RSGL grateful to Ghanaians and IFC for capital injection
Rider Iron and Steel Ghana Limited (RISGL), a local steel manufacturing company based in Odumasi-Konongo, has commended the president of the republic, Nana Addo Dankwa Akufo-Addo for the pragmatic measures being put in place to cushion businesses in this crucial time.
According the company, the government has created a conducive business environment for investors to set up in Ghana thereby creating jobs for the citizens.
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The company was also grateful to the International Finance Corporation (IFC), a member of the World Bank Group, for approving a loan support of US$12million to the company for the construction of its manufacturing office in the Ashanti Region.
Appreciation
The Director of the company, Mr Walid Al Alami said the capital injection from the IFC “is a game changer not just for the company but also for the industry and Ghana as whole.”
“RISGL conveys its deepest gratitude to the IFC professional leadership and the extremely skilled team that worked diligently on this for more than a year and half,” he said.
He said the loan would propel the company to meet the domestic demand for steel products and support many other businesses.
Mr Al Alami was also grateful to the Asantehene, Otumfuo Osei Tutu II for his warm reception accorded the directors of the company and also offering the company a vast land for its factory.
General Manager of RISGL, Dr. Majd Hawwari also shared similar gratitude to the IFC and explained that the engagement with IFC would take the industry to another level regarding the number of jobs that would be created in the next 30 years.
He said the capital injection would also have an impact on the quality of the products due to the advanced technology of the company and the vast industry experiences of the company and through collaboration with local expert houses such as Kwame Nkrumah University of Science and Technology (KNUST).
He said the company was conscious of its impact on the environment and as such would use sophisticated equipment that reduce air pollution.
The factory
RISGL factory is based in Odumasi-Konongo, right on the N6 Accra-Kumasi road will be the largest steel manufacturing factory is West Africa when it becomes operational in June 2021.
It will be equipped with six 20 MT furnaces that will be able to produce more than 240,000 metric tonnes worth of Rebar steel and Structural material such as angle steel, C channels and I beams.
It is expected to create about 450 direct jobs and generate more than 13,000 indirect jobs in value chain, mostly among individuals and micro enterprises engaged in scrap collection.