22 Factories Benefit from $400m Chinese Funding

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The Trade Ministry has announced that the twenty-two factories that will be built with the newly signed 400 million dollar financing facility, from the Chinese government should kick off next year.

The Chinese government, represented by the China National Building Material Cooperation (CNBM), pledged to release the fund to support government’s one district, one factory initiative.

In an interview with Citi Business News, Deputy Trade Minister, Carlos Ahenkorah said the companies will be involved in the production and processing of garments, starch, and vegetable oil, among others.

“This week the Chinese themselves came here. After taking the business plans to them and they accepting to sponsor, they came down and said we are prepared to take this first twenty-two. So, we signed a memorandum of understanding and signed an agreement with them to supply equipments and get the factories working.”

The Deputy Minister, expressed his excitement about the release of funds for the companies, saying he was looking forward to seeing the factories produce goods for export.

“All the twenty factories have gotten their financing as I speak to you. They are going to commence operations, and in a years’ time, we should commission all of them and let them start working.”

Mr. Ahenkorah was speaking on the sidelines of an SME Breakfast Meeting and the launch of the 5th SME Ghana Awards.

About the 5th SME Ghana Awards

The SME Ghana Awards is organized in partnership with the Ministry of Trade and Industry in collaboration with the World Association for Small and Medium Enterprises (WASME) and other stakeholders.

The awards ceremony is an annually acclaimed drive to appreciate the invaluable contributions of Ghanaian businesses and individuals of entrepreneurial excellence.

Some of the over 20 award categories include SME Financial Institution Award, SME Rising Star Award, SME Woman Entrepreneur Award and Overall Best SME of the Year Award. Submission of forms for the awards are expected by the end July, 2018.

The award ceremony is expected to come off on September 20, this year.

Source: Citibusinessnews

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