One-District-One-Factory: President Nana Akufo-Addo Commissions Phase One of B5 Plus Steel Plant

In his promise to create more factories and jobs for Ghanaians, President Nana Akufo-Addo commissioned the Phase One of B5 Plus steel plant on April 13, 2021. Situated in Larpleku in the Ningo-Prampram District in the Greater Accra Region, B5 Plus steel plant is an enterprise operating under the Government’s One-District-One-Factory (1D1F) industrialization initiative.

His Excellency President Nana Akufo-Addo said: “this plant 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”. The plant, which costs over $80 million, is expected to create about 3,000 direct and indirect jobs.

When fully operational, Ghana will see the end of the importation of steel into the country and the plant will also have the capacity to serve both the local market and the West African subregion, as noted by Alan Kyerematen, the Minister of Trade and Industries, who said: “the factory will be a substitute for our importation. Ghana imports billions of iron and steel annually and is the second largest import after the automobile and vehicle industry. But now with our own factory, we will serve our local economy and anything that substitutes importation is worth celebrating”.

When in full operation, it is envisaged that B5 Plus Limited, the largest iron and steel company in Ghana and the region, will save the country some $100 million in foreign exchange in its first year alone, with the figure expected to increase in subsequent years.

President Akufo-Addo asked B5 Plus to take advantage of the incentives such as the provision of utilities and tax holidays under the 1D1F 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 also said that the Government would continue to support the industries under the 1D1F 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 1D1F projects are finalized.

ABOUT B5 PLUS LIMITED: B5 Plus Limited has a vision to become the best in the steel manufacturing industry through its innovative approach. The company strives to be a pioneer in the West African region, setting a benchmark for iron and steel products in terms of excellence. Its mission is to cater to the needs of its customers in all aspects, especially of cost and quality.

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