Grup Armangue, a Spanish consortium which manufactures steel for concrete reinforcement, is set to build a $10-million factory in Ghana.

The project is expected to commence in two years, would provide for hundreds of people with employment.

Mr John Gbenyedzi, Chief Executive Officer of Eco Technologies and Community Infrastructure Group (ETIC Group), local representatives of Grup Armangue made the disclosure at the launch of Ferrallats Armangue, a steel bending service in Accra at the weekend.

He said the company uses state of the art technology to manufacture its products that allows considerable savings on labour, leading to cost reduction for the benefit of customers.

He said the company is entering the Ghanaian real estate market through the ETIC Group, which would import the product from Spain to serve customers.

He said the decision to adopt Ghana as an entry point into Africa’s real estate market was mainly due to the stable political climate and favourable business environment and the growth prospects on the African continent as a whole.

Mr Gbenyedzi said the introduction of the product onto the Ghanaian market would greatly boost the real estate industry in terms of speed and cost.

“The prefab steel we are introducing onto the Ghanaian market will give buildings the needed precision and fortification, since the production process is computer supported,” he added.

Mr Miguel Zaldivar, Trade Advisor of the Spanish Economic and Commercial Office of the Spanish Embassy, said more than 1,500 Spanish companies are operating in the country.

There are about 50 Spanish investors in the country exploring opportunities in the various sectors of the economy.