Business News Wed, 1 May 2019

Deputy Trade Minister inspects B5 Plus’ $80m steel project under 1D1F

Deputy Minister of Trade and Industry, Carlos Ahenkorah, has inspected the progress of work on B5 Plus Limited’s $80 million steel and manufacturing plant project under the government’s One district one factory, 1D1F, initiative.

His visit to the site at Ningo-Prampram comes eight months after he cut the sod for work to commence on the project.

It would be recalled that Mr. Ahenkorah was at the site in September 2018 to cut sod for the commencement of work on the project.

Eight months after the first visit, Mr. Ahenkorah arrived at the site surprised at the rate at which work had progressed on the project.

“In entering here, I must say that I am so surprised. I have been overwhelmed with what has been achieved within this short space of eight months” he said.

His visit to the site was also to ascertain in what ways President Nana Akufo-Addo’s administration could help investors undertaking various projects under the 1D1F policy.

Management of B5 Plus assured the Deputy Minister and Government that the project would be completed by September 2019.

President Akufo-Addo is expected to commission the steel factory which is to provide about 10,000 direct and indirect jobs.

Already, about 800 persons have been employed for its construction works, with 2,000 others said to be associated with the project.

Mr. Ahenkorah says the project was a massive one and would be a major game changer for Ghana.

The project in its first phase is expected to save Ghana some $100 million annually in foreign exchange.

Chairman of B5 Plus Company Limited, Mukesh Thakwani, says the aim is to support the realization of government’s ‘Made In Ghana’ dream.

He however pleaded with the government to speed up efforts in providing water, electricity and security for the project as promised.

The Chairman lamented that the company has had to rely on hiring the services of water tankers daily for construction works, something he says was quite expensive.

About B5 Plus

B5 Plus Ghana Limited was established about 20 years ago with its corporate headquarters at Kpone near Tema, and was initially importing steel and iron from Cote d’ Ivoire and South Africa, but has grown to the stage where it now exports to other countries.

In November 2018, the company supported the Ghanaian government’s One District One Factory initiative with the establishment of an $80 million steel factory at Ningo-Prampram in the Greater Accra Region.

B5 Plus Limited operates in all the 15 Economic Community of West African States (ECOWAS) nations.

The company’s principal product is steel products which come in seven major categories such as mild steel, high tensile & iron rods, galvanized products, stainless steel, marine & mining, roofing & nails and concrete & fencing.

Its vision is to become the world’s steel industry benchmark through the excellence of its people, its innovative approach and overall conduct.

B5 Plus employs about 10,000 people in Ghana and numerous others across the West African subregion.

Source: citinewsroom.com
Related Articles: