Ghana’s Springs and Bolts Company Ltd to partner with British International Investment

Springs and Bolts Company Limited, a fully Ghanaian-owned enterprise, is attracting a strategic partnership with British International Investment to expand its operations.

The company is one of two companies in West Africa locally manufacturing truck parts, including u-bolts, leaf springs and axles for export.

British High Commissioner to Ghana, paid a working visit to the company to affirm the investment interest of the UK government’s development finance institution.

The Springs and Bolts Company operates in the Kaasi industrial enclave, manufacturing U-bolts, leaf springs and axles for export to the West African market, especially Niger.

In 2018, the company received support from the government under the One-District-One-Factory programme to help improve on its production and capacity.

But the business is currently looking for strategic partners in international investments for expansion.

The British High Commissioner to Ghana, Harriet Thompson, paid a working visit to the company during the week.

Chief Executive Officer of the company, Derrick Asamoah Boahen, said the strategic partnership will position the Springs and Bolts brand to take advantage of the African Continental Free Trade Area (AfCFTA) market.

“Since 2020, we’ve had engagements with the High Commissioner in London and since then there has been high level of engagements and they also introduced us to B.I who is helping us with our investment so the current partnership is looking to expand our operations. The investment will help us move into an automated machinery and supply into the west African market and the AfCFTA,” he said.

The CEO said the expected partnership has inherent employment opportunities and value addition to the automobile industry.

“Currently we are employing 30 and in expansion, we are looking to employ over 60 in the next six months. We are looking to manufacturing locally,” he added.

Meanwhile, Springs and Bolt Company has acquired a 25-acre land as part of its expansion plan, which includes the production of bolts and knots.

Source: My Joy Online

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