As part of his tour of the Ashanti Region, President Akufo-Addo has commissioned the Kasapreko water, juice and soft drinks factory, a company operating under Government’s 1-District-1-Factory initiative.
During a ceremony held at the premises of the company in Kwadaso, the president reiterated governments mantra and resolve in pursuing economic development.
As such, his administration constantly insists on value-addition industrial activities within a conducive and business-friendly environment, can make headway.
“This afternoon’s ceremony is in fulfillment of the promise by Government, in partnership with the private sector, to set up at least one medium to large scale enterprise in every district of Ghana”.
In the words of the president, the significance of the 1-District-1-Factory initiative is its primary focus on the advancement of commercially viable business ventures, through the establishment of an institutional framework that will attract private sector investments in rural economic activities.
“In response to this, Kasapreko Co. Ltd took the initiative, with the support of Government, to build this new factory at Tanoso, in the Kwadaso District of the Ashanti Region.
“The factory will produce water, juices, and soft drinks. Kasapreko, in addition to the twenty-five million United States dollars ($25 million) borrowed from Stanbic Bank for this project, also received waiver of duties on machinery and raw materials, as well as a 5-year tax holiday, which, together, will be worth twenty-eight million United States dollars ($28 million) from Government.”
Essentially, President Akufo-Addo also revealed the employment capability of the company by stating that it will employ 300 people directly and generate some 3,000 indirect jobs via its supply chain.
The factory also has the capacity to produce some 35,000 bottles per hour of juices and non-alcoholic soft drinks, and 15,000 bottles per hour of water, working at full capacity.
President Akufo-Addo also commended the company for obtaining 90% of its packaging materials locally, as bottles, caps and cartons are all produced in Ghana.
The Kasapreko Tanoso factory will be serving the Ashanti, Bono, Ahafo, Northern, Savannah, North East, Upper East and Upper West Regions, as well as export its products to our neighboring countries such as Burkina Faso and Côte d’Ivoire.
Touching on supporting the private sector, President Akufo-Addo stressed that government remains committed to supporting operators, like Kasapreko, to become globally competitive, and, thereby, take advantage of market integration frameworks such as the African Continental Free Trade Area (AfCFTA), whose Secretariat has been established and commissioned in Accra.
“I am particularly pleased that a successful and innovative company like Kasapreko is finding new opportunities under the 1D1F policy, and would like to assure them of Government’s unwavering support”.
In furtherance of proving ample support, the President noted that, that the Ministry of Trade and Industry, in collaboration with relevant Ministries, Departments and Agencies, have established an institutional mechanism to provide strategic support and assistance to them.
“That is why we have established Business Resource Centers in sixty-seven (67) districts across the country, thirty (30) of which have already commenced operations. I commend the shareholders and management of Kasapreko for their diligence and commitment towards boosting the capacity of our nation towards self-reliance”.
