The British Excessive Commissioner to Ghana, Harriet Thompson, visited Springs and Bolts Co. Ltd. in Kumasi to have a good time a pivotal second in UK-backed funding in Ghana’s manufacturing sector, as a part of her farewell engagements within the Ashanti Area.
The go to highlighted the UK’s vital contribution to Ghana’s financial transformation and its ambition to turn out to be a aggressive manufacturing hub in West Africa.
UK assist drove new manufacturing investments, spurred the creation of extremely expert jobs, and launched native manufacturing of elements for the automotive, oil and gasoline, and mining industries.
The UK supplied technical help and catalytic grant funding by its flagship Jobs and Financial Transformation (JET) programme, applied by the Palladium Group, to boost Springs and Bolts’ capability and investor readiness.
In consequence, the corporate secured a major follow-on funding earlier this yr by the Ghana Funding Help Programme (GhISP), a subsidiary of British Worldwide Investments.
This funding will allow the institution of a brand new, state-of-the-art manufacturing unit for large-scale manufacturing of automotive leaf springs, positioning the corporate as a nationwide and regional manufacturing hub with exports to 5 new West African markets.
As well as, Springs and Bolts will launch Ghana’s first fasteners manufacturing plant, producing custom-made, high-quality bolts and nuts for the economic, development, and automotive sectors.
This undertaking will deepen native worth chains, improve self-reliance, and create not less than 200 high-quality manufacturing jobs.
The expansion of the part sub-sector is a key a part of the spectacular development of Ghana’s automotive sector, which has seen a significant growth of domestically assembled automobiles within the final 4 years.
Talking about her go to to Springs and Bolts, Harriet Thompson mentioned: “This manufacturing unit is a good instance of how British funding helps to develop robust native companies, create good jobs, foster innovation, and strengthen the partnership between the UK and Ghana”.
The UK JET programme’s technical help performed a key function in boosting Springs and Bolts’ capital-raising efforts, resulting in an funding that can broaden the corporate’s manufacturing unit and manufacturing capability.
This capital elevate displays robust investor confidence and positions the corporate for development, product diversification, and regional growth.
Throughout her go to, the Excessive Commissioner toured the manufacturing unit ground, met with CEO Derrick Asamoah Boahen, and noticed preparations for equipment set up and manufacturing unit growth.
Springs and Bolts goals to start full-scale manufacturing by the tip of 2025.
The corporate’s management expressed appreciation for UK assist, noting that the JET grant enhanced their credibility with monetary companions and that their new funding is instrumental in realising their development ambitions.
“This funding and the progress achieved wouldn’t have been doable with out the technical help and grant funding supplied by the UK-funded Ghana JET programme,” Derrick Asamoah Boahen, CEO, Springs and Bolts.
This funding exemplifies how strategic UK assist can unlock domestically pushed industrial improvement and job creation in Ghana.
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