President Nana Addo Dankwa Akufo-Addo on Monday commissioned the Kasapreko Water, Juice and Soft Drinks Factory at Kwadaso in the Ashanti Region.
President Akufo-Addo said the commissioning was in fulfillment of the promise the government made to partner the private sector, to set up at least one medium to large scale enterprise in every district of Ghana.
He said the One District, One Factory policy is targeted at promoting commercially viable business ventures, through the establishment of an institutional framework that would attract private sector investments in rural economic activities.
President Akufo-Addo said the establishment of the factory was a manifestation of the new paradigm of economic development, which the government is vigorously pursuing, where industrial value-addition can take place within a conducive and business-friendly environment.
The President said, “Kasapreko, in addition to the $25 million borrowed from Stanbic Bank for the project, also received a waiver of duties on machinery and raw materials, as well as a 5-year tax holiday, which, together, is worth $28 million from the government.”
He said the company has the capacity to produce 35,000 bottles per hour of juices and non-alcoholic soft drinks and 15,000 bottles per hour of water, working at full capacity. It will also employ 300 people directly, and generate some 3,000 indirect jobs through the supply chain.
President Akufo-Addo applauded the company for sourcing 90% of its packaging materials domestically, as bottles, caps and cartons are all produced in Ghana.
The Kasapreko Tanoso factory will be serving the Ashanti, Bono, Ahafo, Northern, Savannah, North East, Upper East and Upper West Regions, as well as export its products to our neighbouring countries such as Burkina Faso and Côte d’Ivoire.
The government, President Akufo-Addo stressed, remained committed to supporting private sector operators, like Kasapreko, to become globally competitive and, thereby, take advantage of market integration frameworks such as the African Continental Free Trade Area (AfCFTA), whose Secretariat has been established and commissioned in Accra.
“I am particularly pleased that a successful and innovative company like Kasapreko is finding new opportunities under the 1D1F policy, and would like to assure them of Government’s unwavering support,” he added.
To companies operating under the government’s 1D1F programme and other companies operating at the local private sector operating at the district level, the President reminded them that the Ministry of Trade and Industry, in collaboration with relevant Ministries, Departments and Agencies, has established an institutional mechanism to provide strategic support and assistance to them.
“That is why we have established Business Resource Centres in 67 districts across the country, 30 of which have already commenced operations. I commend the shareholders and management of Kasapreko for their diligence and commitment towards boosting the capacity of our nation towards self-reliance,” he said.
Rex Mainoo Yeboah, ISD