Eunice Hilda Ampomah, GNA
Accra, Sept. 12, GNA – The Ministry of Trade
and Industry, in collaboration with B5Plus Limited, a foreign steel
manufacturing and distribution company, has cut sod for the construction of a
steel company in the Ningo Prampram District.
The project is part of the Government’s
efforts to establish one factory per district to reduce the unemployment rate
in the country.
The project is fully funded by B5Plus Limited
as a way of contributing to the development of the country through partnership.
Mr Carlos Ahenkorah, the Deputy Minister of
Trade and Industry, said during the sod-cutting that about 200,000 to 300,000
metric tonnes of steel were imported into the country every year, and when
established, the factory would save the country huge sums on input cost.
He said government’s expectation for the
project included the creation of jobs for about 3,000 youths, enhancing
production of natural resources, and progression of exports.
Mr Ahenkorah 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 had 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 Mike Thakwani, the Chief Executive Officer
of B5PLUS Limited, said Ghana was one of its greatest partners.
He said the Company currently worked with more
than 3,000 Ghanaians, and would add 3,000 more upon completion of the facility.
Mr Thakwani disclosed that about 80 million
dollars was allocated to establish the steel factory and about 15,000 metric
tonnes of steel were expected to be
produced every month.
He noted that B5PLUS currently distributes to
about 1000 companies across Ghana and provide them with essential credits as
their business partners to help them grow.
He mentioned the establishment of the Delhi
Public School International in Ghana as part of the Company’s Corporate Social
Responsibility to offer Ghanaians and non-Ghanaians good but affordable
Mr Brender Singh Yadav, the High Commissioner
of India to Ghana, 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, said members of the District were happy that
B5PLUS and the Government chose to establish one of the biggest factories in
the District under the One District, One Factory programme.
He appealed for priorities to be given to
residents of the area during recruitment of staff after completion and pledged
the District Assembly’s support for a successful project.