Home / GENERAL NEWS / Government Will Enhance Incentive Framework For 1D1F Companies, Says Akufo-Addo

Government Will Enhance Incentive Framework For 1D1F Companies, Says Akufo-Addo

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President Akufo-Addo has assured companies and enterprises operating under the One District, One Factory (1D1F) programme that his government will continue to enhance all existing incentives in place to ensure that they remain competitive, productive and efficient.

President Akufo-Addo was speaking at the commissioning ceremony for the first phase of the B5 Plus Steel Plant and the sod-cutting ceremony for its second phase under the One District, One Factory (1D1F) initiative at Larkpleku village, Prampram, in the Greater Accra Region, on Tuesday (13 April 2021).

He said the government’s agenda of import substitution, export diversification and industrial transformation is being supported significantly by B5 Plus Ltd and other companies that have signed up to 1D1F.

President Akufo-Addo added that his government will continue to put in place policies that will enhance the competitiveness of all 1D1F enterprises and establishments.

Akufo-Addo, B5 Group

“I want to reiterate the government’s continued commitment to providing strategic support to companies and enterprises operating in Ghana,” President Akufo-Addo said. “We will continue to enhance the existing incentive framework designed to make 1D1F-designated companies more competitive and sustainable.

“The incentives, which include tax holidays, import duty waivers and interest rate subsidies, are designed to help build the capacity and competitiveness of these enterprises and to position them for greater productivity and efficiency,” he said.

Strategic anchor initiatives

In his address, Alan Kyerematen, the Minister of Trade and Industry, noted that the government’s industrial transformation agenda under the able leadership of President Nana Addo Dankwa Akufo-Addo hinges on a competitive and vibrant local industry producing steel, which is a critical input for industrial take-off.

“The steel industry is therefore classified as one of the strategic anchor initiatives being promoted by the government as part of the Industrial Transformation Plan,” Kyerematen said.

“The state-of-the-art steel manufacturing plant in Larkpleku Village, Prampram, is estimated to have cost US$100 million and the expanded B5 Plus has the potential to help bridge the gap between the production and demand for steel locally.

“To ensure regular supply of power to the site, the management of B5 Plus has entered into a special arrangement with VRA and GRIDCO, and this is timely to ensure the efficient running of the facility,” Kyerematen said.

B5 Plus Ltd

Founded in 2002 by Mukesh V Thakwani, now its chief executive officer, B5 Plus Ltd has its headquarters in Ghana.

The company runs a conglomerate of business operations, spread across various countries in West Africa.

The vision of B5 Plus Ltd is to become the world’s most reputable manufacturing and trading company making iron and steel products.

B5 Plus manufactures and trades in well-finished iron and steel products which are known for their high quality.

 

Source: Asaaseradio

 

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