The bold move by the government to sweep off major economic and bureaucratic hurdles to ease the cost of venturing into industrial enterprises have seen the emergence of new and competitive factories, across the country.
Its flagship programme of decentralizing industrial development through a one district one factory initiative (1D1F) has so far seen 28 factories completed and fully operational as direct projects under the 1D1F program. 153 are currently at various stages of completion as new factories, restructured or expanded factories.
Trade and Industry Minister, Alan Kyeremanteng made a whistle stop to various IDIF factories including the Amantin Agro Processing Limited, a wholly owned Ghanaian company in the Ashanti region.
Though nearing the final phase of completion, the factory is earmarked as one of the most modernized and fully automated industrial starch factories in the West Africa sub region with a total investment of US$34 million.
The company is currently cultivating 14,000 acres of farmland as its own plantation, while supporting thousands of local farmers to cultivate over 40,000 acres of farmland under an Outgrower Scheme involving 15,000 Principal Out Growers.
Mr. Kyeremanten also made a stop at Premium Foods Limited, an agro-processing company located in Jachie, Pramso in the Ashanti region and yet to be commissioned under the 1D1F program in November.
“Private sector operatives who have risked their capital and also made an initial effort to establish these industrial enterprises. The contribution of the government is to create that support environment to make it attractive to make these investments”, he emphasised.
“Government has approved a significant number of incentives. Also, all IDIF firms have five year tax holidays. We must help then stabilize before taxing them.
This is not the government putting together state enterprises. It is a government working in collaboration with the private sector. That is what the 1D1F is all about,” the Trade Minister told Joy Business.
At the commissioning of the Ekumfi Fruits and Juices limited and Casa De Ropa Limited in the Central Region by President Nana Addo Dankwa Akufo Addo , leadership of the Agricultural Development Bank (ADB), moved to support outgrower farmers supplying raw materials to factories under the government’s 1D1F initiative.
Managing Director of ADB, John Kofi Mensah, said the bank will soon disburse an amount of about GHS50 million to the outgrower farm companies operating within the catchment areas of these factories.
So far, Parliament has approved a total of US$2.068 million tax waiver on machinery, equipment and raw materials to be procured by three companies under the 1D1F Programme of the government.
With the 1D1F project steadily gravitating towards agro-processing, there is a measured confidence in Ghana becoming a leading food basket in the sub-region as risks of food insecurity currently are negligible – considering the Planting for Food and Jobs Initiative.
- Taskforce destroys excavators allegedly belonging to NPP Women’s Organiser
- Fuel prices to go up again – Chamber of Petroleum Consumers Ghana
- Cameron Duodu: Sɛbe o, tafrakyɛ, na ‘Ɔte K’ɔkɔɔ Soɔ’ deɛ, yɛbɔ n’ano sɛn? – With all due respect, how can the occupant of the Golden Stool be silenced?
- 23-year-old arrested for attempting to sacrifice his nephew for money rituals
- Kokomba warriors kill human-attacking antelopes
- Mahama’s ‘dumsor’ is different from Akufo-Addo’s – Kweku Awotwi
- Armed men attack NPP Communicator
- 2nd dose of Covid-19 vaccines to be deployed from May 19 – Akufo-Addo
- Armed robbers jailed for robbing, raping pregnant woman
- Full text: Akufo-Addo’s 25th address on measures to deal with Covid-19 pandemic
NDC has done more for healthcare in Ghana than NPP – Sammy Gyamfi responds to Nana Aba Anamoah
“I’m not proud of it” – referee for Hearts v Sharks game apologises for errors
Ghanaians to re-register SIM cards in June or risk losing phone numbers
Akosombo Dam could serve Ghana for another 50 years if well maintained – Kweku Awotwi
No new Covid-19 cases in Northern Region in 3 weeks
2 dead, 3 injured and others displaced following heavy downpour in Ashanti Region
Okyeame Kwame and wife launch their first book ‘Love Locked Down’
Ter Stegen ruled out of Germany’s Euros plans with knee problem that will require surgery at Barcelona
Digital transformation will determine success of corporate Ghana post-Covid – Ernest De-Graft Egyir
Standards Authority sets standards to regulate sale of eggs
Leicester issue Chelsea apology over Daniel Amartey FA Cup actions
At least 20 cattle shot and wounded after herdsmen allegedly stab man at Abrewankor
If you don’t fix health system, outcome won’t improve irrespective of procurement you make – Asiedu Sarpong
Ongoing financial re-engineering of the power sector is positive – Kweku Awotwi
Armed robbers jailed for robbing, raping pregnant woman