The Facility Investing for Employment (IFE), on behalf of KfW Development Bank and the German Federal Ministry for Economic Co-operation and Development (BMZ), has announced the signing of a grant agreement to support a collaborative project in the public sector with the Ghana Free Zone Authority.
The aim of this project is to enhance the water and sewage systems in the Tema Export Processing Zone (TEPZ) close to Accra to meet the current water demand of 7,512 m3/day for industrial companies that are located in the industrial park.
The investment will be specifically used for the construction of a new water storage facility composed of a 6,800 m3 underground tank and a 2,273 m3 overhead tank, as well as a pumping station. As a result, the investment will improve upon the delivery of customer services and the productivity of the authority’s Tema enclave companies.
Speaking at the signing ceremony, the chief executive officer of the Ghana Free Zones Authority, Mike Oquaye Jnr., said the project will directly create a total of 1,500 jobs.
“This product is going to bring us, indirectly, lots of foreign exchange as well as directly bring us jobs.”
“The total volume of the project is 1,841,677 EUR. The facility is committed to contributing 90% of the investment, amounting to 1,657,509 EUR, while GFZA will cover the remaining 10% of the investment. (184,168 EUR)
The Facility Investing for Employment (IFE) is an investment mechanism created by KMW Development Bank on behalf of the German Federal Ministry for Economic Co-operation and Development (BMZ) as an integral part of the Special Initiative on Training and Job Creation “Decent Jobs for a Just Transition”.
The Managing Director of IFE, Steffen Kuhl, said Ghana is the most successful of the countries his outfit is partnering with.
He said, “It’s just the first step; there will be other projects coming up.”
Operating under the brand “Invest for Jobs”, the Facility aims to remove investment barriers that prevent the creation of new and better jobs in the private sector in its partner countries in Africa: Ghana, Rwanda, Egypt, Cote d’Ivoire, Ethiopia, Morocco, Senegal, and Tunisia.
For his part, the deputy minister for trade and industry Michael Okyere Baafi said the only way out for Ghana is industrialisation.
He added that one of the areas through which industrialisation can be accelerated is the establishment of special economic zones, industrial parks, and free zones. He noted that Ghana is committed to exploring these areas.
Reporting by Philip Bright Abutiate in Accra
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