President John Dramani Mahama has said that reducing steel imports by even 20 to 30 percent annually could save Ghana hundreds of millions of dollars, underscoring the importance of industrial self-reliance.
If we reduce steel imports by even 20 to 30% annually, the foreign exchange savings alone could amount to hundreds of millions of dollars. This is what industrial sovereignty is about,” he said.
President Mahama made the remarks during the commissioning of the B5 Plus LTD Steel Manufacturing Plant on Friday, February 20, highlighting the plant’s role in strengthening domestic steel production.
Steel consumption is a strong indicator of industrial development,” President Mahama said. “Across emerging economies, per capita steel consumption rises in tandem with infrastructural development, urbanisation, and industrial expansion.”
Ghana’s annual steel demand is estimated at over 1.2 million metric tonnes, driven primarily by construction, energy, mining, and manufacturing sectors. Historically, much of this demand has been met through imports, which has placed pressure on the country’s foreign exchange reserves.
The expansion of this facility strengthens domestic capacity to substitute those imports, save foreign exchange, improve our trade balance, stabilize supply chains, and reduce exposure to global price swings,” President Mahama added.
The commissioning of B5 Plus LTD is expected to support Ghana’s industrialisation agenda, creating jobs, bolstering infrastructure development, and reducing reliance on imported steel.
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