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A pool of insurance companies operating in the country, has offered a life-line support package to all factories built under the One-District-One-Factory (1D1F) initiative.

The package is to care take of all risks and uncertainties associated with the operations and activities of these factories running under the government flagship 1D1F program to reduce the financial burden that may arise as a result of natural disaster, fire outbreak among others.

The insurance pool created by SIC Life, Enterprise Life, Glico Insurance, Vanguard Assurance, Enterprise Insurance and SIC Insurance, will work closely with the 1D1F Secretariat and all promoters through a Broker, Safety Insurance Brokers, to ensure that every single project has the appropriate and adequate insurance cover.

The Managing Director of SIC Insurance Company Limited, Stephen Kwame Oduro, who revealed this at a stakeholder engagement on Insurance for 1D1F Business Promoters in Accra, Thursday, said the initiative they are embarking on is a national call to support the vision of President Nana Addo Dankwa Akufo-Addo in the transformation agenda of Ghana.

The exercise, the 4th of its kind, was put together to ensure the efficient operations, growth and sustainability of the factories being established under the 1D1F initiative.

“The 1D1F program is going to bring about massive construction, manufacturing and processing works across the country. These industries are subject to more risk and uncertainty than many other industries. The development of the various projects from inception to completion involves many phases with its varied associated risks. They also bring workers with different skills and interests together and involves the use of large and diverse set of equipment”, he noted.

He added “All these complex requirements have to be handled with proper co-ordination to provide a smooth flow of activities to achieve the objectives of the 1D1F program. Insurance will serve as the means of transferring and managing all associated risks with the projects and share the burden of paying the costs of a particular event, which reduces the likelihood of financial devastation to any project or promoter before, during the construction phase and the entire operation life of the 1D1F projects. This is to give all 1D1F promoters the needed security and safety for their factories, peace of mind to focus on their core businesses, reduce uncertainty of business losses and importantly ensure business continuation of all projects”.

On her part, the National Coordinator of the 1D1F Secretariat, Hon. Gifty Ohene-Konadu, said every business has to be contend with risks as they may be specific to a particular business or externally imposed by environmental factors beyond the control of the affected enterprise.