Speaking at the site of the factory, located at Kwaso in the Ejisu Municipality of the Ashanti Region, president Akufo-Addo explained that the establishment of the factory is a concrete manifestation that the new paradigm of economic development of insisting on value-addition industrial activities within a conducive and business-friendly environment is making headway.
“This afternoon’s ceremony is in fulfilment of the promise by government, in partnership with the private sector, to set up at least one medium to large scale enterprise in every district of Ghana,” the president said.
He noted that Premium Foods is a classic example of the critical role agricultural production and value addition play in economic development of countries, adding that “the contribution of Premium Foods Limited highlights Ghanaian ingenuity, entrepreneurial spirit, as well as the fortitude to succeed no matter the challenge”.
Over the years, Premium Foods has supplied blended fortified and non-fortified products, and ingredients to global organizations, including international relief organizations, and multinational food and beverage manufacturing companies across Africa, including “Feed the Future” programme, under the US Government’s Global Hunger & Food Security Initiative.
Having invested in this new state-of-the-art manufacturing facility, with the capacity to blend over ninety-six thousand (96,000) metric tonnes annually of maize, soybean, sorghum and millet, the President was pleased to note that Premium Foods is one of the few manufacturing factories with such capabilities in West Africa.
“I am pleased to learn that this new factory is generating some one hundred and twenty (120) new jobs, made up of technical and management professionals, and is creating thousands of indirect income earning opportunities for farmers and out-growers along the value chain, mostly women and youth, in all parts of the country,” Akufo-Addo said.
He reiterated government’s support to supporting private sector operators, like Premium Foods, to become globally competitive, and, thereby, take advantage of market integration frameworks such as the African Continental Free Trade Area (AfCFTA), whose Secretariat has been established and commissioned in Accra.
“To this end, government, as at December 2020, has granted import duty exemptions to thirty-six (36) companies, under the 1D1F programme, amounting to some four hundred and thirty-five million cedis (GHC435 million),” he said.
The President continued, “The main sectors that have benefited from the exemptions are agro-processing, ceramics manufacturing, hardware manufacturing, and vehicle assembly plants. Prospective companies desirous of establishing such ventures, under the 1D1F initiative, are assured of Government’s unwavering support, and I appeal to them to join hands with Government in the journey to industrialise Mother Ghana, and help create jobs for Ghanaian youth in all parts of the country”.
Akufo-Addo commended the collaboration between the World Food Programme (WFP), the Canadian High Commission in Ghana, the United States Agency for International Development (USAID), the Alliance for a Green Revolution in Africa (AGRA), the African Development Bank (AfDB), Department for International Development (DFID), the J.A Kufuor Foundation, as well as local participating financial institutions for providing both technical and financial support to this project.
“I commend also the proprietors and management of Premium Foods Ltd., led by Tom Gambrah, a seasoned Ghanaian entrepreneur, for spearheading the establishment of this state-of-the-art manufacturing facility. I am confident that the best days of Premium Foods Ltd., and, indeed, of Mother Ghana, lie ahead,” he added.