President Nana Addo Dankwa Akufo-Addo on Friday commissioned a Timber processing factory in Drobonso at the Sekyere Afram Plains in the Ashanti Region under Government's One District, One Factory initiative.
The factory, Miro Forestry Ghana Limited, which processes a variety of wood species, is one of the 181 projects selected by the Ministry of Trade and Industry, under the 'One District, One Factory' (1D1F) initiative.
Currently, Miro Forestry Ghana Limited, whose main products including rotary veneer, small diameter broom poles and wood waste engages about 1,100 youth from Drobonso.
Additionally, the factory has cultivated about 8,500 hectares of different species of trees and working towards the acquisition of additional land to increase the number of species under cultivation to 15,000 hectares in the Sekyere Afram Plains.
The expansion of the plantation will ensure a sustainable supply of raw materials for the company. The wood species cultivated include eucalyptus, gmelina and acacia managium.
The promoter of the factory indicated to President Akufo-Addo that arrangements had already been put in place to install another veneer processing line before the end of this year, and a plywood mill by the year 2020.
The expansion work will significantly increase the number of direct employees of the company, and offer employment to the residents of Drobonso and the surrounding villages to help improve their livelihoods and the economy of the District.
The President encouraged the management of the company to establish their presence in the ECOWAS market and also take advantage of the African Continental Free Trade Area (AfCFTA) which would be fully operational from July 2020, to export their products to other parts of Africa.
He commended the Promoters of Miro Forestry Ghana Limited for making such an investment in the Sekyere Afram Plains District to support the industrial transformation agenda of the Government.
President Akufo-Addo reiterated the government's determination, through the Ministry of Trade and Industry, to collaborate with the private sector to implement a comprehensive programme for Industrial Transformation, anchored on ten pillars.
These include the One District, One Factory Initiative; the One Region, One Park; the Strategic Anchor Industries initiatives; and the National Industrial Revitalisation programme with stimulus package among others. These programmes and initiatives are geared towards transforming the Ghanaian economy and position the country as the Manufacturing hub for Africa.
The implementation of the 1D1F initiative has received significant support from the Business community in Ghana, as well as from both local and international financial institutions.
As a show of support to this initiative, eleven local banks have made commitments to support some 1D1F projects owned by Ghanaian Business Promoters. Besides, the government has introduced several incentives to support 1D1F companies.
These include Tax Holidays, Duty Waivers and Interest Rate Subsidy, are to help build the capacities and competitiveness of the 1D1F companies, and to position them for greater productivity and efficiency. Also, the 1D1F companies have been assigned Technical Experts to provide free advisory services during the projects' implementation phase at no cost to the Business Promoters.
Source: ISD (Rex Mainoo Yeboah)
Created: 17 October 2019