John Dramani Mahama is Ghana’s President
President John Dramani Mahama has said that reducing Ghana’s steel imports by even 20 to 30 percent annually could save the country hundreds of millions of dollars in foreign exchange, reinforcing the need for industrial self-reliance.
Speaking at the commissioning of the B5 Plus LTD Steel Manufacturing Plant, on
Friday, February 20, 2026, he said the facility will strengthen Ghana’s domestic steel production capacity.
“If we reduce steel imports by even 20 to 30 percent annually, the foreign exchange savings alone could amount to hundreds of millions of dollars. This is what industrial sovereignty is about”, he stated.
Mahama to deliver State of the Nation Address on February 27
According to President Mahama, the expansion of the B5 Plus facility will enhance local capacity to substitute imports, conserve foreign exchange, improve the trade balance, stabilise supply chains, and reduce vulnerability to global price fluctuations.
“Steel consumption is a strong indicator of industrial development. Across emerging economies, per capita steel consumption rises in tandem with infrastructural development, urbanisation, and industrial expansion”, he added.
The commissioning of the plant is expected to advance Ghana’s industrialisation agenda by creating jobs, supporting infrastructure development, and reducing dependence on imported steel.
JKB/AM
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Source:
www.ghanaweb.com