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The Agricultural Development Bank (ADB) Limited has pledged GHC200 million to support the One-District-One-Factory (1D1F) initiative by the government, which seeks to industrialise the Ghanaian economy.
“The 1D1F is a very good initiative by the government to transform our economy from a service based to a more industrial focused economy where we can produce enough for both local and international markets and create the much-needed jobs across the various sectors,” remarked Dr John Kofi Mensah the Managing Director of ADB.
The board’s decision to support the initiative was taken following the bank’s lead role in supporting several government initiatives in the past and was hopeful this support will help accelerate the full implementation of the 1D1F.
“As an agric-focused bank, we believe that supporting producers of raw materials for the factories will ensure that these factories run efficiently at full capacity and keep these jobs in the towns and villages instead of straining the already stretched urban areas,” Dr Mensah said.
ADB, therefore, adds to a growing list of banks, development finance institutions, private investors and sovereign nations that have pledged support to the project that seeks to create a million jobs across the country.