Elizabeth Ofosu-Agyare outlines plans to revamp 1D1F with Mahama’s 24-Hour Economy policy

The Minister-Designate for Trade, Agribusiness and Industry, Elizabeth Ofosu-Agyare has highlighted how President John Dramani Mahama’s 24-hour economy policy will address the challenges hindering the success of the One District, One Factory (1D1F) initiative introduced by former President Nana Addo Dankwa Akufo-Addo.

Speaking during her vetting before Parliament’s Appointments Committee today, Ofosu-Agyare noted that the lack of adequate raw materials has been a key obstacle to the effectiveness of the 1D1F initiative.

She explained that the implementation of the 24-hour economy policy would provide solutions to these issues, particularly through the promotion of commercial contract farming.

“I see the solution in the 24-hour economy because in the policy businesses are going to receive economy, agribusiness will play a key role where there will be commercial contract farming which will solve the raw material problem to a very large extent,” she stated.

The minister-designate added that factories under the 1D1F initiative could benefit significantly from the 24-hour economy policy, which would provide not only raw materials but also incentives such as tax holidays.

“These factories I’m sure will sign on the 24-hour economy and get the benefit of raw materials, tax holidays, etc.,” she emphasised.

The 1D1F initiative, introduced in 2017 by former President Akufo-Addo, aimed to transform Ghana’s economy from one reliant on raw material exports and finished goods imports to one focused on manufacturing, value addition, and processed goods exports. While the initiative has led to the establishment of some factories, it has faced several challenges that have limited its success.