This, the secretariat said, follows commitments and enthusiasm that have greeted the initiative from foreign and local investors in the country.

Although a comprehensive implementation plan seeks to establish about 216 factories in the country by the close of 2020, the National Coordinator of the secretariat, Mrs Gifty Ohene-Konadu, said her outfit was determined  to increase the number  to 400 factories in four years.

Mrs Ohene-Konadu told  the Graphic Business in an interview on the sidelines of a stakeholder workshop organised by the secretariat last Tuesday (May 23) in Accra.

The programme is also expected to facilitate the creation of between 7,000 and 15,000 jobs per district and between 1.5 million and 3.2 million jobs nationwide by the end of 2020.

She indicated that the secretariat had so far recorded a total of US$6 billion in pledges from both foreign and local investors as commitment to support the initiative.

“The earlier US$3 billion pledges we received from local and foreign investors have so far not been honoured, likewise the recent US$3 billion pledge from the Chinese Government,” she said.

Budget approval

Mrs Ohene-Konadu, however, stated that the secretariat had received a budget approval of GH¢45 million as initial commitment from the government to the execution of the programme.

“It is important to note that there are a variety of people who are interested in an opportunity such as the one this policy is offering. We have had the privilege of meeting with some primary stakeholders, including financial, strategic and development-focused institutions,” she said.

She added that the interest in the programme had so far generated investment pledges and commitments with foreign investors constituting about one-third of the total pledges.

 Mrs Ohene-Konadu explained that the secretariat has also received 200 proposals, of which it had evaluated and drawn up a list of 25 projects to be considered for the first 10 to be implemented.

She noted that everything was ready for the inauguration of the first 10 factories under the 1D1F programme in June this year.

 “We have been excited about the eagerness and the enthusiasm of the private sector to get involved and contribute to the success of the projects,” she stated.

She said a minimum of US$5,000 to US$5 million based on project size and operational investors were required to support the projects, saying government intended to promote an industrialised economy and ensure that development was spread across the country.

“It is important to indicate that a project coordinating office will develop different interventions to address different needs of the businesses wanting to establish factories in the districts,” she stated.

About the initiative

The 1D1F initiative was instituted by President Nana Addo Dankwa Akufo-Addo to address the challenge of slow economic growth at the district level.

The initiative aims to achieve this through a massive private sector-led nationwide industrialisation drive, which will equip and empower communities to utilise their local resources in manufacturing products that are in high demand both locally and internationally.

This will allow the country to reap the rewards of industrialisation, increase agricultural and manufacturing output, reduce reliance on imports and increase food availability.

It will also facilitate the implementation of a business support service, capacity building, mentoring and coaching, provision of networking opportunities, assistance with financial planning and financial management, as well as assistance with regulatory and legal compliance.