Minister designate for trade and industry, Alan Kyerematen, has revealed the government will partly fund the ambitious one district one factory policy through the one million dollars one constituency promise.
Answering questions by members of the appointment committee during his vetting, the trades minister designate revealed that even though the private sector will largely lead the one district one factory project, the one million dollars fund for each constituency will be a major catalyst in bringing it into fruition.
“There is an agreement in principle for government to allocate certain percentage of the one million dollars that is intended now to go to every constituency, a percentage of that to support particular district. We are talking about viable commercial enterprises so if government even has to borrow to be able to provide equity to support the private sector investor why not? I mean we are able to borrow on the capital markets to fund infrastructural projects which may not necessarily have commercial returns.” He revealed.
The one district one factory promise remains one of the major campaign promises which catapulted the New Patriotic Party (NPP) into power in the knife-edged 2016 elections.