RISGL grateful to Ghanaian officials and IFC for capital injection

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Rider Iron and Steel Ghana Limited (RISGL) received the great news that the International Finance Corporation (IFC), a member of World Bank Group, approved disbursement of $12million loan to support the construction of steel manufacturing plant in Kumasi. 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.

The director of Rider and Steel Ghana Limited, Eng. Walid Al Alami, believes that the capital injection from IFC is a game changer, not just for the company but also for the industry and Ghana. The loan will propel us to meet domestic demands and support many other businesses along the way, he said.

Rider Iron & Steel, expressed their profound gratitude to President Nana Addo Dankwa Akufo-Addo for bringing some relief to the Ghanaian people at a time that the world is struggling with job losses due to COVID-19.

Again, the company expressed gratefulness to His Majesty Asantehene, Otumfour Osei Tutu II for the warmest reception and offering the company a vast land to operate.

The Rider Iron & Steel Ghana Limited factory based in Odumasi-Konongo, right on the N6 Accra-Kumasi road will be the largest steel manufacturing factory is west Africa equipped with six 20 MT furnaces that will be able to produce more than 240,000MT worth of Rebar steel and Structural material such as angle steel, C channels, I beams, ..etc).

The plant will 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.

General Manager of RISGL Dr. Majd Hawwari expressed his appreciation and thanks to the IFC, and indicated that this engagement with IFC, will take the industry to another level regarding the rate of employment for the next 30 years, quality of the products due to the advanced technology used in addition to the vast accumulated experiences under Riders belt, and through collaboration with local expert houses such as Kwame Nkrumah University of Science and Technology (KNUST).

Also, he emphasized that the company pays lots of attention when it comes to environmental protection since the factory will be equipped with sophisticated air pollution reduction systems. On the other hand, being under the one district one factory initiative (1D1F) the company will be able to better satisfy its corporate social responsibility.

About Rider Industries

Rider industries is a privately held, global corporation that operates throughout Europe, Middle East, and Africa.

In 2014 Rider Steel Ghana (RSG), based in Tema, the corporation first investment in Ghana, started production, and the factory has been upgraded several times since then. RSG is considered one of the major industries at Tema free zones enclave, and it has been providing jobs for more than 350 employees for the last 7 years

Expected June 2021, the company will finish setting up its second investment in Ghana at Odumasi-Konongo, to produce and distribute steel products for West Africa and beyond.

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