Chairman, Nana Addo Dankwa Akufo-Addo inaugurated a two million dollar rubber processing plant at Dompim Number One in the Wassa East district of the Western Region.
The plant, as part of the One District, One Factory initiative, has the capacity to produce eight tons of rubber per day, or 625 tons per month.
The rubber plant, codenamed “Narubiz Limited”, was incorporated under Company Law 179 as amended in November 2018 to process raw rubber for the international market.
President Akufo Addo, inspecting the project, said it was good to visit the regions occasionally to support local economic development initiatives such as the plant and to monitor the progress of work on 1D1F programs.
“Each year, I set myself plans to visit the Regions and find out what is happening on the ground, follow the programs and projects and also exchange ideas.
The commissioning of the plant was part of the President’s two-day working visit to the Western region.
Narubiz Limited’s Chief Operating Officer, Captain James Owusu-Koranteng, said construction of the plant began on February 10, 2020 and was expected to be completed within six months.
However, he said, due to the COVID-19 pandemic, the project was completed in July 2021.
Currently, Captain Owusu-Koranteng said the company directly employs 85 people (65 men, 20 women) and is indirectly linked to 1,260 people, including latex harvesters, farm maintenance workers and transporters within the 25 communities.
He said natural rubber has been classified by the European Union (EU) as a critical material, stating that “rubber is an essential raw material that will always be in demand.”
He forecast rubber markets to grow by $33.82 billion by 2022 at a compound annual growth rate (CAGR) of 4.6% between 2017 and 2022.
NARUBIZ limited has signed a buyer’s agreement with Sai Commodities (commodity trader headquartered in the UK) and would export processed rubber to Turkey, Europe, Malaysia and China.
The company hopes to become a market leader in technically specified rubber processing within the next ten years, he added.
“We expect to produce five tons per hour over the next two years…Our processing capacity would be increased…the company would be integrated to manufacture fan belts and rubber bushings for the automotive industry in Ghana. “