1.7 billion cedis disbursed to 172 companies under 1D1F – Trade Minister

The Minister for Trade and Industries, Alan Kyeremanten, says his outfit has partnered some financial houses to disburse 1.7 billion cedis to assist 172 companies under the One District One Factory initiative since 2017.

As part of the country’s industrialization agenda, government has sought to facilitate development through private-public initiative.

Speaking to Citi News, the Trade minister said private-public initiative has aided the ministry to secure 1.7 billion cedis for the companies under the initiative.

“The amount disbursed is channelled through the private finance initiative (PFIs) as interest subsidies or counterpart financing for loan facilities that are provided to the 1D1F companies. The PFIs include the following, Ghana Exim Bank, The Ghana Commercial Bank Limited, Prudential Bank Limited, Societe General Ghana, Universal Merchant Bank, ADB Ghana Limited, ECOBANK, Pheonix Africa Capital Management, Standard Chartered Bank, Frontline Private Equity Limited and Consolidated Bank Ghana, ABSA Ghana, CAL Bank Ghana Limited and Fidelity Bank Limited” he noted.

The ‘One District, one Factory’ is a government of Ghana policy aimed at creating jobs for Ghanaians through the setting up of factories and industries.

This initiative is expected to make each district have at least one medium to large scale factory, although some districts could have more depending on their natural resource base.

According to Alan Kyeremanten, there is information available factories currently operational under the programme.

“The 1D1F policy is so important for the future of this country. I have a list of the 58 factories that are operating, their names and locations,”

“I am confident by the time the accounting for our factories is due next year [2020], Ghanaians will see for themselves what the NPP has done with the policy, they will know it wasn’t a political gimmick. The famous factory under the 1D1F policy is what we have in Ekumfi. There are other factories in the pipeline. There are another 26 factories being constructed,” he explained.

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