Government’s District Industrialisation Project, otherwise known as the ‘One District, One Factory’ initiative, has received a GH¢1 billion support package from GCB Bank.
Ray Sowah, Managing Director of GCB Bank, who made the announcement yesterday in Accra at a forum organised by the Ghana National Chamber of Commerce (GNCC) on the policy, said his outfit was ready to support good proposals.
“As a dream that is long overdue for this country, we all know the transformative impact of this bold initiative on our national economy and Ghana’s development. Let me state here and now that GCB is as passionate about the ‘One District, One Factory’ initiative and its success just as government.
“…If Ghana can feed foreign industries with its raw materials only for it to import them as value-added products at exorbitant prices and a drain to our foreign exchange reserves, then why should we not as a people invest in the requisite machinery, human capital and other resources to process for local consumption and export?”
The theme of the forum was, “Leveraging on the ‘One District, One Factory’ Policy for Private Sector Growth.”
Alan Kyerematen, Minister of Trade & Industry, who was the keynote speaker, said government was proposing a standard framework which would include the identification of a national resource endowment for each district, preparation of district economic plan, a district medium term development plan, district resource map and list of potential projects, among others.
He revealed that “this is not a government setting up state enterprises. These are government facilitated enterprises projects to be driven by the private sector.”
He further said promoters were invited to submit an expression of interest to MoTI or District Chief Executives of the districts where they intended to execute their projects.
Government, he added, would select a consultant to help draw a business plan after which the promoter would incorporate a private limited company to move forward the establishment of the company.
The cost of the district industrialisation project is estimated between $1 billion and $5 billion, and expected to create between 500,000 and 1 million direct and indirect jobs.
Nana Appiagyei Dankawoso I, president of GNCC, in a remark, stated: “Previous attempts at rural development were intended to focus on fiscal infrastructural facilities. This policy initiative seeks to focus on commercially viable, business initiatives for sustaining rural communities.”