President Nana Addo Dankwa Akufo-Addo last Friday, inaugurated two factories under the One District, One Factory programme in the Central Region.
President Akufo-Addo whose first port of call was the APPED Cylinder Factory said "it is the first time I have done so since becoming President, and it is a day I will not forget."
The factory, which currently employs some 250 people, and can employ additional 250 hands was established in January 2019 to participate in the government's flagship industrialisation programme.
The construction started in 2019 and was completed in 2021 and commenced commercial production and operations in December of the same year.
APPEB Company is the largest Liquefied Petroleum Gas (LPG) cylinder manufacturer in Ghana, in terms of production capacity with an installed capacity of 4,000 to 5,000 (6kg /15kg) gas cylinders per day.
The current production capacity is about 2000 cylinders per day due to the current market demand. The company imports mild steel from China as the main raw material for production.
Speaking at the commissioning ceremony, President Akufo-Addo reiterated the government's continued commitment to providing strategic support to companies and enterprises, such as APPEB, operating in Ghana.
"We will continue to enhance the existing incentive framework designed to make 1D1F designated companies more competitive and sustainable," he stated.
The incentives, according to the President, which include tax holidays, import duty waivers, and interest rate subsidies, are designed to help build the capacities and competitiveness of these enterprises, and to position them for greater productivity and efficiency.
President Akufo-Addo said the government was expecting Parliament to give its approval to the financial incentive package, "and I ask, respectfully, that Parliament expedites action on the matter, which has been, somewhat, delayed. It is important for investors that the legal processes for the grant of the package be completed as soon as possible."
He encouraged the proprietors and management of APPEB Cylinder Manufacturing Ltd to take further advantage of this package, and establish similar industrial enterprises in other parts of the country.
The second company, Rikpat Company Limited is an indigenous Ghanaian company with a total investment of $8 million and can produce 350 metric tons per day of a wide range of lubricants for both automotive and industrial usage.
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The broad range of product offerings of Rikpat includes Engine oils of different grades, Brake fluids, Industrial oils, Greases and Radiator coolants for both local and foreign markets.
President Akufo-Addo said RIKPAT "is going to support the Ministry of Trade and Industry's efforts to build a vibrant automotive industry in the country.
He encouraged all public institutions to procure their lubricants from domestic manufacturing companies, such as RIKPAT as it was the surest way of helping the company to recoup its investment, expand its operations, and create more jobs.
The President reassured of the government's commitment to supporting private sector operators, like RIKPAT, to become globally competitive, "and, thereby, take advantage of market integration frameworks such as the African Continental Free Trade Area (AfCFTA), whose Secretariat has been established in Accra."
