\n
\u00a0<\/p>\n
In his State of the Nation address, President Nana Addo Dankwa Akufo-Addo emphasized the progress made in Ghana\u2019s industrial sector and outlined plans for further transformation.<\/p>\n
The President\u2019s iconic flagship initiative, the \u201cOne District-One Factory\u201d policy, was highlighted as the main cornerstone of the country\u2019s industrial development.<\/p>\n
Under the One District-One Factory Program, the government has actively incentivized and supported private sector business promoters to invest in manufacturing. As a result, 321 projects have been developed, consisting of 211 new medium-to-large-scale factories and the expansion of 110 existing companies. These investments have been carried out in 142 districts across all 16 regions of Ghana, achieving 54% district coverage. The ultimate goal is to have a 1D1F project in every district.<\/p>\n
The President also emphasized the job creation potential of the 1D1F program, with approximately 170,000 jobs being created by companies in operation within the short span of six years.<\/p>\n
To support the implementation of the 1D1F program, the government has approved incentives, including duty exemptions. However, no exemptions have been granted since 2021. President Akufo-Addo urged the House to consider and approve outstanding exemption applications to send positive signals to the business community.<\/p>\n
Another key initiative discussed in the address was the automotive assembly and component manufacturing sector. The Automotive Development Policy launched by the government in 2019 has attracted 12 Original Equipment Manufacturers, including leading brands such as Volkswagen, Toyota, Suzuki, Nissan, Peugeot, KIA, Hyundai, and Honda. These companies have set up assembly plants and are producing a range of models in Ghana.<\/p>\n
These investments have also been accompanied by efforts to develop engineering and technical skills in Ghana. Partnerships with universities and training centers have been established to provide applied auto engineering training and enhance the skills of technicians, including those working with electric vehicles.<\/p>\n
Furthermore, the President highlighted the Four Project Agenda of the Ghana Integrated Aluminium Development Corporation (GIADEC), with Projects 1 and 2 already underway and an agreement signed for the implementation of Project 3. Additionally, a Legislative Instrument will be presented to prohibit the export of raw bauxite, and discussions are in the concluding phase for the establishment of a $450 million refinery to refine manganese.<\/p>\n
President Akufo-Addo also emphasized the importance of increasing trade between African countries for the realization of the country\u2019s industrial dreams.<\/p>\n
By Vincent Kubi<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
\u00a0 In his State of the Nation address, President Nana Addo Dankwa Akufo-Addo emphasized the progress made in Ghana\u2019s industrial sector and outlined plans for further transformation. The President\u2019s iconic flagship initiative, the \u201cOne District-One Factory\u201d policy, was highlighted as the main cornerstone of the country\u2019s industrial development. Under the One District-One Factory Program, the […]<\/p>\n","protected":false},"author":1,"featured_media":156493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-156492","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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