Business News of 2014-01-15

Italian Foreign Minister tours Phastor Ltd

The Italian Foreign Affairs Minister, Madam Emma Bonino, has paid a working visit to Phastor Limited, manufacturer of quality concrete and roofing sheets in the country.

The visit which forms part of her two-day official visit to the country is intended to ascertain how a financial facility from Italy to the company has been utilised.

Phastor Limited was chosen as one of the beneficiaries of the Ghana Private Sector Development Facility (GPSDF), a programme of the Italian Development Cooperation under the Ministry of Trade and Industry.

The Italian government has since 2004 granted a loan facility of 30 million euros through the GPSDF to support the private sector.

Out of the amount, 20 million euros has so far been disbursed to 54 companies in Ghana, including Phastor Limited.

Phastor Limited secured an amount of 257,000 Euros from the GPSDF in 2005 to undertake expansion works and that has raised the company’s profile.

Until the loan was released, the company had 50 staff on its payroll but this has tripled to about 150 employees.

The company has also started exporting its products to neighbouring countries because of its international standard quality products.

After a brief tour of the factory, Madam Bonino pledged more financial support for players in the Ghanaian private sector to enhance their growth and also enable them to contribute their quota to national development.

The move, she noted, was also intended to give Small and Medium Enterprises (SMEs) an opportunity to create more job avenues for the people to help reduce the unemployment rate in the country.

Madam Bonino said Italy was a one of Ghana’s strong allies and was prepared to help grow the private sector to enable it play a meaningful role in the growth of the economy.

Welcoming the Italian Foreign Minister, the Managing Director of Phastor Limited, Mr John Stephen Sam, said the loan the company secured had positively impacted the company as it had been able to successfully undertake expansion works.

He said through the loan facility, the company acquired pre-stress beam machine, culvert pipe machine and paving/building blocks machines which had enabled the company to produce quality and standard products.

Awards

According to him “the company is also a proud recipient of two major awards which include the “Input Supplier of the Year (2013) Awards”, Mr Sam Said.

It also received an award for its sterling contributions to the building sector at the Ghana Business and Financial Services Awards.