GHANA – One District One Factory (1D1F), a project by the government of Ghana, is expected to soon receive a US$300 million facility from the US EXIM Bank.
The expected funds comes on the back of a Memorandum of Understanding signed between Ghana and the US in July 2018, aimed at increasing private sector participation in Ghana’s economy and provided support to assist Ghana to develop selected priority and strategic sectors of the economy to achieve a Ghana Beyond Aid.
Among the priority projects under this MoU are the One District One Factory (1D1F) Initiative and Agro-Industrial Projects.
The facility when released will mainly be directed at provision of capital equipment and machinery, as well as building factory infrastructure for beneficiary business promoters in Ghana under the 1D1F initiative.
The Trade and Industry Minister, Mr Kyerematen who served as Ghana’s Ambassador to the United States between 2001 and 2003 under President Kufour, stated that since 2017, the Ministry of Trade and Industry has been implementing a 10 Point Industrial Transformation Plan, aimed at making Ghana the new manufacturing hub for the sub-region.
“Ghana and US economic cooperation and partnership is, therefore, critical to achieving this industrial transformation in order to promote sustainable economic development,” he said.
Providing updates on the number of factories that have been established so far, Mr Kyerematen said in all, 232 out of 260 factories are currently at various stages of completion with some operating at full capacity.
He said the factories cut across various sectors depending on the scope of operation.
The Minister noted that 162 of the factories operate as new factories whereas the remaining 64 operate as revived or expanded factories. Adding that factories that are operational have created some 57,000 indirect and direct jobs for the citizenry.
The PAC-DBIA advises the US President, through the Secretary of Commerce, on ways to strengthen commercial engagement between the United States and African countries.
Members of the Advisory Council in Washington are selected from Small, Medium, and Large Companies and Corporations across the United States representing a diverse range of industries and economic sectors.
The current PAC-DBIA is co-chaired by Laura Lane, President of Global Public Affairs for UPS, and Farid Fezoua, President and CEO of GE Africa, with Susan Silbermann, Global President for Emerging Markets for Pfizer serving as Vice-Chair.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE