GCB Bank has invested GH¢1 billion as a support package towards the District Industrialization Project also known as the ‘One District, One Factory’ project.
This announcement was during a forum organized by the Ghana National Chamber of Commerce (GNCC) to forward the goals of the project. Managing Director of GCB Bank, Ray Sowah expressed the bank’s unflinching support to promising business proposals.
“As a dream that is long overdue for this country, we all know the transformational impact of this bold initiative on our national economy and Ghana’s development. Let me state here and now that GCB is as passionate about the ‘One District, One Factory’ initiative and its success just as government.’’
Speaking at the forum which was themed, “Leveraging on the ‘One District, One Factory’ Policy for Private Sector Growth”, keynote speaker Alan Kyerematen said government was designing a working framework to cater for all aspects of the program. This would include identifying resources in specific districts, developing economic plans for the district, among others.
According to the Minister, the initiative is not to set up state enterprises but to drive the establishment of private businesses to be facilitated by government.
He further said promoters were invited to submit an expression of interest to MoTI or District Chief Executives of the districts where they intended to execute their projects.
The ‘One District One Factory’ initiative is estimated to be worth between $1 billion and $5 billion and would create about 1.5million jobs directly or indirectly.
President of GNCC Nana Appiagyei Dankawoso I, remarked that rural development in the past only focused on developing and constructing infrastructural facilities but this project intends to grow viable businesses from the scratch to sustain rural communities in the country.