1D1F: 4 Banks funding 12 new Factories

Four banks, including Ghana Exim Bank, are fully funding 12 new factories under the ‘One District, One Factory’ (1D1F) initiative in various parts of the country.

The provision of equipment and building of factories are at advanced stages of completion, information available to BUSINESS GUIDE indicates.

These new projects include the Ekumfi Fruit and Juices Limited, which cynics doubted its commencement.

The establishment of the new factories would complement the ‘One District, One Factory’ initiative that has been started by government.

According to National Co-ordinator of the 1D1F, Gifty Ohene-Konadu, over 300 viable projects have been selected for implementation out of over 1,000 proposals received under the 1D1F initiative.

New jobs

The 12 factories are expected to generate 17,183 direct and indirect jobs.

The EXIM Bank is fully sponsoring nine of the 12 projects, with the remaining three enjoying full financing from Barclays Bank, Stanchart and GCB Bank Limited.

The new factories are:

1. Ekumfi Fruits and Juices Limited

Located at Ekumfi in the Central Region, the Ghana EXIM Bank is sponsoring the company with an approved facility of GHȼ34 million.

It’s expected to create 1,860 jobs over three years, and will mainly process pineapple into juice and concentrate for the local market and for export.

600 acres of land has already been cultivated with 200 out-growers so far supported to grow pineapples.

The building of the factory has commenced, with part payment made for equipment.

2. Casa de Ropa Limited

Billed for Gomoa West in the Central Region, land clearing is ongoing for the cultivation and processing of sweet potatoes into bread, chips and biscuits.

Pieces of equipment for processing have been received but awaiting installation by engineers.

The project is expected to create 957 jobs over three years. It is being fully sponsored by the Ghana EXIM Bank with an approved facility of GHȼ14.4 million.

3. Asikess Ventures Limited

This project is situated at Begoro in the Fanteakwa District of the Eastern Region to process cassava into starch for export.
Land clearing and planting of cassava are ongoing.

The project is being fully sponsored by Ghana EXIM Bank with an approved facility of GHȼ36 million, and expects to create 2,000 jobs over three years.

Also, it expects to make $15 million within the first three years of exporting starch.

4. Alfie Designs

This garments manufacturing factory, to be located in Accra, is expected to generate 328 jobs over six years.

The factory is 80 per cent complete and expected to be completed in three months’ time.

It’s fully sponsored by the Ghana EXIM Bank with an approved facility of GHȼ500,000.

5. Blackstar Foods Limited

The building of the factory for this project is ongoing at Tema in the Greater Accra Region to process cashew for export.
With an approved facility of GHȼ21,949,000, fully sponsored by Ghana EXIM Bank, this project is expected to generate 2,403 jobs over three years, and generate $12.92 million over the same period of time.

6. Sunharvest Fruit Processing Company Limited

This project would be located at Asamankese in the West Akim in the Eastern Region to process fruits.

The factory is 70 per cent complete while some processing equipment have been installed.

Additional machines would be purchased soon and installed, but the project would generate 105 jobs over two years and rake in $23,051,674 over seven years.
The Ghana EXIM Bank is fully sponsoring this project with an approved facility of GHȼ23,420,813.50.

7. Rhovanni Royal Limited

With the construction of the factory yet to start, this project would be sited in Tano North of the Brong Ahafo Region with full sponsorship from Ghana EXIM Bank with an approved facility of GHȼ50 million.

The tile and brick production factory is expected to generate 1,000 direct and indirect jobs over three years.
In the meantime, avocado plantation development is ongoing on the factory land.

8. Akuapem Gold

The construction of the factory is yet to start in the Suhum District of Eastern Region but the project will involve avocado processing for the local market and for export.
Currently, its avocado plantation development is ongoing.

The project, with full sponsorship by the Ghana EXIM Bank with an approved facility of GHȼ44 million, will generate 3,000 direct and indirect jobs over three years.

9. Budget Cash & Carry Limited

This project is expected to generate 500 direct and indirect jobs in Tema in the Greater Accra Region.

It will produce carbonated drinks and bottled water. The project is being fully sponspored by Barclays Bank with an approved facility of GHȼ12.9 million.
The building of the factory is almost complete.

10. Amantin Agro-Processing Company Limited

Located in the Atebubu Amantin District of Brong Ahafo, the factory, which will produce cassava chips, alcohol, biogas and fertilizer, is being fully sponsored by Stanchart with an approved facility of GHȼ219,736,000.
The factory is under construction and raw materials to feed the factory are cultivated on 12,000 acres of nucleus farm.
The project will create 1,100 direct and 3,000 indirect jobs.

11, Lan T Soya Milk Company Ltd

The Soya milk processing factory is located close to the Asutsare Junction on the Akosombo Road. The direct employment created are 90 and has created indirect employment close to 200. The factory produces 5000 pieces of soup milk each day.

Additional machines are to be installed while the factory is expected to be expanded.
It would be recalled that Minister of Trade & Industry, Alan Kyerematen, recently initialed Memoranda of Understanding (MoU) on behalf of government with some Chinese banks to finance additional 22 projects on turnkey basis across the 10 regions of the country.

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