File photo of automotive components
Ghana’s automotive manufacturing sector is set for expansion as Growth Investment Partners (GIP), an investment platform established by British International Investment (BII), makes a strategic investment in Springs and Bolts Company Limited (SBCL), a Kumasi-based producer of automotive aftermarket components.
The expansion is expected to boost local capacity, reduce reliance on imports, and position Ghana as a competitive supplier of automotive components within the West African region.
With regional demand for springs, bolts, and related products estimated at US$600 million annually, most of which is currently served by imports from Asia and South Africa, the investment will help strengthen Ghana’s industrial supply chains.
According to the Chief Executive and Investment Officer of GIP Ghana said there is a need to locally manufacture products to meet best international standards.
“There is a clear market gap for locally manufactured components that meet international standards. By backing SBCL’s expansion, we are not only scaling a competitive business but also contributing to Ghana’s broader industrialisation agenda,” he said.
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For his part, the Chief Executive of SBCL, Derrick Asamoah Boahen welcomed the partnership highlighting SBCL’s position as a preferred automotive component in West Africa.
“Our goal is to position SBCL as the preferred source of high-quality automotive components in West Africa. We are proud to partner with GIP in this next phase of our growth. With increased capacity and automation, we can better serve the automotive, logistics, mining, and agriculture sectors while providing more affordable and quality alternatives to imported products,” he stated.
SBCL’s growth has been supported through partnerships with Supreme Springs of South Africa for technical expertise, GIZ for market access to logistics and mining companies, and the UK Foreign, Commonwealth and Development Office’s (FCDO) Jobs and Economic Transformation (JET) Programme for market research and expanding capacities into novel production of fasteners.
SP/EB
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