Minister-Designate Proposes 24-Hour Economy to Revamp 1D1F Initiative
Elizabeth Ofosu-Adjare, Minister-Designate for Trade, Agribusiness, and Industry, has proposed the adoption of a 24-hour economy to tackle the challenges facing Ghana’s One District, One Factory (1D1F) initiative.
Speaking during her vetting by Parliament’s Appointments Committee, Ofosu-Adjare praised the 1D1F program for its achievements but acknowledged several hurdles impeding its full potential.
Key Challenges Identified
Among the challenges highlighted were:
- Raw Material Shortages: Agro-processing factories face difficulties in securing adequate supplies.
- Limited Access to Capital: Businesses are grappling with high market fluctuations and a significant funding gap.
- Soaring Interest Rates: Despite initial government support through subsidized loans capped at 20%, interest rates skyrocketed to 55%, leaving businesses unable to cover a 15% gap.
- Unfulfilled Subsidy Promises: The government’s inability to deliver on its commitment to cover 10% of the subsidized interest rate further exacerbated the problem.
Proposed Solution
To address these issues, Ofosu-Adjare proposed transitioning to a 24-hour economy, allowing factories to operate around the clock. She argued that this would boost productivity, strengthen supply chains, and help factories overcome raw material shortages by maximizing output.
While acknowledging the program’s successes, she emphasized that resolving these critical challenges is essential for the initiative to thrive. “The solution to 1D1F lies in a 24-hour economy,” she asserted.
This proposal marks a forward-thinking approach to improving industrial efficiency and ensuring the long-term success of the 1D1F initiative, which aims to drive economic growth and create jobs across Ghana.
