President John Dramani Mahama has commissioned the Phase 2 expansion of the B5 Plus Steel Ball Mill and Section Mill manufacturing plant at Larkpleku Village in the Greater Accra Region.
The President made the commissioning on Friday, describing the expansion as more than just a factory project but a representation of Ghana’s industrial ambition and structural shift from dependence on raw material exports to value-added industrial production.
“Today marks more than the expansion of a factory. It marks the expansion of Ghana’s industrial ambition. The Phase 2 expansion of B5 Plus is not an isolated investment. It is part of a shift in our economy from dependence on raw material exports to value-added industrial production,” President Mahama stated.
He explained that steel consumption is a strong indicator of industrial development, noting that Ghana’s annual steel demand is estimated at over 1.2 million metric tons, driven mainly by construction, energy infrastructure, mining, and manufacturing.
The President disclosed that historically, a substantial portion of this demand has been met through importation, placing pressure on the country’s foreign exchange reserves.
President Mahama announced that the expansion of the facility strengthens domestic capacity to substitute imports, save foreign exchange, improve trade balance, stabilize supply chains, and reduce exposure to global price volatility.
He stated that if the facility reduces steel imports by even 20-30% annually, the foreign exchange savings alone could amount to hundreds of millions of dollars.
President Mahama announced that B5 Plus will be one of the first companies to register under the 24-hour economy initiative following his signing of the Authority Bill into law on Thursday.
He explained that steel production benefits from continuous operation to reduce energy wastage, improve furnace efficiency, lower unit production costs, and maximize asset utilization.
The President disclosed that the government has allocated GH¢110 million in the 2026 budget to operationalize the 24-hour initiative programme, reflecting the administration’s seriousness about the policy.
He stated that when factories run three shifts instead of one, employment rises, productivity increases, and exports expand.
President Mahama announced that the government’s policy of banning non-ferrous scrap exports is expected to boost processed metal exports by $250-$300 million annually and create 5,000 to 10,000 new jobs.
The policy ensures local processors have priority access to raw materials for production and will increase tax revenues through value-added tax, corporate taxes, and pay-as-you-earn.
The President noted that Ghana is uniquely positioned in West Africa as a politically stable country hosting the Secretariat of the African Continental Free Trade Area, with deep water ports in Tema and Takoradi and expanding energy infrastructure.
He stated that under AfCFTA, a market of 1.4 billion people with a combined GDP exceeding $3 trillion is gradually opening up for intra-African trade.
“Steel products manufactured here can serve construction markets, Sahelian infrastructure projects, mining operations across West Africa. Instead of importing steel from Asia or Europe, West Africa can source competitively from Ghana’s manufacture,” President Mahama said.
The President announced that at full capacity, the facility creates direct factory employment, technical and engineering jobs, transport and logistics employment, and apprenticeship and vocational training opportunities.
He commended the board, management, and staff of B5 Plus for their confidence and hard work in advancing the enterprise and raising Ghana’s industrial potential.
President Mahama also saluted the traditional authorities and people of Larkpleku for welcoming industrial growth in their community, urging those litigating land behind the factory to resolve the issue quickly to allow B5 Plus to continue with expansion plans.
Richard Aniagyei, ISD
