Ghanaian News

1D1F: Additional 50 Factories To Be Created By End Of Year

The One District, One Factory (1D1F) initiative has accredited 18 factories with 50 more to be accredited before the end of the year, Mr Kojo Oppong-Nkrumah, the Information Minister Designate, has said.

He said this would bring the number of factories accredited to almost 70 projects as 1D1F enterprises; adding that so far, 18 factories have been accredited and most of them inspected and commissioned by President Nana Addo Dankwa Akufo-Addo.

Mr Oppong-Nkrumah said this on Tuesday at a press briefing held to highlight key government initiatives and programmes in Accra.

The briefing was to update the media on 1D1F, job creation, and progress made on the road map towards the lifting of the ban on illegal mining.

The 1D1F is a programme that aims at developing industries in the districts starting with factories.

Mr Oppong-Nkrumah said the 1D1F is a paradigm that seeks to create jobs at the local level and bring with it the many benefits including jobs, increased incomes and local development.

He said for the avoidance of doubt the New Patriotic Party’s (NPP) commitment captured on page 43 of its Election 2016 manifesto stated that “in collaboration with the private sector, the NPP will implement the one District one Factory” initiative.

The Minister Designate said the district industrialisation programme would ensure an even and spatial spread of industries.

“It must be stated that government has not said the state shall build these factories on its own. The administration has consistently said it will facilitate the efforts of the private sector to establish these factories and that is exactly what we are doing,” he said.

Mr Oppong-Nkrumah said the IDIF initiative has seen about ten financial institutions commit as much as GH¢4.43 billion in loans and funds to prospective venture capitalists.

The breakdown include; GCB Bank-GH¢1 billion; Universal Merchant Bank-GH¢440 million; United Bank for Africa- GH¢880 million; Agricultural Development Bank- GH¢200 million; EXIM Bank- GH¢1.76billion-($300 million US EXIM Facility) and Ecobank Ghana- GH¢150million, among others.

He said Government’s principal job creation path is to fully execute programmes that aim at stimulating the creation of more economic activities and jobs; like the 1D1F programme.

Source: GNA

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