Ghana takes over Nigeria in iron, steel manufacturing, exports to Nigeria, others
Whereas Nigeria had for several years been going forth and back on the revival of its rich but moribund iron and steel sector, Ghana has commissioned the first phase of a three pre-fabrication manufacturing plant established by B5 Plus Group in Dawhenya in the Greater Accra region.
In his address at the commissioning ceremony, the Minister of Trade and Industry Mr Alan Kyeremanten, said the scheme, which is under the ‘One District -One Factory’ (ODOF) policy of the government, will produce various forms of metal and metal related products for both local and international markets.
According to him, “The factory, when fully completed will be one of the largest State of-the-art steel manufacturing plant in Africa with production capacity of 25,000 metric tons per month and as well create about 10,000 direct and indirect jobs for the people of the community and its environs.
Kyeremanten said the company, which produced various metal products and served as inputs for the downstream metal fabrication and construction industries, had a strong presence in the ECOWAS market, exporting to Togo, Burkina Faso, Niger, Nigeria, Benin, Sierra Leone, Liberia and Mali.
Continuing, the elated Minister called on the company to take advantage of the Africa Continental Free Trade Area (AfCFTA) to export their products into other regional markets outside of ECOWAS.
He averred that “The private sector will continue to remain at the centre stage of the government’s economic transformational agenda as we develop mutual partnerships towards the realisation of the hopes and aspirations of Ghanaians in building Ghana beyond aid.”
While stressing that “the plant was another significant achievement of the Industrial Transformation Programme of government which was aimed at transforming the structure of the country’s economy from exporter of raw materials to trading in value-added products,” the Minister averred that “It was part of the reason why President Akufo-Addo initiated the ODOF, and industrial revitalisation with stimulus package to lead the path of rapid industrialisation in the country.
“It is for this reason that the Government of Ghana played a leading role in the design of and eventual achievement of the African Continental Free Trade Area agreement,” Kyeremanten added.
Business Hilights Ghana Bureau chief reports that the iron and steel firm, according to investigations is planning to source additional raw materials from Nigeria based on the fact that Nigeria has more ore deposits but not exploring them.
