The government’s One District-One Factory programme has been given its biggest boost yet with the announcement of a 100-million-dollar support package by a local bank.
Universal Merchant Bank (UMB) made the announcement when senior managers of the bank paid a courtesy call on the president in Accra.
According to John Awuah, the chief executive officer of UMB, supporting enterprises was something the bank has done over the years and as such the package was a continuation of that tradition.
“It is one thing we have done before and we believe we have the capacity to assist going forward and with that background, we fully embraced the grandiose, innovative and aspirational vision of one district, one factory, which we share very deeply in because we believe that each district in the country has some distinctive competency around the setup of the district that can be harnessed into an industrial hub and that is where we believe with the government in place, we need a financial muscle in between to partner the project and get it going.”
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“It is not something we are planning to do; we have already set up the centre. We are going through the mechanism and other mechanical frameworks, documentations and how applications that come to us would be risk accessed and how we will partner the requisite ministry to deliver.”
President Nana Akufo-Addo tasked the Ministry of Trade and Industry to facilitate the connection between individuals interested in setting up factories and the bank.