1D, 1F Project Commissioned At Asokwa

President Nana Addo Dankwa Akufo-Addo has commissioned one of the projects under Government’s 1-District-1-Factory initiative at Asokwa in the Ashanti Region.

The company, which produces U-bolts, leaf springs, trailer suspension parts, bolts and nuts, can import machinery and equipment duty-free.

It will among others, not pay duty on raw materials imported for production, and will enjoy tax holidays for five years.

Additionally, the Ministry of Trade and Industry will attach two technical experts to provide free advisory services to the company staff under the NABCO programme.

Speaking at the commissioning ceremony, President Akufo-Addo noted that he is seeking to build a modern economy in Ghana, which must have a robust industrial sector, hence his commitment to the successful implementation of the 1-District-1-Factory initiative.

The implementation of the 1-District-1-Factory initiative has received significant support from the business community.

“As a show of support to this initiative, some local banks have pledged about GH¢2.5 billion, while some leading financial institutions from the UK, US and China have pledged over $700 million in credit lines to be accessed by Business Promoters.

The Ministry of Trade and Industry is facilitating the engagement and negotiations between Business Promoters and these financial institutions,” the President said.

The President said the company is engaged in a sector that is critical to the industrialization programme of Ghana.

“The manufacture of machines, machine parts, and components, as well as the development of the automobile and vehicle assembly industry, are two of the strategic anchor initiatives being promoted by the Government as part of the Industrial Transformation Plan. Spring and Bolts Limited which is being commissioned is a good reflection of the potential in these two sectors,” President Akufo-Addo added.

The President also revealed that “Government is currently in negotiations with leading global vehicle manufacturing companies to establish assembling plants in Ghana, and very soon, formal notification of these negotiations will be made public for the Ghanaian people.”

He told the gathering about another programme is being implemented by the Ministry of Trade and Industry to link SMEs, such as Spring & Bolts, to the supply chain of big multinational companies as suppliers of critical inputs and parts.

“The Industrial Sub-Contracting Exchange (SPX) has been designed to create a strategic platform for matching local SMEs to large-scale companies. The outcome of this programme will enhance the productive capacities of Ghanaian SMEs and increase their revenues whiles the country will have the advantage of retaining critical foreign currency that is currently being used to import parts, raw materials, and components,” he added.

President Akufo-Addo congratulated Mr. George Amankwa the business promoter and Springs Bolts Ltd and his team, for a great job done to support the industrialization drive in Ghana.

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