President Akufo-Addo has officially opened the first factory under the One-District-One-Factory programme in Ghana at Kaase in the newly created Asokwa Municipality of the Ashanti region.
In an inaugural address, President Akufo-Addo announced that while local banks have a pool of 2.5 billion Ghana Cedis as credit facility to support business promoters under the programme, financial institutions in the United Kingdom, USA, China among others have made available 700 million Ghana Cedis ready to be accessed by participating companies.
The newly commissioned factory is the Spring and Bolts Limited. The company, which is engaged in the manufacturing of U-bolts, leaf springs, trailer suspension parts, bolts and nuts, can import machinery and equipment duty-free, will, amongst others, not pay duty on raw materials imported for production, and will enjoy a tax holiday for five years.
