Mr Alan Kyeremanten, Minister for Trade and Industry, has inaugurated B5plus company's prefabrication steel manufacturing plant in Lakpleku, in the Ningo Prampram District, under government's one district, one factory (1D1F) initiative.
The steel factory can employ, directly and indirectly, over 10,000 youth.
Mr Kyeremanten lauded of B5plus for investing in Ghana and creating jobs for the youth. He stated that the objective of the one district, one factory initiative was to decentralise economic activities to the rural communities to ease economic congestion in the major cities.
He added that it was significant for Ghana to move beyond aid, therefore, it must tap into other sources of capital acquisition that would industrialise and develop the country.
It is, therefore, crucial for the government to engage in public-private partnerships to achieve these objectives just as any other developed or developing countries.
He expressed the optimism that the factory, being the largest in West Africa, would increase exports, imports substitutions and ultimately generate significant foreign exchange for the nation. He further entreated the management of the factory to ensure that the activities of the factory generate a multiplying effect in the growth of small and medium enterprises in the district and the nation as a whole.
To support the success of the 1D1F initiative, he disclosed that, the government has created a conducive economic environment by introducing tax incentives to investors under this programme. Currently, the government has granted all 1D1F investors several tax incentives such as 5 years tax holiday, exemption from local taxes, levies and duty-free importation of raw materials, machinery and equipment. 1D1F investors are also exempted from the payment of withholding taxes.
Mr Kyeremanten assured the company of the districts' support in extending infrastructural facilities such as access roads, potable water and electricity to their doorsteps. He charged the District Assembly to protect the lands that have been leased to the investors to avoid disruption of operations.
Whilst commending the company for their tremendous economic activities in the country, the Greater Accra Regional Minister, Mr. Ishmael Ashietey, entreated management of the company to operate within the confines of the labour laws and regulations of the country. He further urged the company to create sustainable jobs for the youth to develop the community economically.
The Indian High Commissioner to Ghana, Birender Singh Yadav, also commended B5plus and all the Indian companies in Ghana for contributing significantly to the economic growth of Ghana. He assured the government of mutual benefits whilst promoting industrialisation in Ghana.
The chairman of B5plus company, Mr Mukesh Thakwani, expressed gratitude to the government and promised to construct a police post for the Lakpleku community. He called on the government to support the company by enforcing existing laws relating to activities that might derail the success of the factory.