Twum-Barima-Adu
George Twum-Barima-Adu, an aspiring Independent Candidate in the upcoming December 7 presidential election, has commended the government for introducing the One District One Factory (1D1F) initiative.
He lauded the initiative for its job creation potential, particularly for the youth, through the establishment of factories and industries in various districts. “The 1D1F has created employment in the districts, but the point is that it didn’t stop the drain on our foreign exchange because the companies are still allowed to import to come and work,” he said.
The 1D1F initiative aims to transition Ghana’s economy from dependency on raw material import and export to a focus on manufacturing, value addition, and export of processed goods. “The One District One Factory (1D1F) initiative was introduced by the government to help change the nature of Ghana’s economy from one which is dependent on import and export of raw material to one which is focused on manufacturing, value addition and export of processed goods,” he added.
Since its launch in 2017, with over 100 factories completed and operating and numerous others in progress nationwide, the initiative has generated millions of job opportunities, signaling a move towards greater industrialization. “It has created millions of job opportunities for the youth as it is ensuring that Ghana will move towards greater industrialization,” he emphasized.
However, Mr. Twum-Barima-Adu contends, during an appearance on the Onua FM Etifi Nsem show, that the initiative has not effectively curbed the drain on Ghana’s foreign exchange despite its job creation success.
While acknowledging the employment benefits, he argues that the initiative falls short in promoting local sourcing of raw materials, as companies are still permitted to import materials. “But my Domestic Direct Investment (DDI) which I will introduce when I become the president of Ghana will purely build the local economy and it is linked to Agric for wealth,” he boasted.
To address this, he proposes his Domestic Direct Investment (DDI) strategy, which he plans to implement if elected president.
Mr. Twum-Barima-Adu’s DDI strategy focuses on building the local economy and is closely linked to agriculture for wealth creation. He advocates for a policy requiring companies under the 1D1F initiative to utilize at least 70 percent of locally sourced raw materials.
By incentivizing local farmers to engage in large-scale farming to support these industries, he believes his approach will bolster the economy and foster sustainable growth. “He has explained that the 1D1F initiative could only have a positive impact on Ghana’s economy if the companies are compelled to use 70 percent of their raw materials from the country instead of importing them,” he reiterated.