Expect more factories under 1D1F to turn economy into an industrialized one – Trade Minister
Trade Minister Alan Kyerematen has asked the people of Ghana to expect more factories under the One District One Factory (1D1F) initiative.
He stated that the 1D1F is working to transform the Ghanaian economy into an industrialized one.
“I was pleased to join@NAkufoAddo to commission RIKPAT Company Limited, a solely Ghanaian-owned auto-lubricant manufacturing company which produces various lines of automotive products. #1D1F is working to transform the Ghanaian economy into an industrialized one. More to come,”Mr Kyerematen tweeted.
On Friday, 2nd September 2022, commissioned two factories operating under Government’s One-District-One-Factory initiative, stating that “it is the first time I have done so since becoming President, and it is a day I will not forget.”
President Akufo-Addo’s first port of call was the APPED Cylinder Factory, which is currently employing some two hundred and fifty (250) people, and is expected to employ some five hundred (500) people at full capacity.
The company was established in January 2019 to participate in Government’s flagship industrialization programme. Indeed, construction started in 2019 and was completed in the year 2021 with the commencement of commercial production and operations in the month of December the same year.
APPEB Company is the largest Liquefied Petroleum Gas (LPG) cylinders manufacturing in Ghana, in terms of production capacity with an installed capacity of 4,000 to 5,000 (6kg /15kg) gas cylinders per day. The current production capacity is about 2000 cylinders per day due to the current market demand. The company imports mild steal from China as the main raw material for production.
Speaking at the event, the President reiterated Government’s continued commitment to providing strategic support to companies and enterprises, such as APPEB, operating in Ghana.
“We will continue to enhance the existing incentive framework designed to make 1D1F designated companies more competitive and sustainable. The incentives, which include tax holidays, import duty waivers, and interest rate subsidies, are designed to help build the capacities and competitiveness of these enterprises, and to position them for greater productivity and efficiency,” he said.
source:3news
