President Addo Dankwa Akufo-Addo has opened phase one of the B5 Plus Steel Plant situated in Larpleku in the Ningo-Prampram District in the Greater Accra Region on 13th April.
President Akufo-Addo also cut the sod for phase two of the steel factory, the largest in West Africa. The $80 million plant sits on a 100-acre land.
In an address before the opening of the factory, he commended Mr Mukesh Thakwani, Executive Chairman of B5 Plus, for establishing the steel plant which forms part of the government’s flagship One District One Factory (1D 1F) industrialization initiative.
He said the government has embarked on export diversification drive which is being supported by B5 Plus. He said the aim of the 1D 1F programme includes the expansion of value-addition activities of industries.
The President asked B5 Plus to take advantage of the incentives such as the provision of utilities and tax holidays under the 1D 1F programme in order to be competitive. He reassured the Management of B5 Plus that the government would ensure that power and water are provided to the company to optimize it operations.
He said the government would continue to support the industries under the 1D 1F initiative to be sustainable, adding that 76 factories, which have employed 139,000 people, have so far been completed under the programme. He noted that 258, 000 more persons are expected to be employed when all the 1D 1F projects are complete.
Mr Thakwani said two decades ago, Ghana was importing steel and iron products but B5 Plus commenced operations, and now exports to West African countries, namely Burkina Faso, Cote d’Ivoire, Guinea and Mali. He said B5 Plus is a one-stop shop for steel products such as nails, iron rods, binding wires, gratings, pipes and others.
He said the company has engaged about 1,500 workers and has 1,000 distributors all over the country, adding that 400 workers have been employed by the fabrication plant.
He mentioned many corporate social responsibility (CSR) activities of B5 Plus, particularly the free supply of water to the communities and donation of oxygen to government hospitals, with the outbreak of Covid-19.
Mr Thakwani, however, pointed out some of the challenges such as land acquisition problems, inadequate electricity and non-existence of water supply affecting the operations. He appealed to the government to resolve these challenges to facilitate the optimal operation of the steel plant.
