B5 Plus Contributes GH¢400 Million in Taxes as Chairman Mukesh Thakwani Calls for Local Industry Protection

B5 Plus Company Limited, a major player in Ghana’s iron and steel sector, has demonstrated its commitment to national development by presenting a GH¢400 million tax cheque to the Ghana Revenue Authority (GRA). This significant contribution is intended to bolster domestic revenue mobilization, which officials state is critical for reducing the country’s reliance on external borrowing and foreign assistance. During the presentation, the company emphasized that such substantial tax payments are vital for funding essential public services and infrastructure projects across the nation. This move highlights the growing importance of corporate compliance in achieving Ghana's fiscal goals. Dr. Martin Kolbil Yamborigya, the Commissioner of the GRA’s Domestic Tax Revenue Division, lauded B5 Plus for its exemplary compliance. He urged other corporate entities and individuals to follow suit, noting that a robust domestic tax base is the backbone of sustainable economic growth. Dr. Yamborigya also used the occasion to stress the importance of transparent record-keeping and the issuance of VAT invoices, which are essential tools for minimizing revenue leakage. He reaffirmed the GRA's commitment to creating a fair and efficient tax environment that facilitates easier compliance for all taxpayers while ensuring the accountable use of public resources. Alongside the tax presentation, the Chairman of B5 Plus, Mukesh Thakwani, made a strong case for protective trade policies to support local manufacturers. He urged the government to consider a ban on the importation of products that can be produced within the country, citing the underutilization of domestic manufacturing capacity, which currently sits below 50%. Mr. Thakwani argued that by prioritizing local production, Ghana could not only conserve scarce foreign exchange but also create thousands of jobs for the youth and expand its export reach into the wider West African market. He specifically called for a review of exemptions granted to competing imports that often undermine local efforts. Mr. Thakwani further criticized current tax treatments that occasionally favor imported goods over locally manufactured ones. He highlighted that B5 Plus continues to invest heavily in prefabrication and quality control, maintaining international ISO certifications to ensure their products meet global standards. This dual approach of high tax compliance and advocacy for industrial protection reflects a push from the private sector to align corporate investment with Ghana’s broader goals of industrialization and economic self-reliance. As the government looks to strengthen the industrial base, the collaboration between compliant taxpayers like B5 Plus and the GRA remains a cornerstone of the national development strategy.