19.3 C
London
Friday, August 19, 2022

Ghana Exim Bank launches Raw Material Development Project

The Ghana Exim Bank has initiated the raw material development project aimed at addressing raw material shortages among companies it is financing.

According to the bank, most of the factories it has supported in the Central Region are struggling to get adequate raw materials, thus preventing them from producing on a large scale.

According to Ghana Exim Bank, over 122 factories have been supported by the Bank under the 1D1F project.

In the Central Region alone, over 12 factories have benefited from support from the bank.

Over 100 million cedis has been invested under the 1D1F initiative.

Despite the support for various factories in the Central and other regions, the bank says some of the factories face numerous challenges.

Head of SME at the bank, Bright Evans Darko, in an interview with said all the factories that have been supported in the region are facing raw material challenges, citing the Ekumfi Fruit and Juices factory in the Central Region as one of such factories.

“Under the government’s 1D1F flagship program, a total of 122 factories, both green and brownfield factories, have been supported by Ghana Exim bank. Out of the twelve in the Central Region alone, a total investment of over 100 million Ghana cedi under 1D1F has been invested in the region.”

“All the factories we have financed in the region are in dire need of raw materials to produce at full capacity, where we all enjoy the full benefits. It’s interesting for you to note that an Ekumfi factory that has a permit or is selling on the US market and the Ivory Coast market produces only eight to ten days in a month due to inadequate raw material. We, therefore, call on all authorities to collaborate with the factories to address these raw material challenges. Addressing these challenges will create more jobs, more profitability for those companies, economically empower the people, thereby alleviating poverty in the region,” he said.

In its quest to address these challenges, the bank has initiated the raw material development project, where the bank will collaborate with other stakeholders to develop adequate raw materials for the factories it has financed. The bank says addressing these challenges will create more jobs and alleviate poverty in the region.

“Through the Raw Material Development Project, the bank seeks to collaborate with other stakeholders to develop adequate raw materials for the factories it has financed in these six value chains. That is pineapple, coconut, watermelon, oil palm, Kenaf and avocado. Under this initiative, farmers will be supported through an out-grower scheme to grow the above crops and get off-takers who will buy everything that they produce. A technical consultant will be engaged to assist them with good economic practices. We, therefore, call on MOFA officers, DCEs to get involved and support this initiative,” he said.

Latest news
Related news