- President Akufo-Addo has commissioned West Africa’s biggest steel factory
- Located in the Greater Accra Region, the factory is operating under the one-district-one-factory initiative
- The president launched the one-district-one-factory initiative in 2017 to industrialise the country
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President Nana Addo Dankwa Akufo-Addo on Tuesday, April 13, 2021, commissioned Phase One of the B5 Plus Steel Plant.
The plant will be operating under the government’s one-district-one-factory (1D1F) initiative.
Speaking at the commissioning of the plant, Akufo-Addo said the facility is a concrete manifestation that “the new paradigm of economic development, which this administration has been vigorously pursuing since 2017, of insisting on value-addition industrial activities within a conducive and business-friendly environment, is making headway.”
He reiterated his administration’s continued commitment to providing strategic support to companies and enterprises operating in Ghana.
He said, “We will continue to enhance the existing incentive framework designed to make 1D1F designated companies more competitive and sustainable."
On his part, the Trade and Industry Minister, Alan Kyeremanten said the country’s industrial transformation axes on a competitive and vibrant local steel industry.
The steel industry, he said “is therefore classified as one of the strategic anchor initiatives being promoted by the government as part of the Industrial Transformation Plan.”
The state of art steel manufacturing plant in Larkpleku Village, Prampram, is estimated to have cost $100million and the expanded B5 Plus has the potential to help bridge the gap between the production and demand for steel locally.
To ensure regular supply of power to the site, the management of B5 Plus has entered into a special arrangement with VRA and GRIDCO and this is timely to ensure the efficient running of the facility, the trade minister said.
Headquartered in Ghana, B5 Plus Ltd was founded in 2002 by its CEO Mukesh V. Thakwani with a conglomerate of business operations spread across different countries in West Africa.
B5 Plus Ltd’s vision is to become the World’s most renowned manufacturing and trading company in iron and steel products.
According to Gyamfi, who is the NDC’s National Communications Director, the former president will be the flagbearer “by hook or crook.”
Gyamfi disclosed this while addressing students at the University of Cape Coast as filed by Ghanaweb.
President Akufo-Addo defeated the former president in the 2020 elections to secure another four-year term.
He collected 51.302% of the votes cast against the latter’s 47.359%.
The votes difference between the two candidates stood at 517, 231, representing a four-percentage point, one of the highest since 1996.
The Economist Intelligence Unit (EIU) in a recent survey projected that the NDC will win the 2024 election, but with a different person as the party’s flagbearer.
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