President Nana Addo Dankwa Akufo-Addo has commissioned an ultra-modern lube manufacturing company under the One District One Factory (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 such factory in Ghana and markets its products under the brand name Seahorse.
In his remark, President Akufo-Addo 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 also commend the banking partners, including UMB, who have provided the critical financial support for these new industries,” Akufo-Addo said.
RikPat industries have so far employed over 200 Ghanaians as the factory continues to grow.
In his remarks during the event, 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,” he said.
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.
President Akufo-Addo 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.