1D1F has come to stay – Deputy Trades Minister
Mr. Michael Okyere Baafi, Deputy Minister of Trade and Industry (MOTI) has urged Ghanaians to embrace the government’s flagship “1D1F” program, saying, “it has come to stay as an important way to industrialize the country.”
Date Created : 10/6/2022 12:00:00 AM : Story Author : Laudia Sawer/Ghanadistricts.com
Mr. Baafi said the nation had reached a stage of its development agenda, where “we have no choice than to industrialize” stressing that “industrialization must be a way of life for the people.”
He said this during the inauguration of the Tema Metropolitan Assembly’s (TMA) District Implementation Support Team (DIST) for the 1D1F program in the metropolis.
The Deputy Trade’s Minister said the importance of industries was evident during the covid-19 pandemic when Ghana had to rely on its local industries to produce hand sanitizers and nose masks which positioned the country as one of the best in the management of the virus.
According to him, apart from the creation of jobs through the program, 1D1F would also facilitate knowledge and skill transfer to many who would get the opportunity to work in the industries to be established under the initiative.
Mr. Baafi charged the newly inaugurated Team to see it as their responsibility to get many more factories to be established in Tema which is known to be the industrial hub of Ghana while educating people on the benefit of the 1D1F.
Mr. Kofi Addo, Lead Officer for the 1D1F program, said the Ministry of Trade and Industry had a 10-point industrial promotion agenda of which the 1D1F was part.
Others included the Strategic Anchor Projects, Business Regulatory Reform, Industrial Park and Special Economic Zones, and the Industrial Revitalization Program.
Mr. Addo stated that an agreement had been signed with 15 commercial banks which ensured the capping of interest rate on loans for such companies at 20 per cent to ensure stable funding for the project adding that government also subsidized 10 per cent of the interest rate for companies with majority Ghanaian owned shares.
Mr. Yohane Amarh Ashitey, Tema Metropolitan Chief Executive chairing the inauguration said he believed in allowing the private sector to lead in industrialization therefore his resolve to ensure that the 1D1F program was utilized by many to get more industries in the metropolis in addition to what exists.