The Minister nominee for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, says the proposed 24-hour Economy by the National Democratic Congress (NDC) is set to support the One District, One Factory (1D1F) initiative.
During her vetting before the Appointments Committee in parliament on Wednesday, January 22, Ofosu-Adjare pointed out that the lack of adequate raw materials for factories under the 1D1F initiative has been a significant obstacle to its success.
She claimed that with the implementation of the new government’s 24-hour economy policy, the issue could be effectively addressed.
She said “The solution lies in the 24-hour economy, where businesses will have access to a steady supply of raw materials. Agribusiness will play a crucial role through commercial contract farming, which will substantially resolve the raw material challenge” she said.
The Techiman North MP further said, “These factories will benefit from tax holidays and other incentives under the 24-hour economy framework.”
The 1D1F initiative by former President Akufo-Addo aimed to shift Ghana’s economy away from a reliance on raw material exports and imports of finished goods, focusing instead on manufacturing, value addition, job creation, and the export of processed products.
While some factories have been established under the initiative, challenges have hindered its overall success.
Source: Myjoyonline.com
