By Godwill Arthur-Mensah
Accra, Jan. 23, GNA – The 24-hour economy policy of the National Democratic Congress (NDC)-led Government will provide stimulus packages for ‘One-District, One-Factory’ companies to contribute positively to the country’s economic growth.
Madam Elizabeth Ofosu-Adjare, the Minister-designate, Trade, Agribusiness and Industry, during her vetting on Wednesday, said the lack of raw materials and access to capital had been identified as major challenges to the smooth operation of the ‘One-District, One-Factory’ companies.
She, therefore, expressed the belief that the 24-hour economy would offer solution to those challenges, “as more raw materials would be produced for industries. And so, if we eat what we grow, it will minimise our imports.”
The ‘One-District, One-Factory’ initiative was introduced by the erstwhile New Patriotic Party Government to enable indigenous companies to add value to the country’s raw materials and improve exports to bolster the nation’s foreign exchange earnings.
So far, 169 ‘1D1F’ firms are in operation, with over 50 at different stages of completion.
“It’s my hope that the ‘One-District, One-Factory’ companies will sign onto the 24-hour economy in order to receive raw materials for processing,” Madam Ofosu-Adjare said.
She observed that the cost of production was exceedingly high, hence government would reduce the cost of doing business to boost productivity.
Responding to a question regarding her plans to operationalise the Komenda Sugar Factory, Madam Ofosu-Adjare said upon her approval, she would assess the health of the factory and bring it on stream expeditiously.
She would also launch the ‘Feed the Industry Programme,’ to boost raw materials production for industries.
Asked what would become of the Ghana Enterprises Agency since government intends to set up Women’s Development Bank, the nominee gave the assurance that she would collaborate with the Ministry of Finance to resource the Agency in order to support micro, small and medium-size enterprises.
GNA