The President of the Republic, Nana Addo Dankwa Akufo-Addo has opened an ultra-modern lube manufacturing company under the government’s One District, One Factory (1D1F) initiative in Gomoa Domenase in the Central Region.
The factory, established by RikPat Ltd., is a solely Ghanaian-owned auto-lubricant manufacturing company, producing various lines of automotive and machine oils. It is the second lube factory in Ghana, marketing its products under the brand name ‘Seahorse’.
The opening of the factory was achieved at a short and colorful durbar at the factory premises in Gomoa Domenase, as part of the President’s two-day tour of the Central Region.
Other dignitaries present were the Central Regional Minister, the Minister of Local Government, the Minister of Information, the Minister of Trade & Industry, the Minister of Fisheries and other high-ranking officials. In attendance as well were officials from the Gomoa East District and the traditional rulers and leaders of the area.
“My government is focused on industrialization as we are convinced that it holds the key to Ghana’s economic growth and also provides a solution to unemployment. The success story here today, is an example of how indigenous Ghanaian private enterprise, partnering with an indigenous Bank and working closely with state institutions can deliver successfully on government policy. RikPat, a wholly indigenous success story is a matter of pride for Ghana and the 1D1F initiative,” the President said in his speech.
In his remarks at the event, the CEO of RikPat Ltd., Patrick Kwame Amoah recounted the genesis of the company in 2018, with a dream to open a lube company to provide locally formulated lube, tailored to the specific needs of Ghana. RikPat industries has so far employed over 200 Ghanaians as the factory continues to grow.
“The factory is able to produce 90,000 litres of oil per annum at full capacity. We pride ourselves on providing continuous advice to stations and mechanics on the right oil to use for specific vehicles. We are grateful to God, the Ministry of Trade and Industry, 1D1F Programme office, and our banking partners, UMB for making this day possible,” he said.
UMB has since the inception of the 1D1F policy worked closely with the Ministry of Trade and Industry to leverage the 1D1F to grow indigenous companies. The bank is reputed to be one of the first banks in Ghana to set up a 1D1F department in 2017, with investments including a dedicated PPP centre in Madina.
CEO of UMB, Nana Dwemoh Benneh said: “UMB has since 2018 worked closely with the Minister for Trade and Industry as well as the Ministry of Finance to become the bank of choice for 1D1F. This is not strange as our Bank is noted for supporting Ghana government industrialization policies, since 1972.
On 1D1F, we have provided over GH¢215 million to 10 companies and we are proud that today we are launching one of our stars in this regard, RikPat Ltd. UMB will continue to showcase RikPat as an example to all indigenous SME businesses in Ghana, as proof that you can grow under government boost-schemes like 1D1F, especially if you have a friend and a partner like UMB. We will continue to serve as a Ghana’s indigenous merchant bank, building businesses in Ghana since 1972.”
RikPat products are available across Ghana, sold under the Seahorse brand name. Companies interested in participating in the 1D1F initiative are urged to reach out to the Ministry of Trade and Industry in any of their offices, across Ghana.
