The first of the GCB Bank-sponsored factories under the One District, One Factory (1D1F) policy of government has been inaugurated by President Nana Akufo-Addo at Sedorm in the Asuogyaman district of the Eastern Region.
The factory, Kete-Krachie Timber Recovery – operated by Dedeso Holdings Incorporated (DHI), harvests tree-stumps in the Volta reservoir and processes them into building materials; chipboard, plywood and flooring for export.
Through the provision of funds from GCB, the company is expected to employ more than 1,000 workers, expand aquaculture, increase fish production, and contribute two percent of national energy production and environmentally-friendly charcoal from waste wood.
President Akufo-Addo and the Minister of Trade and Industry, Mr. Alan Kyerematen, praised GCB for providing the project’s funding.
The president said government will continue to create the enabling environment for attracting capital and reviving industries.
The Managing Director of GCB Bank, Mr. Anselm Ray Sowah, earlier told journalists, investors and businesses that the Bank has set up a special department with seed-funds of GH¢1billion to kick-start projects under 1D1F.
He said GCB identifies with the project because of its potential to protect the environment, enhance livelihoods, offer employment, facilitate safe travel and be a potential foreign exchange earner.
Mr. Sowah said the 1D1F Policy of government can create jobs and open the country for development, while enhancing international trade through exports which directly impact the national economy.