The President of the Republic, Nana Addo Dankwa Akuffo-Addo has commissioned an ultra-modern lube manufacturing company under the 1D1F initiative in Gomoa Domenase in the Central Region. The factory established by RikPat Ltd. is a solely Ghanaian-owned auto-lubricant manufacturing company which produces various lines of automotive products, needed to service vehicles. It is the second the such factory in Ghana and markets its products under the brand name Seahorse.
The launch was achieved at a short and colourful durbar at the factory premises
in Gomoa Domenase. The president was accompanied to the event by the Central
Regional Minister, the Minister of Local Government, the Minister of
Information, the Minister of Trade & Industry and other high-ranking officials.
Also in attendance were officials from the Gomoa East District and the
traditional rulers and leaders of the area.
In his official statements during the launch, the President in his remarks said
“This factory is evidence of the government's continued drive to industrialize
Ghana. My government is focused on industrialization as we are convinced that
it holds the key to Ghana’s economic growth and also provides a solution to
unemployment. Furthermore, the RikPat success story is a matter of pride for
Ghana as it is a wholly indigenous company. We must have tasked the
Minister of Trade to work with other relevant ministers must commend the
banking partners, including UMB, who have provided the critical financial
support for these new industries.”
RikPat industries have so far employed over 200 Ghanaians as the factory
continues to grow. In his remarks during the event, Mr John Amoah, the founder
and chief executive of the company said “The factory is reputed to be able to
produce 90,000 litres of oil per annum at full capacity and prides itself on
providing continuous advice to stations and mechanics on the right oil to use
for specific vehicles. We are grateful to God, the Ministry of Trade 1D1F
Program office, the project developed under the 1D1F initiative, and our
banking partners, the Universal Merchant Bank. “
UMB has since the inception of the 1D1F policy worked closely with the Ministry
of Trade to leverage the 1D1F to grow indigenous companies. Indeed the
bank is reputed to be one of the first banks in Ghana to set up a 1D1F
department in 2017, with investments including a dedicated PPP centre in Madina.
In his remarks at the event, the CEO of UMB, Nana Dwemoh Benneh said “UMB
has since 2018 worked closely with the Minister for Trade and Industry as
well as the Ministry of Finance
to become the bank of choice for 1D1F. This is not strange as our Bank is noted
for supporting the government’s industrialization policy, since 1972. On 1D1F,
we have provided over 215 million Ghana cedis to over 18 companies and we are
proud that today we are launching one of our stars in this regard, RikPat Ltd.
This is a testament to the great things that can happen when government growth
policies, indigenous Ghanaian enterprise and indigenous Ghanaian Banking are
aligned.”
RikPat products are available across Ghana, sold under the Seahorse brand
name. Companies interested in participating in the 1D1F initiative are urged to
reach out to the Ministry of Trade and Industry in any of their offices, across
Ghana.
Source: Peacefmonline