Prime News Ghana

ADB to release GHȻ200m for One-District-One-Factory project

By Sam Edem
ADB Limited
ADB Limited
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The One-District-One-Factory project has received another boost in funding, a 200 million cedi support from the  ADB Bank Limited.

The One-District-One-Factory (1D1F) is President Nana-Akufo's policy strategy for achieving its ambitious national industrialization agenda.

The ADB made this known during an interaction between the media and its country Managing Director, Dr John Kofi Mensah. He said bank’s board made the decision at its last meeting in accordance with the institutions tradition of leading in the private financial sector’s support for government development initiatives – particularly in Agriculture across Africa.

Dr. Mensah noted that “the 1D1F is a very good initiative by the government to transform our economy from a service based to a more industrial focused economy where we can produce enough for both local and international markets and create the much-needed jobs across the various sectors”.

He said as an agric-focused bank, it believes supporting producers of raw materials for the factories will ensure they run efficiently to keep these jobs in the towns and villages instead of straining the already stretched urban areas.

The ADB's gesture forms part of many support from key private sector stakeholders (local and foreign) following the announcement of the policy's implementation early this year - 2017.