pride for Ghana as it is a wholly indigenous company. We must  have tasked the Minister of Trade to work with other relevant ministers must commend the banking partners, including UMB, who have provided the critical financial support for these new industries.”

RikPat industries have so far employed over 200 Ghanaians as the factory continues to grow.

In his remarks during the event, Patrick Amoah, the founder and chief executive of the company said “The factory is reputed to be able to produce 92,400,000 liters per anum at full capacity and prides itself on providing continuous advice to stations and mechanics on the right oil to use for specific vehicles.

"We are grateful to God, the Ministry of Trade 1D1F Program office,  the project developed under the 1D1F initiative, and our banking partners, the Universal Merchant Bank."

UMB has since the inception of the 1D1F policy worked closely with the Ministry of Trade to leverage the 1D1F  to grow indigenous companies. Indeed the bank is reputed to be one of the first banks in Ghana to set up a 1D1F  department in 2017, with investments including a dedicated PPP centre in Madina.

In his remarks at the event, the CEO of UMB, Nana Dwemoh Benneh said  “UMB has since 2018  worked closely with the Minister for Trade and Industry as well as the Ministry of Finance

to become the bank of choice for 1D1F. This is not strange as our Bank is noted for supporting the government’s industrialization policy, since 1972.

On 1D1F, we have provided over 215 million Ghana cedis to over 18 companies and we are proud that today we are launching one of our stars in this regard, RikPat Company Ltd. This is a testament to the great things that can happen when government growth policies, indigenous Ghanaian enterprise and indigenous Ghanaian Banking are aligned.”

RikPat Company Ltd. products are available across Ghana, sold under the Seahorse brand name. Companies interested in participating in the 1D1F initiative are urged to reach out to the Ministry of Trade and Industry in any of their offices, across Ghana.