President Nana Addo Dankwa Akufo-Addo has laid the foundation stone for the construction of a new cement factory at the Free Zones Enclave in Tema.
Work on the CBI Ghana Cement Grinding Factory is expected to be completed in 12 months, at an estimated cost of US$55 million.
The company is expected to employ between 300 and 400 people when the factory becomes fully functional.
In an address at the foundation-laying ceremony yesterday, President Akufo-Addo said the government would continue to provide the needed regulatory support and business-friendly environment for the cement sector to be more competitive to drive prices down for the benefit of Ghanaians.
He described the cement manufacturing sector as vibrant and proving to be what was expected of the private sector.
“My government will, for its part, continue to ensure that the sector gets the regulatory support and the business-friendly environment it needs to thrive,” the President added.
Cement industry critical
The President stressed that it was critical that the cement industry succeeded because cement formed the backbone of infrastructure development which contributed about a quarter of Ghana’s Gross Domestic Product (GDP).
He said the consumption of cement was guaranteed to increase by leaps and bounds, as the country had to deal with growing urbanisation, the huge deficit in housing needs and the anticipated rise in government and private sector infrastructure development projects.
For that matter, he said, the local manufacture of cement would help create jobs and reduce the drain on foreign exchange reserves from having to import cement.
He said in the past seven months of his government, a number of measures had been taken to correct the economic mess that was inherited.
Some macroeconomic figures, the President said, were beginning to show some improvement, but added that the true results would become manifest when there was a resultant improvement in the lives of the people.
“We will know we are making real progress when the improved figures lead to an improved business atmosphere and more investment that lead to the creation of jobs,” he stressed.
Government policies yielding fruits
Sounding excited, President Akufo-Addo said: “I take it as a veritable vote of confidence in the steps we are taking to make the private sector flourish that a company like CBI has taken the decision to enter the economic space of our country.”
He said with the CBI being the latest entrant to the cement sector and supported by Lafarge-Holcim, the world’s leading cement manufacturer, the expectation was that CBI would bring the latest cement grinding technology to Ghana.
“I look forward to the construction of what we expect to be a state-of-the-art cement grinding factory to diversify the sector, promote healthy competition and improve product standards,” he said.
He said the government was considering a transition to the use of concrete for the construction of more durable roads in Ghana and that meant more cement would be needed than before.
“I am assured by CBI that the Supacem brand cement is strong and suitable for road construction,” he added.
Environmental protection
The President talked about the need to protect the environment and said he was comforted to learn that CBI would be using the highest environmental standards and raw materials in the production of Supacem Cement.
“I do not need to tell you that job creation ranks as the highest priority with our government. We look forward to the CBI Cement Factory creating hundreds of jobs, and we are glad to learn of CBI’s commitment to train its employees and to technology transfer. I am confident you will be a responsible employer that treats your employees with dignity and pays maximum attention to their health and safety needs and the environmental impact of the factory,” he said.
The Chairman of CBI, Mr Paul Albretch, said the company would count on its international expertise and bring transfer of technology and knowledge to the benefit of Ghana.
He said with the company’s affiliation to Lafarge-Holcim, the world leader in cement manufacturing operating in 90 countries, 30 of which are in Africa, Ghana would see in-flows of knowledge, global best practices and technical skills into its cement and related sectors.
Prez Akufo-Addo lays foundation for new cement factory
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