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Business News of Saturday, 12 May 2018


1D1F: Government yet to secure $400m – Murtala

The Government of Ghana will need to be truthful with the implementation of the One District One Factory programme, Murtala Mohammed, a former Deputy Minister of Trade has said.

According to him, the government has been unable to secure funds for the project despite claims that an amount of $400 million has been secured for the implementation of the programme.

Trade Minister, Alan Kyerematen, has signed a $400 million turnkey financing facility with China National Building Materials Corporation (CNBM) for 22 enterprise projects under the One District One Factory programme.

The agreement signed on Wednesday, May 9, 2018, in Accra enables the start of projects for the processing of industrial starch, vegetable oil, garments and alcohol in line with governments One District One Factory (1D1F) initiative.

The projects are expected to create over 30,000 direct and indirect jobs across the country.

At the same signing ceremony, some local banks who are participating in the 1D1F program also signed on- lending facility arrangements with CNBM in support of the initiative.

At least four local banks have been selected to serve as intermediaries between the Chinese entity and local businessmen and women to execute the projects.

But speaking on TV3’s New Day programme, Mr Muntala said: “signing an agreement does not mean you have secured the funds.”

He added it is not true that funds have been secured for the programme and the government will need to tell Ghanaians the truth.