A foreign steel manufacturing and distribution company, B5Plus Limited, in collaboration with the Ministry of Trade has cut sod for the construction of a steel company in the Ningo Prampram District in the Greater Accra Region. The project which is fully funded by B5Plus Limited will employ about 3000 workers when completed.
Speaking at the ceremony, Mr. Mike Thakwani, Chief Executive Officer of B5PLUS Limited, said the company currently works with more than 3,000 Ghanaians and would add another 3,000 more upon completion of the facility.
Budget for the construction of the steel factory has been estimated at about $80 million for the factory expected that is expected to produce about 15,000 metric tonnes of steel monthly.
Currently B5PLUS supplies to about 1000 companies who he also described as business partners as it provides them with credit facilities to help them grow.
Deputy Minister of Trade and Industry, Mr. Carlos Ahenkorah, who performed the sod cutting ceremony said Ghana currently imports between 200,000 to 300,000 metric tonnes of steel every year and when completed would save the country huge sums on the import cost.
He disclosed that local financial institutions had proposed a GH¢2.5 billion support for the project, adding that foreign financial institutions including Indian Exim Bank and United States’ Exim Bank have also shown interest.
On behalf of the ministry, Mr Ahenkorah appealed to the district assemblies and traditional councils to embrace factories proposed by private and foreign entities to boost the ‘One District, One Factory’ project.
Mr. Thakwani said as part of the company’s corporate social responsibility the company has established the Delhi Public International School in the country to augment government’s efforts to educate the populace believing that the school will offer both Ghanaians and non-Ghanaians good but affordable education.
The High Commissioner of India to Ghana, Mr. Brender Singh Yadav in his speech said the project was expected to enhance livelihoods and create jobs for the youth.
“I am very happy that an Indian company has availed itself to partner Ghana and contribute to the development of the youth,” he said.
“India is currently the third biggest steel manufacturer in the world and it was prudent to share the achievement with other countries, of which Ghana was no exception”.
Mr. Jonathan Teye Doku, the District Chief Executive of Ningo Prampram, expressed the assembly’s delight at the project and appealed to management of the steelmaker to give the youth of the area priority when recruiting staff.
By Kafui Gale-Zoyiku