29.09.2004 Business & Finance

President inaugurates Diamond Cement Factory

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Aflao, Sept 29, GNA - President John Agyekum Kufuor on Tuesday inaugurated the 15-million Dollar Diamond Cement (Ghana) Limited (DCGL) at Aflao in the Ketu District of the Volta Region. The Indian-owned factory, which began production in 2002 with an annual production of 700,000 tonnes, is expected to produce up to 800,000 tonnes in the future to provide 400 direct and 1000 indirect employment.

President Kufuor, inaugurating the factory as part of his three-day official tour of the Volta Region, appealed to the management of the factory to produce cement at a reasonable price. He told the workers to work with dedication to enable the factory to work diligently to protect their jobs.

President Kufuor said the establishment of the factory was a testimony of the favourable investment climate that would also provide economic integration within the ECOWAS sub-region and attract further foreign investments into the Ghana.

On a request by the Chief of the Aflao Traditional Area, Togbui Amenya Fiti V, to upgrade Aflao to a Municipal status, President Kufour said efforts would be made in that direction with the position of Aflao. He said the Government would also assist Aflao to grow in an orderly fashion to reduce smuggling.

Mr. Allan Kyremanteng, Minister for Trade and Industries and the Presidential Special Initiatives (PSIs), said DCGL which is providing employment, tax revenue and stimulating economic activities among others, is a reflection of the benefits of Foreign Direct Investment (FDI) in Ghana's development.

He said the company that is using local raw materials is providing vertical and horizontal linkages between it and other companies including Tema Steel in Tema.

Mr. Kyeremanteng urged other communities in the country to open their doors for investors.

Mr. Motaparti Prasad, the Managing Director of DCGL, said the company employs the most modern cement technology with a latest high efficiency Separator.

Mr. Prasad said Bag Fillers have been provided at all transfer points in the production line to prevent the emission of dust into the atmosphere that remains a major problem in conventional cement production.

Mr. Kaikhosrou Framjai, Indian High Commissioner to Ghana said the establishment of DCGL has further promoted the age-old cooperation between Ghana and India. 29 Sept 04

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