Universal Merchant Bank has provided a credit facility to the tune of US$10.7million to the Central Sugar Company Limited toward the establishment of a starch manufacturing factory in the Brong-Ahafo Region of the country.
The Central Sugar Company Limited, to be established under the 1D1F, will produce starch in commercial volumes from cassava at their base in Prang, Pru district, Brong-Ahafo Region.
“This signing ceremony is a demonstration of our bank’s commitment to fully support government’s industrialisation agenda, which includes the flagship One District, One Factory programme. This project, the bank believes, will strengthen the local economy in Prang by creating numerous jobs for locals,” said John Awuah, Chief Executive Officer of UMB.
Mr. Awuah noted: “Given the enormous benefits to be derived from the entire starch processing value chain – from farmers to factory hands who will be employed for handling the produce before production; factory-floor hands to engineers, chemists, marketing managers; transport operators to exporters and retailers – we are creating jobs, improving their economic well-being and creating value for our investors. That’s a win-win solution in a neglected sector”.
UMB PPP Incubator Centre – Home of 1D1F Initiative
UMB set up and inaugurated the specialised and technical Private-Public-Partnership (PPP) Centre in line with its vision of supporting the 1D1F initiative to change the Ghanaian economic structure from import-dependent to export-driven. The Centre also handles any business arrangement that calls for collaboration between private enterprise and government.
This Centre is dedicated to supporting private and public entities seeking a mutually beneficial approach to crafting, planning, and implementing various sustainable private-public-partnership projects.
The expert team at the Incubator Centre has years of experience in project management, development and financing, as well as business advisory and mentorship services. Since its inauguration in 2017, the Centre has continuously been appraising a myriad of business proposals to ascertain feasibility and has financed transactions under the government’s Business Stimulus Programme.