Deputy Minister of Trade and Industry, Mr. Carlos Kingsley Ahenkorah, yesterday cut sod at Lorpleku for another factory for the Ningo Prampram District Assembly in the Greater Accra Region under government’s ‘One District, One-Factory (1D1F)’ policy.
The $8 million steel factory will be financed by B5 Plus Limited. It is expected to commence full operations within the first quarter of next year but first phase of the project will start by the end of this year.
The factory with production capacity of over 15,000 metric tons of steel products every month is expected to save Ghana some $100 million in terms of foreign exchange. The factory is said to be part of some 100 district factories approved by government through the Ministry of Trade and Industry.
Last month, government cut sod for work to begin on a $3 million factory to process tomatoes and spices at Afienya in the Greater Accra Region under the 1D1F project. The project, owned by Leefound Food Stuff Ghana Limited in partnership with government, would be financed through Chinese investment; it is expected to be operational by December 2018.
Speaking at the ceremony, the Director of B5 Plus Limited, Mr. Mukesh Thakwani, noted that the factory would create over 3,000 direct jobs on the over 100 acres of land.
According to him, his company, with over 2,000 distribution networks and the largest steel manufacturing company in the West African sub-region, is ready to partner government in any project.
He appealed to government to intervene in the land litigation involving investors in the country to prevent foreign investors from shying away from Ghana.
The director was excited to partner government’s 1D1F project to industrialise Ghana, hoping to receive the biggest support from government to succeed.
The Deputy Minister of Trade said 1D1F forms part of the New Patriotic Party (NPP) government’s desire to industrialise the country and to create jobs and address rural-urban migration, hence the flagship policy.
Stating some of the reasons for coming out with the 1D1F, he mentioned that it was aimed to create jobs, enhance natural resource endowment of a particular district, produce products for export, check rural-urban migration, among others.
He assured the residents that they would be direct beneficiaries in terms of employment in order to take people off the streets and cut down unemployment rate in the area.
He also hoped that with the construction of the project, the natural resource endowment and economic potential of Lorkpleku and the district in general would be enhanced and can be tapped.
By the end of NPP term in government, he said most districts in the country are going to benefit from the 1D1F policy.
Mr Carlos Ahenkorah appealed to traditional rulers and various district assemblies to do everything within their power to allow the factory to be constructed in their area.
He expressed gratitude to the management of B5 Plus Limited for investing in Ghana and appealed to other investors to come onboard to invest.