President Nana Addo Dankwa Akufo-Addo commissions the factory
President Nana Addo Dankwa Akufo-Addo on Friday commissioned the Atlantic Lifesciences Limited, a company operating under the government’s 1-District-1-Factory initiative, as part of efforts to transform and make the country economically dependent.
Speaking at the commissioning ceremony at Ningo Prampram, President Akufo-Addo stated that the factory “is in further fulfilment of the promise by Government, in partnership with the private sector, to set up at least one medium to large scale enterprise in every district of Ghana”.
He said whilst previous attempts at rural economic revitalisation in Ghana had focused mainly on the provision of physical infrastructural facilities, the One-District-One-Factory programme focuses on “the promotion of commercially viable business ventures, to generate sustainable and accelerated economic development for rural communities.”
According to President Akufo-Addo, the agenda to promote industrialisation in the country remains a key priority of his government.
Atlantic Lifesciences Ltd
He said the Atlantic Lifesciences Limited, with the support of Government, had established this new facility in the healthcare sector, engaged in the manufacture of vaccines, anti-snake serums, eye drops, inhalation anaesthesia products, syrups, tablets, and capsules, in Larkpleku, under the One District One Factory (1D1F) Programme.
“It is the 107th factory completed and operating under the 1D1F initiative, out of the 278 enterprises being established and rehabilitated across the country… I congratulate the promoters and management of the company for taking advantage of this programme,” the President said.
The President further noted that the Ministry of Trade and Industry, in collaboration with Ghana EXIM Bank and Standard Chartered Bank, had since 2017 supported this company to benefit from the 1D1F programme.
“Out of the total investment for the project, which is estimated at US$35 million, Ghana Exim Bank provided a credit facility to the tune of US$10 million for the procurement of plant, equipment, and machinery,” he disclosed.
This, according to the President, underscores the kind of support given by his government to the private sector to take advantage of economic opportunities in the country.
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President Akufo-Addo also mentioned that “this new factory is generating some three hundred and eighty direct jobs, and, when fully operational, will generate additional direct employment for some four hundred workers.”
“In addition, the facility is expected to create a total of two thousand, five hundred indirect jobs,” he pointed out.
He commended the collaborative work among the Ministry of Trade and Industry, Ministry of Health, Ghana Exim Bank, Standard Chartered Bank, Food and Drugs Authority, the traditional authorities and foreign partners of the company, which led to the provision of the requisite support towards the establishment of the state-of-the-art manufacturing facility.
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