The Ministry of Trade and Industry has cut the sod for the construction of a steel manufacturing company under government’s one district, one factory initiative(1D1F) in the Ningo Prampram District.
The company, which is called B5 plus Ltd is injecting an amount of 80 million dollars into the project and is hoping to complete it by the first quarter of 2019.
With the establishment of the company, Ghana’s steel manufacturing industry will receive a major boost to serve both the local market and the West African sub-region.
The plant is expected to add 15,000 metric tonnes of steel a month to the country’s current production capacity.
Addressing the media after the sod cutting ceremony, a Deputy Minister for Trade and Industry, Carlos Ahenkorah said government will soon announce some initiatives to create more companies under the one district, one factory initiative.
“Government is preparing so hard to come up with incentives to govern this one district one factory initiative and once cabinet has agreed to these incentives we will make it public for everyone to know about them”.
On his part, the CEO of the company, Mike Thakwani said the establishment of the company will help reduce the burden on the cedi from the high import of steel into the country.
“The establishment of this factory is a great thing it will help reduce the import of steel into the country, the cedi keeps suffering because of high imports so the establishment of more factories like this will help the currency and the economy.”
Source: Citi Business News