By Simon Agbovi
Gomoa Akotsi (C/R), Sept 03, GNA – President Nana Addo Dankwa Akufo-Addo on Friday, as part of a two-day tour in the Central Region, has commissioned a lubricant processing factory, at Gomoa Akotsi in the Gomoa East District.
The $18m investment in the factory under the One District One Factory (1D1F) initiative is being by Rikpat Company Limited.
Addressing the gathering, the President noted that the story of Rikpat Company Limited was motivated by the Ghanaian entrepreneurial spirit to support import-substitution and generation of foreign exchange through export.
He said the objective of the investment fell within those underlying the 1D1F policy being pursued by the Government.
He paid special homage to the promoter, Mr. Patrick Amoah, for putting up the modern facility in Gomoa Akotsi to create the needed employment, generate foreign exchange and transfer technology critical to the growth and stability of the economy.
He assured them of the Government’s continuous support as the project goes into the next phase of operation.
The President said under the 1D1F initiative 125 factories were currently in operation and had created 160,823 employments for many Ghanaians.
On his part, Minister for Trade and Industry, Mr Allan Kyerematen, revealed that Rikpat Company Limited was accepted under the 1D1F Initiative in 2018 and completed construction in September 2021.
He commended the decision of the Promoter and Management to locate the factory in the country, noting that it underscored the confidence that the private sector continued to have in the country’s business environment and Government’s policy of industrial transformation agenda, particularly under the 1D1F Initiative.
He also applauded Universal Merchant Bank and other Participating Financial Institutions that were supporting the 1D1F companies with long term facilities to ensure competitiveness and growth.
RIKPAT is an $18 million facility that produces lubricants such as engine oil of different grades, brake fluids, industrial oil, greases, ATF, Diesel Exhaust Fluid (DEF), Radiator Coolant, Hydraulic Oil and Gear Oil for the local market and for export.
The company has the capacity to produce 350 metric tons of lubricants per day, 126,000 metric tons per year and had created 400 direct jobs and 2000 indirect jobs.
As part of the set-up, all plastic containers for packaging of the products are manufactured right in the facility, while all the laboratory investigations to ensure quality assurance for the products is also set-up and carried out on the premises.
GNA