…. Operations start next month
The President Nana Addo Dankwa Akufo-Addo has inspected ongoing work on a US$34 million starch processing factory at Amantin, in the Bono East Region.
The tour of the Amantin Agro Processing Ltd, a wholly-owned Ghanaian company, formed part of the President’s two-day working visit of the Bono East Region. President Akufo-Addo stated that, when fully completed, the factory will be one of the most modernised and fully automated industrial starch factories in West Africa.
According to the promoters of the facility, the company is currently cultivating 14,000 acres of farmland as its own nucleus plantation, whilst supporting thousands of local farmers to cultivate over 40,000 acres of cassava under an out-grower scheme involving 15,000 principal out-growers.
The factory which is expected to create about 450 direct jobs at the factory floor, with more than 30,000 indirect employment opportunities, will be inaugurated next month. Additionally, the factory, with a production capacity of 300 metric tonnes of industrial starch per day for the first phase, and 600mt per day for the second phase, will significantly reduce the importation of industrial starch into the country and, thereby, reduce the pressure on the local currency.
“The product from Amantin Agro Processing Ltd is going to serve as a major source of raw material input for many processing companies in the food, beverages, pharmaceuticals and textiles industries of the country. This will go a long way to boost domestic industrial production and productivity. Furthermore, it will enhance the export of industrial starch into the global market,” the President said.
Commending management of the company for taking advantage of the 1D1F incentives introduced by this government in putting up such a magnificent industrial establishment, in what is a rural district in the country, President Akufo-Addo reiterated Government’s commitment to partnering with the private sector to establish similar modern factories, which would be globally competitive, and which would take advantage of the opportunities of the African Continental Free Trade Area (AfCFTA).
Recounting the importance of the 1D1F initiative, President Akufo-Addo explained that raw material producing economies do not create prosperity for the masses, explaining that the way to that goal, the goal of ensuring access to prosperity, is value addition activities in a transformed and a diversified, modern economy.
The 1D1F initiative, amongst other programmes, under the Industrial Transformation Agenda of Government, is designed to transform the industrial landscape of the country, and build the capacities of domestic entrepreneurs and existing enterprises to produce high-quality products and services for both domestic and foreign markets.
Further, according to the President, “it seeks to create employment, particularly for the youth in rural and peri-urban communities, and, thereby, improve income levels and standard of living, as well as reduce rural-urban migration”.