The Ministry of Trade and Industry has provided clarification regarding the number of companies that have received financial support through the One District One Factory (1D1F) Initiative, facilitated by the Ghana Exim Bank.
Contrary to earlier reports, the ministry revealed that a total of 48 companies, not 60, have been disbursed a sum of 14 million Ghana Cedis under the program.
The 1D1F program aims to foster the establishment of at least one manufacturing enterprise in each of the country’s 261 districts, with the objective of boosting the private sector.
In March 2022, under the leadership of Alan Kyerematen, a flagbearer hopeful of the New Patriotic Party (NPP), the Ministry had communicated to Parliament that 60 companies had been supported through the initiative.
However, during a recent parliamentary session, the newly appointed Minister of Trade and Industry, K.T Hammond, acknowledged the previous miscommunication and offered a formal apology for the error.
Addressing the Parliament, Minister K.T Hammond stated, “The ministry had in March 2022 inadvertently stated to this House that 60 1D1F companies had been supported by the Ghana Exim Bank. Mr. Speaker, a further appreciation of the facts and analysis of the various companies and figures showed that it was not 60 but 48 companies, and the ministry renders an unqualified apology to the House.”
The government’s ongoing implementation of the 1D1F program is geared towards promoting industrialization, increasing local production, and improving the overall economic landscape of Ghana.
By supporting manufacturing ventures across various districts, the government aims to stimulate economic growth and create employment opportunities.
Meanwhile, there are multiple reports suggesting that several projects under the Ministry of Trade and Industry, which have been hailed as success stories of the Alan Kyerematen administration, may not accurately reflect the reality of the situation.
Further details regarding these projects were not provided.
