Elizabeth Ofosu-Agyare, Minister-Designate for Trade, Agribusiness, and Industry, has emphasized how President John Dramani Mahama’s 24-hour economy policy will tackle the issues impeding the One District, One Factory (1D1F) initiative, which was launched by former President Nana Addo Dankwa Akufo-Addo.
The absence of sufficient raw materials has been a major barrier to the success of the 1D1F plan, Ofosu-Agyare stated during her vetting before Parliament’s Appointments Committee today.
She clarified that the 24-hour economy policy’s implementation would address these problems, especially by encouraging commercial contract farming.
“I see the solution in the 24-hour economy because in the policy businesses are going to receive economy, agribusiness will play a key role where there will be commercial contract farming which will solve the raw material problem to a very large extent,” she said.
The minister-designate went on to say that the 24-hour economy strategy, which would supply raw materials as well as incentives like tax breaks, could greatly help factories under the 1D1F plan.
“These factories I’m sure will sign on the 24-hour economy and get the benefit of raw materials, tax holidays, etc.,” she emphasized.
Former President Akufo-Addo launched the 1D1F program in 2017 with the goal of shifting Ghana’s economy away from importing completed goods and exporting raw materials to concentrating on manufacturing, value addition, and exporting processed commodities.
Although some factories have been established as a result of the program, its performance has been constrained by a number of issues.
Source: newsthemegh.com