The government’s decision to ban the export of ferrous scrap materials is expected to generate about US$300 million annually in processed metal exports, President John Dramani Mahama has estimated.

He said the move would reduce steel imports by 20 and 30 per cent, expand local production capacity, create 10,000 new jobs in the steel industry, increase tax revenue and save Ghana hundreds of millions of dollars in foreign exchange.

“This is what industrial sovereignty is about,” he stated, stressing the need for self-reliance and value addition.

President Mahama made the remarks on Friday when he commissioned the phase two extension of B5 Plus Limited at Lakpleku in the Ningo Prampram Municipality.

The new phase has brought into operation a state-of-the-art steel ball mill and section mill manufacturing plant, further positioning Ghana as a major hub for steel production in West Africa.

The facility is expected to expand local production of structural steel sections, grinding media balls for the mining sector, pre-engineered building systems and heavy industrial fabrications, thereby strengthening domestic supply chains for infrastructure and construction.

When fully operational, the expansion will create nearly 5,000 direct and indirect jobs and increase B5 Plus’ workforce to about 15,000.

President Mahama noted that Ghana generates large volumes of scrap metal through demolition, vehicle imports and construction activities but exports much of it in raw form, depriving the local steel industry of critical raw materials.

He added that steel consumption remained a key indicator of industrial growth, alongside infrastructure development and urbanisation in emerging economies.

The President explained that the expansion undertaken by B5 Plus positions Ghana as a leader in steel manufacturing capable of serving the construction, mining, cement and mineral processing industries across West Africa, noting that Africa required more than US$100 billion annually for infrastructure development.

He said B5 Plus’ investment aligned with government policy on import substitution, job creation and infrastructure expansion.

Briefing the President, the Chairman of B5 Plus, Mr Mukesh Tarkwani, described the facility as more than just a factory.

“Today is not merely the opening of a factory, it is the expansion of Ghana’s industrial frontier,” he stated.

He added that Ghana possesses the skilled labour required for industrialisation, noting that Ghanaian engineers handled the installation of the facility from start to finish.

“Everything you see here from the civil works to the structural fabrication — has been designed, fabricated and constructed by Ghanaian hands, in Ghana. Only the machinery was imported,” he stated.