Business Hilights
Tracking Nigeria's Headline Business News Online

Lafarge-Holcim, CBI Ghana flag off $55m cement factory in Tema

Leading global cement solutions provider, Lafarge-Holcim this week sealed a $55mn partnership agreement and flagged off construction of a state-of-the-art cement plant at the Tema Free Zones enclave, near Accra.

The $55 million grinding plant, to be operated by CBI Ghana, would take a year to complete. It would produce and supply premium cement under the brand name; Supacem, for the construction industry in Ghana.

Lafarge-Holcim had been working with Nigeria’s Lafarge Africa Plc to deepen cement solutions delivery in Nigeria and has with this new investment expanded to Ghana.

Laying the foundation stone for the commencement of the construction activities, Ghanaian President, Nana Addo Dankwa Akufo-Addo said his government would continue to provide regulatory support and ensure the business-friendly environment that would engender competitiveness to enable the cement industry to thrive.

Elated Akufo-Addo averred that whereas the growing competition in the vibrant cement manufacturing sector was leading to healthy competition that was benefiting to consumers, his “government will, on its part, continue to ensure that the sectors get the regulatory support and the business-friendly environment it needs to thrive”.

He argued that cement formed the backbone of infrastructure development that contributed a quarter of Ghana’s Gross Domestic Product.

He said part of the multiplier effects from the new foreign direct investment will include creation of jobs and reduction in the drain on Ghana’s foreign exchange reserves from having to import cement.

He hailed the strategic business decision of the Board and Management of CBI Ghana, and their partner, Lafarge-Holcim, for taking the decision to invest in Ghana at a time housing delivery is one of the key pillars of the government.