President Akufo-Addo has commissioned Premium Foods Limited factory, a company operating under Government’s 1-District-1-Factory initiative.
Speaking at the site of the factory, President Akufo-Addo explained that, the establishment of the factory is a tangible proof of a new paradigm of economic development.
According to him, it also represents a value-addition industrial activities within a conducive and business-friendly environment.
He further revealed that the commissioning is “in partnership with the private sector”. The move, he explained, is to set up “at least one medium to large scale enterprise in every district of Ghana”.
Additionally, President Akufo-Addo noted that Premium Foods is a classic example of the critical role of agricultural production. Value addition, according to the President, plays a crucial role in the “economic development of countries”.
“The contribution of Premium Foods Limited highlights Ghanaian ingenuity, entrepreneurial spirit, as well as the fortitude to succeed no matter the challenge”.
Premium Foods Company
Over the years, Premium Foods has supplied blended fortified and non-fortified products, and ingredients to global organizations. This also includes international relief organizations, and multinational food and beverage manufacturing companies across Africa.
Premium Foods also includes “Feed the Future” programme, under the US Government’s Global Hunger & Food Security Initiative.
The investment in the new state-of-the-art manufacturing facility has the capacity to blend over ninety-six thousand (96,000) metric tonnes of cereals. Annually, cereals such as maize, soybean, sorghum and millet will be processed.
President Akufo-Addo expressed his pleasure over the commissioning of Premium Foods as one of the few manufacturing factories with such capabilities in West Africa.
“I am pleased to learn that this new factory is generating some one hundred and twenty (120) new jobs; made up of technical and management professionals, and is creating thousands of indirect income earning opportunities for farmers and out-growers along the value chain, mostly women and youth, in all parts of the country”.
He further reiterated Government’s support to private sector operators, like Premium Food to become globally competitive. President Akufo-Addo also expressed the need for the company to advantage of market integration frameworks such as the African Continental Free Trade Area (AfCFTA).
“To this end, Government, as at December 2020, has granted import duty exemptions to thirty-six (36) companies, under the 1D1F programme, amounting to some GH¢435 million”.
Import exemption duties
Touching on import exemption duties, the President revealed that, the main sectors that have benefited from the exemptions are “agro-processing, ceramics manufacturing, hardware manufacturing, and vehicle assembly plants”.
“Prospective companies desirous of establishing such ventures, under the 1D1F initiative, are assured of Government’s unwavering support. I appeal to them to join hands with Government in the journey to industrialise Mother Ghana, and help create jobs for Ghanaian youth in all parts of the country”.
Furthermore, President Akufo-Addo commended the collaboration between the World Food Programme (WFP), the Canadian High Commission in Ghana and other stakeholders.
The President expressed his gratitude to local participating financial institutions as well for providing technical and financial support to this project.
“I commend also the proprietors and management of Premium Foods Ltd., led by Mr. Tom Gambrah, a seasoned Ghanaian entrepreneur, for spearheading the establishment of this state-of-the-art manufacturing facility. I am confident that the best days of Premium Foods Ltd., and, indeed, of Mother Ghana, lie ahead”.