President Akufo-Addo has Commissioned a two-million-dollar natural rubber processing factory at Dompim in the Wassa East district, Narubiz limited.
Narubiz Ltd which is under the government’s flagship program 1D1F is the first indigenously Ghanaian-owned rubber company.
The capacity of the factory is one ton per hour of processed rubber. This gives an output of 625 tons technically specified rubber per month based on 3 shifts per day.
Speaking to Empire News at the commissioning the director of operations of Narubiz, Captain James Owusu Koranteng said the Company currently offers direct employment to 85 employees (65 males, 20 females) and indirectly linked to 1260 people including Latex harvesters, Farm Maintenance Workers, and Transporters.
He noted that the company seeks to become a market leader in the processing of Technically Specified Rubber within the next ten years. Hence In the next two years, the processing capacity would be increased to 6 tons per hour. NARUBIZ LTD would forward integrate to manufacture fan belts, rubber bushings, etc for the auto industry in Ghana.
It’s incorporated under Act 179 as amended on November 2018 with the following objects: Establishment and operations of rubber processing factory. Buying of raw rubber.Marketing of processed rubber.
The construction of the factory commenced on 10th February 2020 and was supposed to have been completed within 6 months. However, due to COVID-19, the project was completed in July 2021.
As part of efforts to maximize their market NARUBIZ LTD has signed an offtaker agreement with Sai Commodities and would be exporting the processed rubber to Turkey, Europe, Malaysia and China.
The company as part of its establishment was granted a credit facility of USD 1.38M guaranteed by GIRSAL on behalf of NARUBIZ LTD. The credit facility is in two parts; Medium Term Loan (MTL) to finance the building of the processing factory and importation of the machinery and Revolving Short Term Loan (RSTL) for the purchase of raw materials and for production and operational cost.
The credit facility was granted under the 1D1F.
Source: Ghana/Starrfm.com.gh/103.5FM/Emmanuel Ohene Gyan
