Norfund, the Norwegian investment fund for developing countries, has announced a strategic investment of $15 million in B5 Plus Limited, one of Ghana’s largest steel manufacturers. The investment is structured as a loan and is aimed at modernizing the company’s operations, expanding its renewable energy capacity, and supporting green industrial growth in Ghana.
Strengthening Industrial Capacity and Sustainability
The capital will be used to refurbish a recently acquired steel plant located in the Tema Freezone, enhancing production efficiency and capacity. Additionally, B5 Plus will construct a 10 MW solar power facility at its site in Prampram, marking a significant step toward integrating renewable energy into its operations.
Naana Winful Fynn, Norfund’s Regional Director for West Africa, said:
This investment aligns with our mandate to create jobs and improve lives. It helps reduce the carbon footprint of the supply chain and production processes, including through increased use of scrap metal and integration of renewable energy. It also strengthens the company’s competitiveness and contributes to green industrial growth in Ghana.
Economic and Social Impact
The project is expected to generate 1,800 direct jobs and contribute to an additional 10,000 indirect jobs, supporting Ghana’s broader economic development goals. As demand for construction materials like steel continues to rise in line with regional economic growth, B5 Plus is positioning itself as a key player in meeting that demand sustainably.
Mukesh Thakwani, Executive Chairman of B5 Plus, welcomed the partnership, stating:
We are honored by Norfund’s confidence in our sustained growth and Africa’s industrial future. Our greatest asset has always been our people, their talent, dedication, and resilience drive our success. This collaboration goes beyond finance; it is about building resilient industries, empowering communities, and shaping a future of inclusive and sustainable progress.
Driving Low-Carbon Industrial Growth
Steel production is one of the largest contributors to global greenhouse gas emissions, averaging 1.92 tons of CO₂ per ton of steel produced. B5 Plus already relies heavily on recycled steel, and the addition of solar energy infrastructure will further reduce its environmental impact.
“This is about ensuring Ghana’s growth happens with as low emissions as possible,” added Fynn. “Local and competitive steel production is essential to support infrastructure development and the industrial growth needed to create the jobs that are key to driving development in Ghana.”
