The Government of Ghana through the Ghana Integrated Iron and Steel Development Corporation has secured a strong expression of interest and support to exclusively develop and realize a major integrated Iron and Steel production plant from a major world-class Chinese state-owned Iron and Steel Plant Engineering and Contracting group called CISDI. The first phases of the project represent an investment volume of over $1 Billion.
According to Kwabena Bonsu Fordwor, Chief Executive officer of GIISDEC the Ghana Integrated Iron and Steel Development Corporation, the new steel plant when the first two phases are completed will employ 1,200 Ghanaians directly and 10,000 jobs indirectly.
Giving details of the collaboration between GIISDEC and the foreign investment and process plant supply partner CISDI, Mr. Fordwor hinted at the considerable efforts of GIISDEC over the last 2 years to ensure that this partnership and investment becomes a reality to help transform and promote the steel industry and with this foster industrial growth in Ghana.
He further stated that the government’s strict directives to include local content in collaborations with foreign investors will be strictly adhered to, hence investors will deal directly with locals during the setup of the industrial plant to help boost the economy and create more jobs.
According to the CEO, within two years, the first phases of the steel plant should be complete and operationalized to help boost downstream industries.
According to him, unlocking the potential of the iron and steel sector for development in Ghana also means building a sector that thrives on transparency and community development and said GIISDEC was keen on ensuring that investor confidence will be promoted which will help generate much needed industrial activity in the country.
Mr. Fordwor stated this during meetings this week between GIISDEC, CISDI, InterCon their German venture partners and UIC Energy their representation in Ghana that the project will be implemented in three phases and by the completion of the third phase, the project will become a fully integrated iron and Steel project taking advantage of the entire iron ore mining process and value chain. He also expressed satisfaction in the negotiations and corporation between GIISDEC their foreign partners and UIC and further described Ghana as a conducive place to invest in such a nationally significant project.
The overarching goal of GIISDEC is to leverage Ghana’s iron ore reserves and allied steel assets to drive Ghana’s industrialization agenda. In pursuit of this goal, the corporation in early 2020 adapted to accelerate the promotion and development of an Iron and Steel industry strategy.
Story by:Kwaku Stephen