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25.07.2018 Business & Finance

37 Factories Ready For 1D, 1F

By GNA
37 Factories Ready For 1D, 1F
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The implementation of 37 factories under the government's signature one district one factory (1D1F) programme, has started.

Mr. Robert Ahomka-Lindsey, a Deputy Minister for Trade and Industry, said these were at various stages, including the establishment out-grower farms for production of the raw materials to feed the factories.

In all, 800 business plans had been received and he said 357 of them were bankable.

He added that, 95 others, were currently at the credit committees of the participating banks for consideration.

He was making a presentation on the "Government's industrial transformation agenda" at the 2018 edition of the national policy summit in Kumasi.

The summit, a baby of the Information Ministry, brought together policy makers, business leaders, civil society organizations and other key stakeholders to discuss national policies to deepen understanding and provide feedback to the government.

It formed part of moves to promote social accountability, transparency and public access to information.

Mr. Ahomka-Lindsey said 10 local banks were participating in the 1D1F programme and had committed a total of G¢4.43 billion to fund the programme.

There is a waiver on import duties on core equipment, machinery and plant for the factories.

Agro processing companies using local raw materials are also enjoying a five-year tax holiday.

The Deputy Minister said that government was on course to deliver the 1D1F promise by 2020, pointing out that, 'those doubting the viability of the project do not understand the concept'.

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