Rider Iron & Steel Ghana Limited (IFC-42860)

Countries
  • Ghana
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 15, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
RIDER IRON AND STEEL GHANA LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 24.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 4, 2020

Disclosed by Bank Mar 30, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The Project is the construction of a greenfield steel manufacturing plant in Kumasi area, Ghana, with a nameplate capacity of 300,000 metric tons (MT) per annum, by Rider Iron and Steel Ghana Limited (“The Company” or “RSK”). The Project on completion will be the 2nd steel plant to be constructed by the Sponsor in Ghana, primarily to promote import substitution of steel into Ghana.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The most significant expected Project-level outcomes are: (i) Economy wide effects, and in particular, related to the formal income generating opportunities that the Project will create for individuals and micro enterprises engaged in scrap collection activities in RSK's supply chain; (ii) Environmental effects: It will contribute to the abatement of pollution and emission of greenhouse gases, due to greater use of steel scrap in the production process as opposed to primary steel production from iron ore. The local steel production supported by the Project will lead to the elimination of up to 240,000 tons of steel imports, resulting in an annual emissions reduction of 331,900 tons of CO2e.
The market impact includes: (iii) Market Integration- Beyond the Project, IFC anticipates that the Project will have a moderate effect on the integration of manufacturing sector in Ghana via the building of economic complexity. As the first steel manufacturing plant in Kumasi, RSK is expected to stimulate competition and pave the way for improving the efficiency and increasing the productivity of the steel sub sector in Ghana.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Rider Iron and Steel Ghana Limited
Mr. Majd H.
General Manger
+233-200-65-6760
majd.h@ridersteelghana.com
Tema Free Trade Enclave, Ghana, P.O. Box CT 9212, Cantonments, Accra, Ghana

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works