President Akufo-Addo, on Friday, 2nd September 2022, commissioned two factories operating under Government’s One-District-One-Factory initiative.
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.
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.
President Akufo-Addo continued, “We are waiting patiently for Parliament to give its approval to the fiscal incentive package, and I ask, respectfully, that Parliament expedites action on the matter, which has been, somewhat, delayed. It is important for investors that the legal processes for the grant of the package be completed as soon as possible.”
He encouraged the proprietors and management of APPEB Cylinder Manufacturing Ltd to take further advantage of this package, and establish similar industrial enterprises in other parts of the country.
At the Rikpat Company Limited, President Akufo-Addo said, RIKPAT “is going to support the Ministry of Trade and Industry’s efforts to build a vibrant automotive industry in the country.”
He continued, “Government remains committed to supporting private sector operators, like RIKPAT, to become globally competitive, and, thereby, take advantage of market integration frameworks such as the African Continental Free Trade Area (AfCFTA), whose Secretariat has been established and commissioned in Accra.”