The Akufo-Addo-led government has so far invested a huge amount to the tune of GH¢541.5 million in 169 factories under the ‘1 District I Factory’ initiative.
The Minister for Finance, Ken Ofori-Atta who said this during the budget reading in Parliament on Wednesday stated that following the Government’s strong commitment to industrialization, a total of 169 One District, One Factory (1D1F) projects are currently operational, leading to a total employment of 169,870 in the job market, thus helping to curb the massive unemployment in the country.
He explained that ‘’An additional 152 factories are currently under construction and expected to be fully operational in 2024 and 2025. These industries are expected to increase value-addition and support our efforts to reset the economy’’.
He further noted that, in 2023, Ghana Free Zones Authority successfully licensed 29 Free Zones companies, with a capital investment of $180 million and created 2,500 jobs, adding that in 2024, it is projected that Free Zones companies will generate an estimated US$192 million in capital investments.
He continued that in line with the Government’s commitment to support Micro, Small, and Medium Enterprises (MSMEs), through the Ghana Enterprises Agency (GEA), 140,562 enterprises – including 100,211 women-owned enterprises – were provided with training and business development services.
He said a total number of 2,055 informal sector operators were also assisted to formalise their operations by registering with the Office of the Registrar of Companies.
On transportation, he said to improve connectivity within the sub-region and facilitate tourism, the upgrading of the Tamale Airport has been completed.
‘’To complement this effort and facilitate trade through Ghana’s transit corridor, the construction of the Boankra Integrated Logistics Terminal (BILT) is being executed and is about 54 percent complete’’.
‘’Following the approval of Ghana’s Energy Transition Investment Plan, the Government has commenced the development of a National Electric Vehicle Policy as part of efforts to create an enabling environment for the uptake of electric vehicles’’ he noted.
He explained that the Government rolled out the National Rental Assistance Scheme in February 2023 to ease the burden of huge rent advance payments by prospective tenants.
He said from February to October 2023, the Scheme disbursed about GH¢13.8million to cover the payment of rent advance for 1,105 individuals in the Greater Accra, Ashanti, Northern, Eastern, Bono East and Western Regions.
‘’Mr. Speaker, the Government continued works on Phase III of the Security Services Housing Programme, involving the construction of 320 units for the Ghana Police Service at the Ghana National Police Training School, Tesano. The overall progress of work stands at 95 percent’’.
He underscored that ‘’In addition, work commenced on the first phase of the Revised National Affordable Housing Programme at Pokuase, to construct 8,000 housing units. In 2024, the Government will commence work on the National Affordable Housing Project at Dedesua in the Ashanti Region’’.
BY Daniel Bampoe