Minister for Trade and Industry has brought closure to discussions on the government’s role in the establishment of factories in every district in the country.
The minister, Alan Kyerematen, has explained that the One District One Factory project by the New Patriotic Party (NPP) government is not a “state enterprise”.
According to him, the government seeks to build an economy that will be self-sustaining and not reliant on foreign aid.
It also aims to change the structure of the economy through investments in infrastructure, agriculture, industrialization and entrepreneurship to create jobs and increase revenue generation.
Many, including the opposition National Democratic Congress (NDC) have questioned how the government intends to fund such an ambitious project, maintaining that it was just for the political gimmick.
But Alan Kyereman on Adom FM’s morning show, Dwaso Nsem Friday said although ambitious, the project will be a private sector-led one to enable them to establish the medium-to-large-scale factories in each of the 216 districts, nationwide.
To achieve this, he said the government has given the private sector incentives to make it more flexible to invest in 1D1F.
“We have given the private sector under 1D1F incentives and tax holidays for five years so they will not pay duties on equipment and raw materials they import into the country,” the Trade Minister said.
READ ALSO: Kweku Adoboli welcomed home with ‘family party’ [Photos]
Alan Kyerematen revealed that government will this year invest GH¢430 million to ensure the over 70 factories in various stages of implementation are completed.
He noted the 1D1F is part of government commitment to build a self-sustaining economy not one reliant on foreign aid.
Alan Kyerematen added that government intended to change the structure of the economy by investing heavily in infrastructure, agriculture and industry to create jobs and generate revenue.