GIPC signs €60M agreement with CIMAF Ghana

GIPC signs €60M agreement with CIMAF GHANA to produce cement in Ghana

Ghana will soon be home to another cement manufacturing plant following the signing of an agreement between the government of Ghana and CIMAF Ghana Limited to establish a one million tonne per annum facility.

Mrs. Mawuena Trebarh who represented the Minister of Trade, Haruna Iddrisu signed on behalf of government with Mr. Saad Sefrioui, General Director of Ciments de l'Afrique (CIMAF GHANA LIMITED) signing on behalf of his organization.

According to the terms of the agreement signed in Accra last Monday, CIMAF is to invest sixty million euros (€60, 000,000.00) 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 sourcing materials as well as developing the building materials sector through ready mix 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 operative 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 TemaMetropolitan Area for the project.

The Ghana Investment Promotion Centre has embarked on a number of strategic moves recently to boost investment in the country whiles protecting local content.

According to Mrs. Mawuena Trebarh, the overriding goal is to create jobs and sustain economic growth.

Last year, Foreign Direct Investment (FDI) inflows to the country declined marginally by 19.53 percent to $3.946.41 million compared to almost $4,904.41 million recorded in 2012.