info@businessghana.com
B5 Plus Group, the leading iron and steel manufacturing and trading company in West Africa, is the first company to sign onto the government's flagship 24-Hour Economy Policy.
The iron and steel producer commissioned a new line of manufacturing machinery in Lakpleku, near Ningo-Prampram, in the Greater Accra Region last Friday as part of its phase two expansion.
Pioneering the 24-Hour Economy programme positions the indigenous steel giant at the forefront of the government's ambitious initiative to transform Ghana into a round-the-clock industrial hub.
"I had the honour and privilege yesterday to sign the 24-Hour Authority Bill into law, and I know that B5 Plus Group is one of the first companies that will register under the 24-hour economy initiative," President John Dramani Mahama, who inaugurated the state-of-the-art facility disclosed before a gathering of ministers, diplomats and industry captains.
With the expansion, B5 Plus now operates the largest pre-engineered building (PEB) facility in West Africa, and the second largest in Africa.
The company directly and indirectly employs over 15,000 Ghanaians and has remained a consistent member of the prestigious Ghana Club 100 for over a decade.
President Mahama explained that steel production was uniquely suited for continuous operations, noting that around-the-clock manufacturing reduced energy wastage, improved furnace efficiency and maximised asset utilisation.
He pointed to the GH¢110 million allocated in the 2026 budget to operationalise the 24-Hour Plus policy as evidence of the government's commitment.
President Mahama also revealed that B5 Plus had contributed over $300 million in taxes to the state, with projections to exceed $500 million in the near future — cementing its reputation as one of Ghana Revenue Authority's most compliant corporate citizens.
The President used the occasion to defend the government's restriction on non-ferrous scrap exports, explaining that the policy was designed to feed local processors such as B5 Plus with raw materials.
"For too long, a significant portion of that scrap metal has been exported in its raw form. By restricting non-ferrous scrap exports, the government ensures local processors have priority access to raw material for their production," he said.
President Mahama projected that the policy would generate between $250 million and $300 million annually in processed metal exports and create between 5,000 and 10,000 new jobs, while increasing tax revenues through Value Added Tax (VAT), corporate taxes and income tax (pay as you earn (PAYE) contributions.
President Mahama positioned the expanded facility within Ghana's broader strategy to dominate West African steel markets under the African Continental Free Trade Area (AfCFTA).
With Ghana hosting the AfCFTA Secretariat and possessing deep-water ports at Tema and Takoradi, the President argued that locally manufactured steel could supply construction markets across ECOWAS, Sahelian infrastructure projects and mining operations throughout the sub-region.
"Instead of importing steel from Asia or Europe, West Africa can source competitively from Ghana's manufacture.
This is regional value chain integration in real practice," he asserted.
President Mahama estimated that the expansion could reduce steel imports by 20 per cent to 30 per cent annually, saving millions of dollars in foreign exchange — a move he described as "industrial sovereignty in practice."
The President also made a personal appeal to parties litigating over land adjacent to the factory, urging them to resolve the matter quickly to enable further expansion.
"I urge those who are litigating the land behind here to resolve the issue quickly so that B5 Plus can continue with its expansion," he pleaded with the chiefs, some of whom were represented, acknowledging the importance of industrial growth for providing employment to the youth in the area.
President Mahama commended the board, management and staff of B5 Plus for their confidence in Ghana's economy, as well as the traditional authorities and people of Lakpleku for welcoming industrial growth into their community.
Speaking at the ceremony to commission the expanded plant, the Executive Director of B5 Plus, Mukesh Tarkwani, said it went beyond opening a factory, calling it "the expansion of Ghana’s industrial frontier and the deepening of value addition within our mining and construction sectors."
He emphasised that the civil works, structural fabrication and installations were executed by Ghanaian engineers and technicians, reinforcing local expertise and industrial confidence.
The rhythmic clang of machinery provided a steady industrial soundtrack as President Mahama, accompanied by B5 Plus Group Chairman, Mike Takwani, toured the sprawling new facility shortly after unveiling the plaque to commission the plant.
Workers in hard hats lined the walkways, their faces beaming with pride as the President paused to inspect massive steel rollers and computerised control rooms, occasionally tapping a shoulder or exchanging a few words with the technicians who keep the plant running.
It was a moment that underscored the human story behind the billion-dollar numbers: jobs secured, skills deepened and a workforce witnessing firsthand the transformation of their labour into national progress.
Present at the ceremony were the Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu Agyare, the Minister of Energy and Green Transition, John Abdulai Jinapor, and the Minister of Communication, Digital Technology and Innovation, who is also the Member of Parliament for Ningo-Prampram, Sam Nartey George, in whose constituency the factory is situated.
Aside from the high-level government delegation that graced the ceremony, the significance of the occasion drew a cross-section of Ghana's industrial and commercial leadership, with high-level delegations from the Association of Ghana Industries (AGI), the Importers and Exporters Association and the Ghana Chamber of Mines in attendance, a reflection of the steel plant's strategic importance across multiple sectors.
Mrs Ofosu-Adjare reiterated the ministry's commitment to removing bottlenecks hampering industrial growth.
She commended the President for the bold decision to ban the export of non-ferrous scrap materials, a move designed to feed local industries such as B5 Plus with affordable raw materials rather than allowing them to be shipped overseas.
For his part, Mr George called on his colleague ministers responsible for water and electricity to collaborate directly with industry players such as B5 Plus to expand utility access.
He said stable electricity and water supply was a fundamental requirement for manufacturers aiming to scale up production and reduce dependence on imports.
The Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, who was also at the event, said the B5 Plus investment aligned with the 24-Hour Economy agenda to promote import substitution, downstream mineral integration and sustainable industrial growth.
“Extraction without processing is incomplete development, and Ghana is moving beyond extraction to building industrial power,” the Lands Minister stated.
