IFC, a member of the World Bank Group, has approved a US$12 million loan to Rider Steel towards a new steel plant at Konongo-Odumase, near Kumasi in the Ashanti Region.
Expanding local steel production
The Kumasi plant adds capacity of 300,000 tonnes a year to Rider Steel’s existing 80,000-tonne plant in the Tema Free Zone Enclave, which opened in 2012. Producing more construction steel in Ghana reduces the country’s reliance on imported steel.
Built on recycled scrap
Like the Tema plant, the Kumasi plant uses scrap metal as its main raw material, supporting thousands of collectors, dealers and transporters who supply it.