UMB signs off $11 Million Factory Project under Government’s 1D1F Initiative

Universal Merchant Bank (UMB) on August 28, 2018, held the groundbreaking signing ceremony for the first ever One District, One Factory project financed by a private financial institution under the government’s flagship One District, One Factory Initiative.
Under the arrangement, UMB Bank, through the UMB PPP Incubator Centre, is providing a credit facility to the tune of USD 10.7 million to the Central Sugar Company Limited that will be producing starch in commercial quantities from cassava from their base at Prang in the Pru District of the Brong-Ahafo Region.

The starch processing factory, which will be sited at Prang will be constructed by the China National Building and Material Company (CNBM) as well as the procurement of all the required machinery and tools to ensure the facility is fitted with state-of-the-art production installations. Also, a local steel company, Isopanel Company Limited has been contracted to fabricate and install all the steel structures for the factory as part of efforts to promote active local content participation.
Speaking at the ceremony, CEO of UMB, Mr. John Awuah, stated that “this signing ceremony is a demonstration of our bank’s commitment to fully support the government’s industrialization agenda which includes the flagship One District, One Factory programme.” This initial One District, One Factory project, the bank believes, will strengthen the local economy in Prang by creating numerous jobs for the locals, mostly. The CEO of UMB also added that, the UMB PPP Incubator Centre is a dedicated Centre fully-equipped to offer financial and technical support to private sector entrepreneurs and businesses who have interest in the government’s One District, One Factory and other public–private partnership projects.
Addressing the media, Mr. Awuah admonished private sector entrepreneurs to continue to engage the UMB PPP Incubator Centre as the expert team are, in fact, continuously appraising business proposals to ascertain their viability. Mr. Awuah reiterated that this is the first of such announcements by any private bank in Ghana and it shall not be the last from UMB. “We intend to ensure the success of this starch processing project and at the appropriate time, the bank will be announcing many more projects under the One District, One Factory initiate”, he added.
The signing ceremony was witnessed by a number of honorable guests including: Board and Management members from UMB, reps from the Office of the President, Dep Minister of Information, Ministry of Trade rep, Mrs. Gifty Ohene-Konadu from the One District, One Factory Secretariat, Central Sugar Company Limited and China National Building and Material Company (CNBM) representatives and a cross section of the media.

About UMB Bank

UMB Bank (UMB) is a full-service financial institution specializing in customized banking products and services. UMB opened on March 15, 1972 and is a leading Ghanaian indigenous bank with considerable financial expertise. UMB is recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. UMB currently has 36 branches, 3 UMB Centres for Businesses, 1 UMB PPP Incubator Centre and a vast network of ATMs.

By Dickson Boadi

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