President Nana Addo Dankwa Akufo-Addo commissioned an $80 million steel manufacturing company at Pampram, in the Greater Accra Region, on Tuesday as part of the One District One Factory (1D1F) initiative.
In Ghana, the B5 Plus Group opened the world's largest steel factory.
According to him, the factory's commissioning is a true reflection of the 1D1F strategy, which aims to create more direct and indirect employment while also increasing the value of the country's output.
Alan Kyeremanten, Ghana's Minister of Trade and Industries, who was also present at the gathering, said the factory was crucial to the country's economy.
“The factory would serve as a replacement for our imports. Ghana imports billions of dollars worth of iron and steel per year, making it the country's second-largest import after the car and vehicle industry. But, now that we have our plant, we will be able to support our local economy, and something that reduces the need for imports is worth celebrating.
The business already exports to ECOWAS countries, so the export potential is high. With the AfCFTA now headquartered in Ghana and trade already underway, I am confident that B5 Plus will become a household name in Africa within the next year or two,” he said.
Mukesh V. Thakwani, Chairman of the B5 Plus Group, said to all present, "This factory is now Ghana's one-stop-shop for iron and steel." In steel, we have everything you can think of.”
The steel factory, which is currently located on a 100-acre plot of land in Prampram, was designed in just two years using locally sourced materials.
Sam Nartey George, Member of Parliament (MP) for Ningo-Prampram, expressed his gratitude to the B5 Plus Group for establishing the steel manufacturing company, which will now employ the teeming youth in his constituency.
He did, however, request that the President ensure that the factory receives the necessary power to operate at maximum capacity. “The factory is operating at 40% capacity because the ECG is unable to provide the factory with the power it needs. The factory pays the ECG a monthly bill of Ghc5 million at 40% performance, and we can only imagine how much more they'll pay in bills if they have enough capacity to run at 100%,” he said.
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