By: Evans Attah Akangla| ignewss|
President Nana Akufo-Addo has revealed that Ghana’s industrial transformation has received a significant boost from the ‘One District, One Factory’ (1D1F) initiative implemented by the government over the last six years.
According to the President, the initiative showcases government’s ability to stimulate and incentivize the private sector for the expansion and diversification of manufacturing across the country, utilizing locally available raw materials.
During his penultimate State of the Nation Address at the Parliament House on Tuesday, the President stated that within the past six years, the government has actively intervened to generate interest and support for numerous private sector business promoters, encouraging substantial investments in manufacturing under this policy.
President Akufo-Addo disclosed that the 1D1F initiative has already resulted in the creation of One Hundred and Seventy Thousand (170,000) jobs in the country.
Furthermore, he highlighted that the government approved various incentives for 37 1D1F companies in 2019 and 2020, encompassing duty exemptions to facilitate the program’s implementation.
However, the President clarified that no exemptions have been granted since 2021.
In a plea to Parliament, President Akufo-Addo urged swift approval of all outstanding exemption applications, emphasizing the importance of sending a positive signal to the business community.
The President emphasized that the 1D1F program has contributed to the development of Three Hundred and Twenty-One (321) projects.
This includes the establishment of two hundred and eleven (211) new medium-to-large scale factories and the revitalization of One Hundred and Ten (110) existing companies.
Source: www.ignewss.com|Ghana