Minister announces GHC1.7 billion package from gov’t, financial institutions, for 172 companies

- The minister of Trade and Industry, Alan Kyeremanteng, has stated that his outfit is working with some financial institutions to build factories

- He added that 14 financial institutions are working with the ministry to ensure that each district in Ghana gets a factory

- According to him, a total of GHC1.7 billion has so far been spent on 172 companies under the One District One Factory Initiative

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The Ministry of Trade and Industry has teamed up with some financial institutions to provide support for companies under the One District One Factory Initiative.

YEN.com.gh has learned that 172 companies have enjoyed GHC1.7 billion as part of the government’s industrialization agenda.

Shedding light on the details of the package, the sector minister, Alan Kyeremanteng, explained that the funds come in the form of interest subsidies or counterpart financing.

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Citibusinessnews.com reports that he listed the 14 financial institutions that were involved in the project.

The One District One Factory Initiative is designed to ensure that each district in Ghana has at least a medium to large scale factory; the number could vary depending on available natural resources.

During an encounter with the media on December 13, 2019, President Akufo-Addo stated that 58 factories were functioning as at then.

In other news, commercial banks in Ghana ended the year 2019 with a cumulative profit after tax of GHC3.3 billion.

This represents a strong growth of 38% of the 2018 profit recorded, the Bank of Ghana (BoG) announced.

The central bank indicated that the increase in profit was a result of increases in both net interest income as well as fee and commission income surging past the increase in operating expenses.

The results led to increased profitability indicators such as the after-tax Return on Equity (ROE) and before-tax Return on Assets (ROA).

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Source: YEN.com.gh