President John Mahama yesterday inaugurated the Western Diamond Cement Limited (WDCL) at Bokro, near Takoradi, and described it as yet another manifestation of the high investor confidence in the country.
The $50 million investment is the third of three cement factories owned by the Diamond Cement Group Limited (DCGL). The two others are the Savanna Diamond Cement at Buipe in the Northern Region and Diamond Cement Ghana Limited at Aflao in the Volta Region.
"Ghana is rising and, as has been confirmed by the World Bank, we remain the first choice destination for doing business in West Africa. And on the global index of ease of doing business, Ghana has moved up 13 places. This is a great source of pride to us," the President said.
The WDCL produces one million tonnes of Portland Limestone Cement of 42.5R, 42.5N and 32.5R grades per annum.
Using German technology, WDCL production also includes limestone cement, dolomite limestone cement and ordinary Portland cement.
The factory is providing direct and indirect employment to about 2000 people.
A view of the factory
Agenda for transformation
President Mahama said the opening of the factory meant that the Diamond Group was reaping the benefits of the government's agenda for transformation that was introduced in 2013.
Diamond Cement, the President said, had supported the economic development of the country since its entry into Ghana's business environment.
President Mahama mentioned sustainable development as one of the cardinal points of economic growth.
He applauded Diamond Cement for the confidence it had reposed in the economy.
"This gives a strong positive signal to other investors about the positive story of the Ghanaian business environment," he added,
President Mahama commended the company for its impressive corporate social responsibility records and praised it for using more local raw materials in line with government's policy.
Touching on complaints of the importation of cheap cement into the country, the President said the Cabinet had discussed the issue and asked the Ministry of Trade and Industry to look into the matter.
The Managing Director of Western Diamond Cement Limited, Mr Motaparti Prasad, pledged that the company would make a positive impact on the Ghanaian market.
He said another subsidiary of the Group - Diamond Solar Salt - was under construction and would be completed in 2017.