Graphic Business News

US$100m tractor plant in the offing

By: Suad Yakubu

GHANA is to benefit from a US$100 million concessionary loan from Poland to be used to establish a tractor assembly and manufacturing plant.
The plant will also manufacture other modern agricultural equipment and machinery for the domestic and West African markets, the Finance Minister, Mr Ken Ofori-Atta, said when he presented the 2019 Budget Statement and Economic Policy to Parliament last Thursday.
The 2019 budget was on the theme: “A Stronger Economy for Jobs and Prosperity.”

He said the credit facility was one of the benefits that the Ministry of Trade and Industry would derive from its collaboration with the government of Poland under the African-Polish Cooperation Framework.
Mr Ofori-Atta explained that the establishment of the plant was in line with the government’s industrial transformation agenda, which included promoting industrialisation in the rural areas.
It is hoped that a successful establishment of the plant will help reduce import of tractors and other agricultural machinery, thereby saving the country some foreign exchange.
Currently, virtually all tractors are imported, with just a few are assembled locally.

The role of the 1D1F
The Finance Minister said the significance of the 1D1F programme, one of the major projects initiated by the current government, formed part of the government’s industrialisation agenda.
Mr Ofori-Atta noted that the government would accelerate the programme, especially with the introduction of the Planting for Food and Jobs (PFJ) programme, which began this year, and Rearing for Food and Jobs (RFJ) to be rolled out in 2019.
“We will continue to scale-up the programme’s impact: “In 2019, 1D1F will enhance the PFJ and RFJ efforts in poultry by ensuring that there are feed mills and chicken processing facilities to industrialise the value chain,” he said.

One Region, One Park
The Finance Minister also said the government would intensify industrialisation by introducing the One Region, One Park Programme.
“Mr Speaker, the government will provide further support for industrialisation, through the One Region, One Park Programme,” he stated.
He added that that could be better achieved through public-private partnerships (PPPs). — GB