On Friday, September 3, President Nana Akufo-Addo commissioned the Narubiz Rubber Plant, a company operating under the 1-District-1-Factory government initiative, in Wassa Dompim, Wassa East District. from the western region.
The factory, which is a 100% Ghanaiian-owned company, has the capacity to process 20 tonnes of rubber per day for export to countries such as Turkey, Malaysia and Hong Kong. A total of 6,240 tonnes of processed rubber is expected to be exported per year, which will generate some $ 9.6 million in foreign exchange in the country.
Commissioning of the plant, at the start of his 2-day tour of the Western region, President Akufo-Addo indicated that the total investment for the plant is $ 2.1 million, the GCB Bank providing a loan facility of $ 1.38 million to the company, as part of the 1D1F initiative implemented by the Ministry of Trade and Industry.
In addition, the factory benefited from import duty exemptions on government plant, equipment and machinery which, among other incentives, were designed to boost the competitiveness of companies operating under the 1D1F program.
The plant, which began construction on February 10, 2020, currently provides direct and indirect employment to more than 1,340 employees, including contract growers, latex harvesters, farm maintenance workers and transporters.
The president noted that locating the plant in the western region will encourage more Ghanaians to cultivate natural rubber in the catchment area, as well as other neighboring regions to supply the state-of-the-art plant.
With the emergence of the automotive industry in Ghana, he was confident that the plant will 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 made from Narubiz. Rubber factory.
President Akufo-Addo congratulated the business developers and traditional authorities in the region for their unwavering support for the project and the GCB Bank for providing the loan facility for the establishment of the factory.
Phase 3 KEDA Ceramics Factory
In Shama, the President commissioned phase 3 of the KEDA Ceramics plant, whose construction began in September 2019 and was completed in June 2021.
1D1F: Akufo-Addo commissions $ 2.1 million rubber processing plant
The plant generated some 2,000 direct jobs and 5,000 indirect jobs, with the company investing some $ 150 million in the three phases, increasing production capacity by 150,000 square meters of tile 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, laid the foundations for the third phase of the works to expand the factory, a company operating under the government initiative “One district, one factory”.
President Akufo-Addo said at the time that “the company’s operations also saw a significant reduction in the import of tiles by up to 14%. The contribution that this company makes to the country’s industrialization program and to the transformation of our economy is significant.
Particularly pleased with the company’s decision to source raw materials locally, the President noted that “a lot of these things we can do here in Ghana, we intend to start the process of doing them here in Ghana. Ghana. This is how we can develop our economy and start improving the standard of living of our people. “