Mukesh Thakwani, CEO, B5 Plus Group

Unlocking Ghana’s potential through value-added manufacturing

Global Platform

In this Global Platform video, Mukesh Thakwani, CEO, B5 Plus Group, discusses the progress within Ghana’s steel industry, with local iron ore deposits helping to address raw material shortages and improve steel production quality. Value-added steel manufacturing in the country is set to drive industrialisation;, create jobs; and expand into key sectors like automotive, construction and oil and gas. With protective policies against cheap steel imports and investments in green technologies, Ghana aims to scale up competitive, sustainable steel production. The African Continental Free Trade Area (AfCFTA) further enhances Ghana’s strategic position as a centre for steel exports across Africa, supporting economic growth and industrial resilience on the continent.

Iron ore is the main element of the steel supply chain. And if we are able to have iron ore right here in Ghana, then the biggest challenge today we are facing about our raw material shortage, that will really finish. And not only will we be able to produce more quantity of steel, but at the same time, the quality of steel production will also go high It will bring in new innovations, it will create more jobs and it will add value to Ghana’s economy. I think value addition is the most important aspect for industrialization for any country.

So I think with the value addition we will be able to scale up the economics. And we will be able to produce not only the basic products, but we can produce our products that are related to the automobile industry, construction industry, oil and gas industry. I think the most important aspect we will say about the government will be how they can try to protect the local industries by putting anti-dumping policies for the steel products, which are cheap products imported into the Ghanaian market. As we see, Ghana is really becoming self-sufficient in the production of a lot of steel products.

The products that we are able to produce right here in Ghana, they need to protect those industries so that we are able to produce more and more “Made in Ghana”. Not only we will be saving millions of dollars in foreign currency at the same time, we'll be also employing thousands of Ghanaian workers. I think the biggest challenge that we have for green steel production is the finance costs available and the technologies that are still not available in this part of the world. We have to bring in imported technologies and the finance, which is at a much costlier price currently.

But with the current worldwide situation, it has become very important that we invest more and more in it and bring in better technologies so that we are able to produce more greener steel. The most important will be how we can produce more renewable energy, how we can have the process of scrap metals, how we can bring efficiency, bring in greener energy like solar. Today the African Continental Free Trade Area (AfCTA) is coming in. And Ghana, where we are located, is the ideal location where we can export to many different markets.

With the Economic Community of West African States (ECOWAS), already in existence and AfCTA coming in, I think economies of scale– which is very important in business and especially to the industrialization and production of steel. This is really going to benefit, because now we are not only looking at the West African market, but we are looking at the whole of Africa as a continent. The huge demand of steel is there, and Africa is going through a lot of construction phases. I think this will add an economy of scale where we will be able to produce quality steel at a competitive rate because of the scale.

We will not only be able to compete within African markets, but with global players as well. We are very proud to say that the AfCTA headquarters is based in Ghana and that is an additional advantage. I'm sure it will go a very long way to foster a steel industry in Ghana and beyond.

Watch/Listen Next

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Licence or Product Purchase Required

Mukesh Thakwani, CEO, B5 Plus Group

In Ghana

In Industry

Latest

“High-Level Discussions are Under Way to Identify How We Can Restructure Funding For Health Care Services”

Related Content