ACCRA, President Nana Addo Dankwa Akufo-Addo Tuesday laid the foundation stone for construction of a state-of-the-art cement plant at the Tema Free Zones enclave near Accra.

The 55 million US dollars grinding plant of CBI Ghana will take a year to complete. It will produce and supply premium cement for the construction industry in Ghana.

President Akufo-Addo said the government would continue to provide regulatory support and ensure a business-friendly environment which engenders competitiveness to enable the cement industry in the country to thrive. Growing competition in the vibrant cement manufacturing sector is leading to healthy competition which benefits consumers, he added.

He stressed the need to ensure the success of the industry because cement formed the backbone of infrastructure development which contributed a quarter of Ghana’s gross domestic product (GDP).

The demand for cement was guaranteed to increase tremendously as the country’s urban populations increased, and with the anticipated rise in government and private sector infrastructure development, the president said.

Paul Albrectch, the Chairman of CBI Ghana, assured that the company’s international expertise would be brought to bear on the operation of the plant, and with it, the transfer of technology for the benefit of Ghana.

He said the company would produce and supply high-quality cement to Ghanaian builders and stabilize cement supply for all required grades in Ghana. The company is expected to employ some 400 people when the plant starts operations next year.