14 Apr We’ll enhance incentive framework for 1D1F companies – Akufo-Addo
14 april 2021
President Akufo-Addo has assured companies and enterprises operating under his administration’s flagship program, “One District, One Factory” (1D1F), that government will continue to enhance all existing incentives that are in place to ensure that they remain competitive, productive, and efficient.
President Akufo-Addo said the government’s agenda of import substitution, export diversification, and industrial transformation is being supported significantly by B5 Plus limited and other companies who have signed onto the 1D1F initiative and to that end, his government will continue to put in place policies that will enhance the competitiveness of all 1D1F enterprises and establishments.
He was addressing attendees of the commissioning ceremony of the first phase of the B5 Plus Steel Plant and the sod-cutting ceremony of the second phase under the One District, One Factory (1D1F) initiative of the government, at Larkpleku village, Prampram in the Greater Accra Region, today April 13,
“I want to reiterate the government’s continued commitment to providing strategic support to companies and enterprises operating in Ghana. 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 capacities and competitiveness of these enterprises and to position them for greater productivity and efficiency” President Akufo-Addo said.
Trade and Industry Minister, Alan Kyerematen, in his address noted that the industrial transformation agenda of the Government under the able leadership of President Nana Addo Dankwa Akufo-Addo hinges on a competitive and vibrant local steel industry which is a critical input for industrial take-offs. According to the Trade Minister, “predominantly, industries that manufacture automobiles, aircraft, trains, ships, harvesters, biomedical equipment, waste incinerators and construct bridges, pipelines, power plants as well as other household products utilize steels.”
“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”.
“The state of art steel manufacturing plant in Larkpleku Village, Prampram, is estimated to have cost USD 100M 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” Alan Kyerematen stated.
Founded in 2002 by its CEO Mukesh V. Thakwani, B5 Plus Ltd has its Headquarters in Ghana. B5 Plus Ltd has a conglomerate of business operations spread across different countries in West Africa. B5 Plus Ltd’s vision is to become the World’s most renowned manufacturing and trading company in iron and steel products. B5 Plus Limited manufactures and trades in well-finished iron and steel products which are known for their high quality.
Source:Starr FM Ghana