President Akufo-Addo has disclosed that the One-District-One-Factory (1D1F) initiative will create over 258,000 permanents jobs in coming years.
He admitted that thousands of Ghanaian youths, both graduates and apprentices, are earnestly looking for jobs. He also said the vigorous industrial agenda presented a more sustainable way of providing the needed jobs to curb the growing unemployment in the country. This is why government took steps to roll out the 1D1F initiative, he pointed out.
“The government took the step to rollout the 1D1F to create high-paying jobs for Ghanaians. 139,000 have received permanent jobs from the 75 companies currently established under the 1D1F policy. This policy will recruit more graduates into high-paying jobs. We expect some 258,000 more Ghanaians to get permanent jobs under the policy.”
President Akufo-Addo
The President made this revelation whilst commissioning Phase One of B5 Plus Steel Plant, an enterprise operating under 1D1F initiative. President Akufo-Addo commissioned the phase one of the 80-million Dollar Steel plant at Prampram, near Accra.
The B5 Plus Steel Plant will convert scrap metal sourced across the country into materials for the construction industry. With an initial installed capacity of 250,000 tonnes per annum, the plant is West Africa’s biggest fabrication plant. The plant will manufacture iron rods, wire rods, and general steel products for both the Ghanaian and West African markets.
“This plant is a concrete manifestation of the new paradigm of economic development.
“What we’re witnessing here today is a true reflection of the benefits of the One District, One Factory. That is the creation of thousands of direct and indirect jobs and expansion of value addition activities in the country.”
President Akufo- Addo
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Commitments to the Industrialization Agenda
The President reiterated his Government’s continued commitment to providing strategic support to companies and enterprises operating in Ghana.
“We will continue to enhance the existing incentive framework designed to make 1D1F designated companies more competitive and sustainable. The incentives, which include tax holidays, import duty waivers, and interest rate subsidies, are designed to help build the capacities and competitiveness of these enterprises. In effect, positioning them for greater productivity and efficiency.”
President Akufo-Addo
Moreover, the President encouraged the management of the B5plus group to expand their operations into other parts of the country. He also urged them to take full advantage of the African Continental Free Trade Area. He further promised that the barriers to greater productivity would be systematically tackled so that investors could completely benefit from the government’s incentives.
On his part, the Trade Minister, Alan Kyerematen, also noted that the industrial transformation agenda hinges on a competitive and vibrant local steel industry.
“The steel industry is therefore classified as one of the strategic anchor initiatives being promoted by the Government as part of the industrial transformation plan.
“The expanded B5 Plus has the potential to help bridge the gap between the production and demand for steel locally. To ensure regular supply of power to the site, the management of B5 plus has entered into a special arrangement with VRA and GRIDCO. This is timely to ensure efficient running of the facility.”
Alan Kyerematen, Trade and Industry Minister
Mr Mahesh Thakwani, CEO of the B5 Plus Limited, thanked the President for his guidance and encouragement under 1D1F initiative.
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