Business News of Thursday, 13 September 2018
Local investors and financial institutions have so far committed about GH?2.5 billion to support the One District, One Factory program of the government.
According to Deputy Minister of Trade and Industry Carlos Ahenkorah government is also expecting some $300 million from international partners.
He spoke to JoyBusiness after cutting the sod for the construction of a steel and metal manufacturing factory for B5 plus in the Prampram District.
“The One District, One Factory is a private ownership and government is only providing the enabling environment for the private sector. However, the government is trying hard to work out incentives for these investors to make the factories established,” Mr Ahenkorah said.
He added, “Right now Financial commitments locally are about 2.5 billion cedis but we’re looking at other financial institutions from outside.”
Deputy Minister of Trade and Industry, Carlos Ahenkorah after cutting the sod for the construction of the second factory under the 1D1F.
The factory, B5 plus will manufacture steel and building materials for the Ningo Prampram District in the Greater Accra region.
“I believe that this company has come to stay, the government will do anything to ensure that it is sustained,” Mr Ahenkorah said during the sod cutting.
Chief Executive of B5 plus, Mike Thakwani disclosed that one major challenge affecting investors unto the program is land litigation.
“The land litigation is our biggest challenge in Ghana. I will request to the government agencies to critically look into these land litigation issues [and] investors will not shy away from developing in Ghana,” he noted.
The $18 million-factory will produce about 50,000 metric tons of steel to be exported to other neighbouring countries as well as for the domestic market.