President Nana Addo Dankwa Akufo-Addo on Wednesday, 27th February, 2019, commissioned the Fujian Sentuo Ceramics Company, a ceramic tile manufacturing company located in Kpone, in the Greater Accra Region and operating under the 1-District-1-Factory initiative.
With the company employing some 1,500 employees, and sourcing 90% of its raw materials from Ghana, mainly from the Central and Western regions, President Akufo-Addo thanked the promoters of the company for taking advantage of the policies rolled out by government, under the 1-District-1-Factory Policy in order to make these investments.
Addressing the commissioning ceremony at the premises of the factory, the President indicated that his government wants to achieve a significant level of industrial development, which is why he commenced, immediately after his assumption of office, a programme of industrial transformation.
“The industrial transformation agenda is anchored on a 10-point plan, confronting the private sector and its ability to spearhead the development of our country. Some of those are the high cost of doing business, lack of access to medium- and long-term financing, poor infrastructure and logistics support for enterprises and commercial activities, inadequate skilled manpower and limited access to technology, innovation and research,” he said.
All of these challenges, the President assured, are being addressed by the policies of government.
He indicated that government is working hard to “bring down interest rates so that we increase the ability of businesses to fund their activities, while we are putting in place new arrangements for the Agricultural Development Bank and the National Investment Bank, so that it can be more focused on providing the funds for medium and long-term investments for industrial development.”
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In addition to these, President Akufo-Addo noted that, in the course of the last two years, the monetary policy rate of the Bank of Ghana is reducing, and inflation has also come down significantly, adding that “all of these are efforts that we are making to improve the business environment and make it possible for our enterprises in Ghana to be competitive”.
Touching on the cedi, the President stated that “I am extremely upset and anxious about it too, but I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability, in order to improve the competitiveness of Ghanaian industry. Very soon, we will be seeing the results of our policy.”
He urged residents of Tema, Kpone Katamanso “to embrace this factory and the work that is being done here and give the Chinese promoters of the factory the maximum support.”
President Akufo-Addo reiterated that “I am determined in my period in office to make the steps that will bring about structural changes in the manner in which the Ghanaian economy works, so we can have the sustained development and progress that our people are looking for.”