By: Celestine Avi and Seth Eyiah
President John Dramani Mahama has commissioned the Phase 2 expansion of the B5 Plus Limited Steel Ball Mill and Manufacturing facility at Lakpleku in the Ningo Prampram District. He described the project as a milestone for Ghana’s industrial transformation, strengthening domestic steel production, creating jobs, and positioning the country as a regional manufacturing hub under the 24-hour economy initiative.
Boosting Ghana’s Industrial Capacity
The President said the expansion represents more than a factory upgrade, it reflects Ghana’s shift from raw material exports to value-added industrial production.
“Steel consumption is a strong indicator of industrial development,” he noted.
Ghana’s annual steel demand exceeds 1.2 million metric tons, driven by construction, mining, energy, and manufacturing. Historically, much of this demand was met through imports, straining foreign exchange reserves. The B5 Plus expansion is expected to cut steel imports by 20–30% annually, saving hundreds of millions of dollars.
Regional Trade and the African Continental Free Trade Area
President Mahama highlighted Ghana’s strategic position in West Africa, citing political stability, deepwater ports, and access to the African Continental Free Trade Area’s 1.4 billion-person market.
He explained that steel manufactured locally could now supply regional infrastructure projects in West Africa, reducing dependency on imports from Asia and Europe.
“This is regional value chain integration in real practice,” the President said, noting that domestic steel can serve construction, mining, cement, and mineral processing sectors across the sub-region.
24-Hour Economy and Energy-Intensive Manufacturing
Under the 24-hour economy initiative, energy-intensive industries like steel can run continuously, reducing energy waste, improving efficiency, and lowering production costs. President Mahama announced that B5 Plus is among the first companies to register under the program.
“The allocation of GH¢110 million in the 2026 budget to operationalize the 24-hour initiative reflects our seriousness,” he added, emphasizing the benefits of three-shift operations: increased employment, higher productivity, and expanded exports.
Fiscal Reforms and Industrial Policy
The President highlighted recent fiscal reforms aimed at supporting manufacturers, including the abolition of the COVID-19 levy, reduction of the VAT rate from 21.9% to 20%, and digital tax monitoring systems to reduce leakages and ensure predictability for investors.
He stressed that integrating mining, metal processing, and manufacturing strengthens Ghana’s industrial ecosystem, creates technical jobs, vocational training opportunities, and develops skilled engineers and technicians.
Job Creation and Economic Impact
The expansion is expected to create between 5,000–10,000 direct and indirect jobs, increase tax revenue through VAT, corporate taxes, and PAYE, and deepen Ghana’s industrial base.
President Mahama commended B5 Plus management and staff for their dedication and urged the resolution of lingering land issues to allow further expansion.
“It is my honour to declare the second-phase expansion of the B5 Plus steel manufacturing facility duly commissioned, to strengthen Ghana’s economy, deepen regional trade, and contribute to Africa’s industrial renaissance,” he concluded.
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Source:
www.gbcghanaonline.com