Business News of 2014-03-07

Ghana and Ciments de l'Afrique sign agreement

The Government of Ghana has signed an agreement with Ciments de l'Afrique (CIMAF) Ghana Limited to establish a cement manufacturing plant capable of producing one million tonnes per annum.
Mrs. Mawuena Trebah who represented the Minister of Trade, Mr Haruna Iddrisu, signed on behalf of the Government, with Mr. Saad Sefrioui, General Director of CIMAF signing on behalf of his organization.
According to the terms of the agreement signed in Accra, CIMAF is to invest 60 million Euros into the construction of a cement producing plant in Tema. The plant is to be completed in 18 months to serve local demand and also for export to other countries.
As part of the agreement, CIMAF Ghana Limited is mandated to factor local content in the sourcing of materials, as well as developing the country's building materials sector through ready mixed concrete and aggregates.
The Government of Ghana is expected to provide support and facilitate the administrative procedures towards an agreement for a lease of a limestone quarry for the smooth operation of the cement plant.
Government will also support and facilitate the leasing and administrative procedures for CIMAF Ghana Limited to obtain land located close to the Tema Metropolitan Area for the project.
Mrs. Mawuena Trebah said the Ghana Investment Promotion Centre had embarked on a number of strategic moves recently to boost investment in the country, whiles protecting local content, the overriding goal being to create jobs and sustain economic growth.
Last year, Foreign Direct Investment (FDI) inflows to the country declined by 19.53 per cent to $ 3.946.41 million, compared to almost $ 4,904.41 million recorded in 2012.
Source: GNA
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