President John Dramani Mahama has announced the selection of a strategic investor to resurrect the defunct Volta Star Textiles Limited (previously Juapong Textiles) as part of a massive effort to revitalise the North Tongu District’s local economy.
During a sod-cutting ceremony for the development of a new 24-hour market in Juapong, the President made the announcement.
The market and the revitalisation of the textile mill are both components of a larger government plan to improve North Tongu’s and the Volta Region’s economic situation.
The textile company, which supported a thriving local economy for decades before going through difficult times and then closing, was the foundation of Juapong’s historical development.
The plant has been revitalised by several administrations, but none have been able to bring it back to its previous splendour.
Speaking to chiefs and locals at the event, President Mahama underlined that restoring Volta Star Textiles is still a major priority for his administration, with the intention of creating direct jobs for young people and fostering a strong value chain of secondary businesses in the region.
The President declared, “We are committed to bringing this vital institution back to life to serve as an anchor for local economic growth.”
The factory had already hired a transaction counsel to find and screen possible partners.
A strategic partner has now been effectively chosen, according to President Mahama.
In order to confirm plans to retool and renovate the machinery, the investor is anticipated to visit the factory shortly.
The President revealed that cotton will first be imported from neighbouring Benin in order to keep the factory operating effectively once activities resume.
Grey baft, a semi-finished woven fabric used as a raw material for final textile manufacture, is Volta Star Textiles’ area of expertise.
The plant’s resuscitation is anticipated to improve the agricultural sector by giving local and regional cotton growers a guaranteed market for their produce, in addition to generating manufacturing jobs.
Source: newsthemegh.com