Government will enhance incentive framework for 1D1F firms – Akufo-Addo

President Akufo-Addo has assured companies and enterprises operating under his administration’s flagship programme, “One District, One Factory” (1D1F), that government will continue to enhance all existing incentives that are in place to ensure that they remain competitive, productive, and efficient.

Addressing attendees of the commissioning ceremony of the first phase of the B5 Plus Steel Plant and the sod-cutting ceremony of the second phase under the One District, One Factory (1D1F) initiative of government, at Larkpleku village, Prampram in the Greater Accra Region, today the 13th of April 2021, President Akufo-Addo said government’s agenda of import substitution, export diversification, and industrial transformation is being supported significantly by B5 Plus limited and other companies who have signed onto the 1D1F initiative and to that end, his government will continue to put in place policies that will enhance the competiveness of all 1D1F enterprises and establishments.

“I want to reiterate government’s continued commitment to providing strategic support to companies and enterprises operating in Ghana. We will continue to enhance the existing incentive framework designed to make 1D1F designated companies more competitive and sustainable. The incentives which include tax holidays, import duty waivers and interest rate subsides 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.

Trade Minister

Trade and Industry Minister, Alan Kyerematen, in his address noted that the industrial transformation agenda of the Government under the able leadership of the President Nana Addo Dankwa Akufo-Addo hinges on a competitive and vibrant local steel industry which is a critical input for industrial take-offs.

According to the Trade Minister, “predominantly, industries that manufacture automobiles, aircraft, trains, ships, harvesters, biomedical equipment, waste incinerators and construct bridges, pipelines, power plants as well as other household products utilize steels. The steel industry is therefore classified as one of the strategic anchor initiatives being promoted by the Government as part of the Industrial Transformation Plan”.

“The state of art steel manufacturing plant in Larkpleku Village, Prampram, is estimated to have cost USD 100M and the expanded B5 Plus has the potential to help bridge the gap between the production and demand for steel locally. To ensure regular supply of power to the site, the management of B5 Plus has entered into a special arrangement with VRA and GRIDCO and this is timely to ensure efficient running of the facility” Alan Kyerematen stated.