Business / Companies

Chinese firm to build $80m ceramic tiles plant in Ghana

(Xinhua) Updated: 2016-04-13 10:03

ACCRA - Leading manufacturer of steel products in Ghana, Sentuo Steel of China, has said it plans to open an $80 million ceramic tiles factory in the country by December 2017.

The factory, it said, would be the first in Ghana, where the product is imported at a high cost.

The company's Managing Director (MD) Xu Ningquan said Tuesday that Ghana's investment climate was attractive, which enables the company to invest in various sectors in the country.

He said the the ceramic factory will employ at least 700 Ghanaians when completed.

In addition to the ceramic factory, the company will also invest about $60 million in a cement factory in the country, added Xu.

Sentuo Steel was established in Ghana in 2010, and began operation in 2012 after acquiring the former Wahome Steel factory.

The Chinese owners hold 75 percent shares, while Ghana's Social Security and National Insurance Trust (SSNIT) holds 25 percent.

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