The success of Ghana’s One District, One Factory (1D1F) industrialization programme, should be emulated by other countries aspiring to decentralize industrial development, Kobina Tahir Hammond, Minister of Trade, and Industries has said.
Citing the example of B5 Plus Limited, he said the company took advantage of the government’s 1D1F initiative by investing in a new manufacturing line, which could make it one of Africa’s largest iron and steel manufacturer.
The Minister made the remarks when he paid a visit to the company’s new line plant in Larkapleku at Kpone-Katamanso District in the Greater Accra Region.
The visit was intended for the minister to familiarise himself with the operations of the company and how it was supporting the local production of iron and steel, which was critical to the success of Ghana’s industrial transformation agenda.
It also afforded the minister the opportunity to assess how the company was utilising local raw materials to boosting Ghana’s industrialization drive.
Addressing the media after the tour, the Minister said he was impressed with the state-of-the-art facility, describing the factory as a classic example of the success of the President’s industrialization vision.
“I am overwhelmed by the huge structure. I have been taken through various processes, from the raw materials to the finished stage, and I must say that I am profoundly impressed with the work done so far.”
The Minister complained about the prohibitive cost of importing iron and steel imports into the country and was optimistic that the advent of the B5 Plus limited would address the issue.
He assured the company of the government’s continued support to address its challenges, including water supply and power generation, to enhance production.
According to the United Nations COMTRADE database on international trade, Ghana imported iron and steel to the tune of $359 million in 2019.
Mr. Mukesh V. Thakwani, Chief Executive Officer of the company, said the company’s decision to invest in the project was due to the excessive cost of importing iron and steel products.
The company also initiated the project to accelerate Ghana’s socio-economic development and increase job opportunities for the youth.
Mr. Thakwani stated that the establishment of ACFTA would address some of the barriers to intra-continental trade.
The B5 Plus Limited was established in 2022 under the 1D1F initiative.
Through the initiative, the company has expanded its operations by constructing an additional, strategic, state-of-the-art ISO 9001:2015 QMS-certified steel manufacturing plant.
The $100 million steel plant is expected to bridge the gap between production and demand for steel products locally.
Over 100,000 Ghanaians have been employed by the company.