The B5 Plus Group has made a historic opening of the biggest steel factory in the African-sub region in Ghana, Happyghana.com has reported.
The factory which costs over 80 million dollars will now see to the end of the importation of steel into Ghana and also export to countries in the ECOWAS sub region.
Commissioning the factory today in Prampram was President Akufo-Addo who shared, “I am very happy to be here to join you for this commissioning. This plant is a concrete manifestation of a new paradigm of economic development this administration has been pursuing since 2017”.
On his accord, the commissioning of the factory is a true reflection of the 1D1F policy creating more direct and indiret jobs and adding value to the nation’s production.
The Minister for Trade and Industries, Alan Kyeremanten who was also at the event noted that the factory was of strategic importance to Ghana and its economy.
“The factory will be a substitute for our importation. Ghana imports billions of iron and steel annually and is the 2nd largest import after the automobile and vehicle industry. But now with our own factory, we will serve our local economy and anything that substitutes importation is worth celebrating.
The potential for export is also high as the company is already exporting to nations in the ECOWAS. With AfCFTA now headquartered in Ghana and with trade having commenced, I am fully convinced within the next year or two, B5 Plus will be a household name in Africa”, he said.
The sector Minister indicated that the factory will also provide stimulus for Ghana’s industrial transformational agenda.
Chairman of the B5 Plus Group, Mukesh V. Thakwani addressing all present indicated, “This factory is now Ghana’s one stop shop for iron and steel. We have anything you can name in steel”.
He described the factory which falls under the 1 District 1 Factory (1D1F) policy as a boost to the country’s economy and also pushing the inward Ghana agenda.
The steel factory which currently sits on a 100acre land in Prampram was built in a matter of 2 years with materials sourced locally.
Member of Parliament (MP) for the Ningo-Prampram, Sam Nartey George sharing his goodwill message at the commissioning appreciated the B5 Plus Group for establishing the steel manufacturing company which will now create jobs for the teeming youth in his constituency.
He however appealed to the President to ensure the factory gets the needed power to function at full capacity. “The factory is working at a 40% capacity because the ECG cannot provide the factory the power they need. At 40% efficiency, the factory pays a monthly bill of Ghc5million to the ECG and we can imagine how much they’ll pay in bills if they receive enough power to operate at 100%”, he appealed.
The B5 Plus Ltd reached a milestone on 2018 and recognized as the largest iron and steel company trading in iron and steel products in all over West Africa.