President Nana Akufo-Addo on Friday, September 3 commissioned the Narubiz Rubber Factory, a company operating under the government’s 1-District-1-Factory initiative, at Wassa Dompim in the district of Wassa East of the Western Region.
The factory, which is 100% Ghanaian-owned, has the capacity to process 20 tonnes of rubber per day for export to countries including Turkey, Malaysia and Hong Kong. It is expected that a total of 6,240 tons of processed rubber per year will be exported, which will generate some $9.6 million in foreign exchange in the country.
During the commissioning of the plant, at the start of his 2-day tour of the Western region, President Akufo-Addo said that the total investment for the plant was 2.1 million dollars, with GCB Bank providing a $1.38 million loan facility to the company, under 1D1F. initiative implemented by the Ministry of Trade and Industry.
In addition, the factory benefited from import duty exemptions on factory, equipment and machinery from the government which, among other incentives, were designed to boost the competitiveness of companies operating under the scheme. 1D1F.
The plant, which began construction on February 10, 2020, currently provides direct and indirect employment to more than 1,340 employees, including small-scale growers, latex harvesters, farm maintenance workers and transporters.
The President noted that the location of the plant in the Western region will encourage more Ghanaians to grow natural rubber in the catchment area, as well as other nearby regions to supply the state-of-the-art plant.
With Ghana’s emerging automotive industry, he was convinced that the factory would play a vital role in the development of components for the automotive industry, such as vehicle tires, car seats and fan belts, which could be produced from the raw materials currently being crafted from Narubiz. Rubber factory.
President Akufo-Addo commended the business developers and traditional authorities in the region for their unwavering support for the project and GCB Bank for providing the loan facility for the establishment of the plant.
Phase 3 KEDA Ceramic Factory
In Shama, the President commissioned phase 3 of the KEDA Ceramics factory, the construction of which began in September 2019 and was completed in June 2021.
The plant generated some 2,000 direct jobs and 5,000 indirect jobs, with the company investing some $150 million in the three phases, resulting in an increase in production capacity of 150,000 square meters of tiles per day.
Currently, the company exports 60% of the tiles produced to the West African market.
It will be recalled that the President on Tuesday, July 23, 2019, gave the go-ahead for the third phase of expansion work at the factory, a venture operating under the government’s “One District, One Factory” initiative.
President Akufo-Addo said, at the time, that “the company’s operations have also witnessed a significant reduction in the import of tiles of up to 14%. This company’s contribution to the industrialization program of the country and the transformation of our economy is important.”
Particularly pleased with the company’s decision to source raw materials locally, the chairman noted that “many of these things that we can do here in Ghana, we intend to start the process of doing them here in Ghana: This is how we can develop our economy and begin to improve the standard of living of our people.