Aluworks expands casting line

President John Agyekum Kufour on Tuesday said there was an urgent need to add significantly to the nation's energy stock to reverse the severe stress on the Akosombo Dam.

This, he said, required investment and assured Ghanaians of the government's preparedness to solve the problem to enable industries to operate to the fullest capacity.

The President said this in a speech read for him by Dr. Paa Kwesi Nduom, Minister of Energy, at the commissioning of a 10- million-dollar casting production line for the Aluworks, an aluminium production company.

The commissioning brings to three the number of casting lines at the factory since it started operating in 1985.

With an initial capacity of 10,000 metric tonnes it was expanded to 20,000 metric tonnes and is now producing 30,000 metric tonnes.

Aluworks produces for over 100 firms and individual customers both local and foreign and exports 40 percent of its output to ECOWAS countries as well as to Europe and the USA.

President Kufour expressed the government's intention of becoming an active partner of the private sector in order to enjoy the benefits of the Golden Age of Business.

He said Ghana needed leading industries that could create value for the nation's economy and commended Aluworks for producing semi-finished and finished aluminium products.

President Kufuor commended the export orientation drive of the company and urged it to continue with the exploration drive to the US market under the many opportunities offered by the African Growth Opportunities Act (AGOA) in order to contribute to the nation's non-traditional exports.

Dr Kofi Konadu Apraku, Minister, Regional Co-operation and NEPAD, called on Ghanaians to remain focused on the economy to ensure the rapid growth in the private sector.

He said strenuous efforts made by the government to improve the economy was manifested in the revitalisation of distressed factories, the support for the small and medium scale entrepreneurs to operate on sound footing as well the inauguration of various chamber of commerce in the country.

''All these achievements could thrive in the atmosphere of peace and stability.''

Mr William Inkumsah, Chairman of the Board of Aluworks, said appropriate strategies had been formulated to deal with the issue of electrical power supply facing the company's main supplier, VALCO, to ensure that the company utilised its expanded capacity fully.

VALCO supplies Aluworks with 5,000 metric tonnes of ingots. Aluworks also imports 20 metric tonnes ingots from BHP Billiton of South Africa.