Mahama: Ghana’s Annual Steel Demand Exceeds 1.2 Million Tonnes
President says expansion of B5 Plus plant will reduce imports and strengthen Ghana’s industrial growth.
- Ghana’s annual steel demand exceeds 1.2 million metric tonnes, driven by key sectors.
- Heavy reliance on steel imports has strained foreign exchange reserves.
- Expansion of B5 Plus facility expected to boost local production and create jobs.
President John Dramani Mahama has disclosed that Ghana’s annual steel demand is estimated at more than 1.2 million metric tonnes, largely driven by activities in the construction, energy, mining, and manufacturing sectors.
He made this known on Friday, February 20, during the commissioning of the B5 Plus LTD Steel Manufacturing Plant. The President described steel consumption as a critical indicator of industrial development.
According to him, in many emerging economies, steel use per capita increases alongside infrastructure growth, rapid urbanisation, and industrial expansion.
For years, Ghana has relied heavily on imported steel to meet local demand, a situation that has placed considerable strain on the country’s foreign exchange reserves. President Mahama noted that the expansion of the B5 Plus facility will significantly boost local production capacity, helping to curb imports and shield the economy from fluctuations in global steel prices.
He added that strengthening domestic manufacturing will conserve foreign exchange, improve the trade balance, stabilise supply chains, and reduce vulnerability to external market shocks.
The commissioning of the expanded plant is expected to advance Ghana’s industrialisation drive by creating jobs, supporting infrastructure development, and promoting sustained economic growth.
