1D1F: President Akufo-Addo commissions $35m new factory, says 107 factories are operational
President Nana Akufo-Addo has commissioned the Atlantic Life Sciences Company, a pharmaceutical company under the 1D1F programme.
President Nana Akufo-Addo has commissioned the Atlantic Life Sciences Company, a pharmaceutical company under the 1D1F programme.
According to him, this brings to a total of 107 factories that are fully operational under the One District One Factory (1D1F) initiative.
The President says over 200 of these factories are under construction and will be completed soon.
“The $30 million Atlantic Lifesciences Ltd, a company operating under Government’s 1-District-1-Factory Programme, and located at Ningo Prampram is the 107th factory completed and operating under the initiative out of the 278 enterprises being established and rehabilitated across the country,” he said.
“Out of the total investment for the project, which is estimated at thirty-five million dollars (US$35 million), Ghana Exim Bank provided a credit facility to the tune of $10 million for the procurement of plant, equipment, and machinery. This underscores the kind of support given by the government to the private sector to take advantage of economic opportunities in the country,” he added.
Atlantic Lifesciences Ltd, with the support of the government, has established the factory to manufacture vaccines, anti-snake serums, eye drops, inhalation anaesthesia products, syrups, tablets, and capsules, in Larkpleku.
The president was joined by Alan Kyerematen, the Minister of Trade and Industry, and other officials during the commissioning at Ningo-Prampram in the Greater Accra Region on Friday, April 22.
The 1D1F is a private sector-led initiative envisioned by President Akufo-Addo to create the necessary conducive environment for businesses to access funding from financial institutions and other support services from government agencies, to establish factories and production units in the various districts of the country.
It seeks to change the structure of Ghana’s economy from one which is dependent on the import and export of raw materials to one which is focused on manufacturing, value addition, and export of processed goods by processing raw materials found largely in all districts of the country into finished or semi-finished goods.
