The Minister of Trade and Industry, John Alan KwadwoKyerematen, has disclosed that government, since the implementation of its flagship programme, One District, One Factory, has released GH¢273,055,513 to 15 Participating Financial Institutions (PFIs) between 2017 and 2021.
The amount is for the payment of interest subsidies to de-risk loans granted to beneficiary companies by the PFIs.
The institutions are Ghana Commercial Bank, GH¢50.1 million, Ecobank, GH¢32 million, Phoenix, GH¢25.4 million, Universal Merchant Bank, GH¢20 million, Agricultural Development Bank, GH¢3.7 million, Prudential Bank, GH¢80.3 million, and Consolidated Bank Ghana, GH¢23.1 million,
The rest are Cal Bank, GH¢6.7 million, Standard Chartered Bank, GH¢6.5 million, ABSA, GH¢7 million, Stanbic Bank, GH¢1.2, Republic Bank, GH¢1.5 million, Ghana Exim, GH¢14.4 million, SG-SSB, GH¢638, 729, and Fidelity Bank, GH¢90,000.
"Mr Speaker, as at December 2021, a total amount of GH¢156,915,494 out of the GH¢273,055,513 has been disbursed by the PFIs (to 77) beneficiary companies," MrKyerematen said in an answer to a Parliamentary question asked by Emmanuel Armah-Kofi Buah, the Member for Ellembele.
Additionally, Mr Kyerematen said an amount of GH¢14.4 million disbursed to the EXIM Bank was used to support 60 other companies.
"Mr Speaker, the remaining balance of GH¢101,732, 211 which is held by 13 PFIs will be drawn down as and when interest payments associated with the repayments of the loan facility.
The companies are into the manufacturing of food and beverages, textiles and agro-processing amongst others.
Mr Kyerematen meanwhile told the House in a related question that the government had to a large extent ensured the timely release of the funds as interest subsidies to de-risk loans provided by the PFIs.
"Mr Speaker, any delays that have occurred in the payment of interest subsidies could be attributed to either delays in the release of funds from the Ministry of Finance or delays in the processing of loan applications of 1D1F companies by PFIs."
He recommitted the government to the programme which has seen to the establishment of 106 private led companies.
