Business News of Saturday, 24 November 2018
Source: Emmanuel Kojo Kwarteng
2018-11-24
President Akufo-Addo with the CEO of the Company, Elkin Pianim
The first of the GCB Bank-sponsored factories under the One District One Factory (1D1F) policy of the government has been commissioned by President Nana Akufo-Addo at Sedorm in the Asuogyaman District of the Eastern Region.
The factory, Kete-Krachie Timber Recovery operated by Dedeso Holdings Incorporated (DHI) harvests tree stumps in the Volta reservoir and processes into building materials; chipboard, plywood and flooring and for export.
Through the provision of funds from GCB, the company is expected to employ more than 1000 workers, expand aquaculture, increase fish production, and contribute two per cent of national energy production and environmentally-friendly charcoal from waste wood.
President Akufo-Addo and the Minister of Trade and Industry, Mr Allan Kyerematen praised GCB for providing funding for the project.
The President said the government would continue to create the enabling environment for the attraction of capital and the revival of industries.
The Managing Director of GCB Bank, Mr Anselm Ray Sowah, earlier told journalists, investors and businesses that the Bank had set up a special department with seed fund of GH¢1.0 billion to kick start projects under 1D1F.
He said GCB identified with the project because of its potential to protect the environment, enhance livelihoods, offer employment, facilitate safe travel and a potential foreign exchange earner.
Mr Sowah said the 1D1F Policy of the government could create jobs and open the country for development while enhancing international trade through export which directly impacts the national economy.