• Norfund invests $15M in Ghana’s B5 Plus steel group
• Funds to upgrade steel plant, build 16MW solar facility
• Project to cut emissions, boost jobs, and reduce steel imports

Norway’s development fund, Norfund, announced on Tuesday, October 14, 2025, that it would invest $15 million in B5 Plus Group, one of Ghana’s leading steel producers. The financing will support the modernization of a steel plant in Tema, an industrial hub about 30 kilometers south of Accra, and the construction of a 16-megawatt solar power plant in Prampram, a coastal city in the Greater Accra region.

Founded by Mukesh V. Thakwani and Tanuja Thakwani, B5 Plus aims to cut greenhouse-gas emissions from its steelmaking operations by pairing recycled steel with renewable energy sources.

“This investment aligns with our mandate to create jobs and improve lives,” said Naana Winful Fynn, Norfund’s Regional Director for West Africa. “It will also shrink the carbon footprint of the supply chain and production processes through greater use of scrap metal and the integration of renewable power.”

The partnership is expected to boost B5 Plus’s production capacity, enabling it to meet rising demand for construction materials, especially iron and steel, across West Africa. The initiative should also reduce the region’s dependence on imported steel and create thousands of jobs in Ghana.

According to Norfund, the project aligns with the Ghanaian government’s goal of increasing the mining sector’s contribution to national development and reinforcing its commitment to sustainable resource management.

Sandrine Gaingne