The Finance Minister Ken Ofori Atta has said the much touted, election winning campaign policy- one district one factory- will create at least 350,000 direct and indirect jobs once completed.
Rolling out the policy details in the 2017 budget statement, the minister said the campaign mantra will be part of a broader national industrialization revitilization policy that will provide jobs for Ghana’s unemployed youth.
As a result, Ken Ofori Atta said a stimulus package has been set aside for companies that are otherwise viable but are facing potential extinction.
The one- district-one factory policy was one of the many campaign pledges that shot the NPP from opposition to government.
Critics have suggested the policy will be difficult if not impossible to implement given the lack of fiscal space the government inherited.
For weeks government spokespersons have been loud in chants on the promise but silent in details on how the policy will be executed.
The details have most often been deferred to the Finance Minister who was to roll out the details of the policy during his reading of the budget.
Expectation were high and with his calm demeanour, but unusually faster in his speech, the minister rolled out what he believes are details of the one district one factory policy.
He lamented the stunted growth in industrial sector which he attributed to a number of factors including lack of funding.
Ken Ofori Atta said the National Industrialization Revitilization policy will be the vehicle through which the policy will be implemented.
Under the policy one medium to large scale factory will be established across the 216 districts in Ghana.
He said policy will largely be driven by the private sector with a the stimulus package given to struggling companies that are viable.
He said the program will create massive youth employment, add value to raw materials, stimulate growth in all parts of country as well as promote export and improve foreign exchange earning to the country.
The finance minister also that government will build an entrepreneurial nation that will integrated early stage and start up businesses.
There will be business incubators and funding to qualified new industries in the country, he promised.