The government of Ghana has commissioned an auto-parts manufacturing company under its 1-District, 1-Factory programme.
The company, called Springs and Bolts Limited is based in Ashanti Region.
It manufactures U-bolts, leaf springs, trailer suspension parts, bolts and nuts.
According to government, Springs and Bolts Limited will be exempted from tax payment for five years.
It will also be excluded from the payment of duty on raw materials imported for production as well as import machinery and equipment.
The company will also receive free advisory services from two technical experts provided by the Ministry of Trade and Industry.
President Akufo-Addo indicated that, the modernized economy he is seeking to build in Ghana must have a strong industrial sector, hence his commitment to the successful implementation of the 1-District-1-Factory initiative.
He mentioned that, the 1-District-1-Factory initiative has received significant support from the business community, as well as from both local and international financial institutions.
“As a show of support to this initiative, some local banks have pledged about GH¢2.5 billion, whilst some leading financial institutions from the UK, US and China have pledged over $700 million in credit lines to be accessed by Business Promoters,” he said .
The President noted that the company is engaged in a sector that is critical to the industrialization programme of Ghana.