Accra: The National Democratic Congress (NDC)-led Government has announced plans to provide stimulus packages to 'One-District, One-Factory' companies as part of its 24-hour economy policy. The initiative aims to enhance the country's economic growth by addressing key challenges faced by these companies, such as the lack of raw materials and access to capital, as highlighted by Madam Elizabeth Ofosu-Adjare, the Minister-designate for Trade, Agribusiness and Industry, during her recent vetting.
According to Ghana News Agency, Madam Ofosu-Adjare emphasized the importance of the 24-hour economy in resolving these issues by increasing the production of raw materials for industries. She stressed that promoting local consumption of homegrown products could reduce imports and thereby strengthen the economic framework. The 'One-District, One-Factory' initiative, originally established by the previous New Patriotic Party Government, focuses on empowering local companies to add value to the country's raw materials, enhancing exports and improving foreign exchange earnings.
Currently, 169 such companies are operational, with over 50 more in various stages of completion. Madam Ofosu-Adjare expressed optimism that these companies would participate in the 24-hour economy to ensure a steady supply of raw materials for processing. She also noted that the high costs of production necessitate government intervention to lower business expenses and increase productivity.
Addressing queries about the Komenda Sugar Factory, Madam Ofosu-Adjare stated her intention to evaluate and expedite the factory's operationalization upon approval. Additionally, she plans to introduce the 'Feed the Industry Programme' to enhance the production of raw materials for industrial use.
Regarding the future of the Ghana Enterprises Agency amidst the government's plan to establish a Women's Development Bank, the nominee assured collaboration with the Ministry of Finance to adequately resource the Agency, thereby supporting micro, small, and medium-sized enterprises.
