Minister-Designate for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has proposed a 24-hour economy to address challenges facing the One District, One Factory (1D1F) initiative.
Speaking during her vetting by Parliament’s Appointments Committee, Ofosu-Adjare acknowledged the successes of the 1D1F program but highlighted several hurdles.
These include raw material shortages for agro-processing factories and limited access to capital, compounded by market fluctuations that led to a significant funding gap.
Despite government support through subsidized loans and capped interest rates of 20%, interest rates surged to 55%, creating a 15% gap that businesses struggled to cover.
Additionally, the government’s failure to fulfill its promise of covering 10% of the subsidized interest rate further worsened the situation.
To resolve these issues, Ofosu-Adjare proposed transitioning to a 24-hour economy, which would allow factories to maximize productivity and improve supply chains by extending operational hours.
She acknowledged the program’s benefits but stressed the need to address these challenges to fully realize its potential. “The solution to 1D1F lies in a 24-hour economy,” she stated.