The Minister-Designate for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has proposed the introduction of a 24-hour economy to address the challenges hindering the success of the One District, One Factory (1D1F) initiative.
During her vetting before Parliament’s Appointments Committee, Ofosu-Adjare recognized the achievements of the program while also highlighting the obstacles it continues to face.Raw material shortages and limited access to capital are key challenges for agro-processing factories. Despite government efforts to provide subsidized loans with a 20% interest rate cap, market fluctuations pushed rates to 55%, creating a 15% funding gap. Additionally, the government’s failure to cover 10% of the subsidized interest rate further worsened the situation.
