ADB pledges GH¢200million to 1D1FNov 20 2017
The Agricultural Development Bank (ADB) Limited has pledged GH¢200million to support the One District One Factory (1D1F) initiative by government which seeks to industrialise the Ghanaian economy.
“The 1D1F is a very good initiative by the government to transform our economy from a service based to a more industrial focused economy where we can produce enough for both local and international markets and create the much needed jobs across the various sectors,” remarked Dr. John Kofi Mensah the Managing Director of ADB.
The Board decision to support the initiative was taken following the Bank’s lead role in supporting several government initiatives in the past and was hopeful this support will help accelerate the full implementation of the One District One Factory programme.
“As an agric focused bank, we believe that supporting producers of raw materials for the factories will ensure that these factories run efficiently at full capacity and keep these jobs in the towns and villages instead of straining the already stretched urban areas,” Dr. Mensah said.
ADB, therefore, adds to a growing list of banks, development finance institutions, private investors and sovereign nations that have all pledged support to the project that seeks to create a million jobs across the country.
The Finance Minister, Ken Ofori-Atta, in his 2018 budget presentation to Parliament, noted that the government has so far identified as many as 191 companies under the programme in 102 districts, with the potential of creating 250,000 jobs when implemented and has allocated a minimum of GH¢2million to each district for the implementation of the programme.
He explained that 104 of these companies will be operating in the agribusiness sector; 20 in the meat and poultry sector; 40 in the construction and building materials sub-sector; and the remaining 27 are businesses in the cosmetics and pharmaceuticals sectors.
According to Dr. Mensah, the Bank will establish dedicated desks in selected branches in all regions to receive and scrutinize proposals from companies willing to access the GH₵200 million support fund from the Bank, thereby ensuring ease of accessibility and convenience to the prospective customers.
The regional breakdown of the companies are: Ashanti, 35; Brong Ahafo, 19; Central, 21; Eastern, 34; Greater Accra, 28; Northern, 17; Upper East, 4; Upper West, 5; Western, 10; and Volta, 18. Government has emphasised that the One District, One Factory programme will be a vehicle to revive the country’s ailing manufacturing sector, and add value to agriculture.