The Minister for Trade and Industry, Mr Kobina Tahir Hammond, has paid a working visit to B5 Plus Ltd at Lakpleku in the Greater Accra Region.
The purpose of the visit was to familiarize himself with the activities of the company and agree on ways the government can offer the necessary assistance to boost iron and steel production in Ghana.
The Minister commended the investors and described the project as an example of the government’s industrialization target in the context of the 1D1F, acknowledging the project as a promising potential for Ghana’s Steel Manufacturing industry and a spotlight on the nation’s economic prospects.
“I have been taken through various processes from the raw material to the finished stage and I must say that am impressed so far with the work done. I want to assure the company of the government’s support about the challenges it is facing in terms of water and power generation to mitigate the negative impact on production and the cost implication on the company,” he said.
He bemoaned the massive amount of money spent on iron and steel importation in the country each year and expressed the hope that the initiative has arrived at the right time to solve the challenge.
On his part, the Chief Executive Officer (CEO) of the company, Mr Mukesh V. Thakwani, stated that the company has Ghana at heart, which influenced its choice to cooperate with the government to invest in the iron and steel sector to expedite economic growth and increase job possibilities in the country.
According to him, B5 Plus is the largest manufacturer and exporter of iron and steel goods in West Africa and with the advent of the African Continental Free Trade Area (AfCFTA) and African Growth and Opportunity Act (AGOA), the company’s issues with cross-border commerce will be addressed shortly.
He welcomed the government’s support for the 1D1F project, which he believes would help the firm expand and enhance productivity while meeting its goals.
Established in 2002, B5 Plus Limited is an existing company captured under the 1D1F initiative to expand its operation to construct one of the largest, strategic, state-of-the-art ISO 9001: 2015 QMS certified steel manufacturing plants in Africa at Larpleku Village. The state-of-the-art steel manufacturing plant is estimated to cost USD 100M and has the potential to help bridge the gap between production and demand for steel locally.
Irene Wirekoaa Osei, ISD