Development finance is often measured in numbers, but Norfund’s $15 million loan to Ghana’s B5 Plus could have an impact far beyond its balance sheet.
It’s a strategic bet on green steel, circular manufacturing, and a lower-carbon future for West Africa’s booming construction and infrastructure markets.
The Steel Sector’s Carbon Challenge and Ghana’s Opportunity
Steel production is notoriously carbon-intensive. Globally, the industry emits an average of 1.92 tons of CO₂ for every ton of steel produced, accounting for about 7-11% of worldwide greenhouse gas emissions.
In Ghana, where rapid urbanisation and infrastructure projects fuel demand for construction materials, local steel manufacturing is essential for job creation and supply chain resilience.
But without innovation, it risks worsening climate vulnerabilities in a region already grappling with extreme weather.
B5 Plus, headquartered in Tema, has long been a cornerstone of Ghana’s economy, specialising in recycled steel products that serve construction, automotive, and consumer goods sectors.
The company already relies heavily on scrap metal, a lower-emission alternative to virgin ore processing. Norfund’s investment supercharges this approach by funding the refurbishment of a recently acquired plant in the Tema Free Zone.
This upgrade will enhance operational efficiency, boost recycled steel integration, and modernise production lines to cut waste and energy use.
Powering Up with Renewables: The Prampram Solar Leap
A standout feature of this deal is the construction of a 16 MW solar power facility at B5 Plus’s Prampram site.
This on-site renewable energy installation will slash reliance on fossil fuel-dependent grids, directly reducing the plant’s carbon footprint.
By embedding solar power into steelmaking, a process that traditionally consumes electricity this project positions B5 Plus as a pioneer in low-carbon industrial processes.
Naana Winful Fynn, Norfund’s Regional Director for West Africa, emphasises the broader impact.
Fynn, a seasoned finance expert with over 15 years in the field, leads Norfund’s Accra office, which focuses on high-impact investments across West Africa.
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Jobs, Growth, and Economic Ripple Effects
Beyond emissions reductions, the real game-changer is employment. The project is projected to generate 1,800 direct jobs in manufacturing, engineering, and operations, while creating 10,000 indirect roles in supply chains, logistics, and local services.
In a nation where youth unemployment hovers around 13% and industrial growth is a national priority, these figures demonstrate how green investments can drive inclusive development.
B5 Plus’s Executive Chairman, Mukesh Thakwani, echoes this sentiment: “We are honored by the partnership of Norfund… This collaboration goes beyond finance; it is about building resilient industries, empowering communities, and shaping a future of inclusive and sustainable progress for Africa and beyond.”
This infusion builds on B5 Plus’s track record; the company has already created thousands of jobs across Ghana, contributing to economic stability in a post-pandemic recovery era.
As Ghana’s government pushes for green industrialisation under its National Energy Transition Framework, partnerships like this align perfectly with national goals for renewable energy adoption and low-carbon manufacturing.
A Blueprint for Africa’s Sustainable Future
Norfund’s move isn’t isolated; it’s part of a surge in impact investing across Africa. From plastic recycling in Ghana and Nigeria to poultry scaling in Côte d’Ivoire, the institution is channelling capital into ventures that tackle climate change head-on while fostering jobs.
For Ghana, where steel demand is expected to rise with mega-projects like the Accra-Tema motorway expansions, B5 Plus’s green positioning could inspire a wave of eco-friendly suppliers and competitors.
As Africa’s infrastructure boom accelerates, the question isn’t just if green steel can thrive, but how quickly it will.
Norfund’s bet on B5 Plus suggests the answer is now. Investors, policymakers, and businesses: How can you unlock similar potential in your markets?
B5 Plus Limited: Ghana’s Steel Powerhouse and Industrial Leader
B5 Plus Limited has become a cornerstone of Ghana’s industrial growth, providing high-quality steel and iron products for construction, manufacturing, and infrastructure projects.
Headquartered in Tema, the company is part of the B5 Plus Group, a leading steel manufacturer and importer serving West Africa’s expanding construction market.
Customers frequently search for the B5 Plus price list and B5 Plus price list in Ghana to stay updated on the latest steel bar, sheet, and pipe prices.
The company’s transparent pricing and reliable supply chain make it a preferred choice among contractors and industrial clients.
Beyond production, B5 Plus Limited jobs attract skilled professionals across engineering, logistics, and finance. The company is also recognised for competitive compensation, as reflected in B5 Plus Group salary benchmarks.
Owned by visionary leadership, the B5 Plus Group owner continues to expand operations across the region, with multiple B5 Plus branches ensuring accessibility and fast delivery.
The group’s ventures also include collaborations in logistics and transportation, including B5 Plus Volvo, which supports fleet and equipment operations for efficient steel distribution.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, and digital finance at Africa Digest News.
