Aluworks Limited

Good morning Ladies and Gentlemen,

As you have by now noted, we are in a change era. We have a new Chairman and for the first time a new procedure. This is the first time that a CEO is speaking at this function. That has been the preserve of the Chairman. I have used the title CEO to denote that this is an executive report,  I am normally called the MD. We are now doing things differently under our new Chairman. You therefore should expect that our performance will also be different going forward. I daresay we will be doing much better to the satisfaction of all of our stakeholders from now on.

1. Preamble.

Aluworks Limited has been going through a long and difficult period.

In 2009 and continuing into 2010 and 2011, there has been an influx of extremely cheap aluminium finished products imported from China by Ghanaian companies enticed by the very low prices offered, despite the obviously higher quality of Aluworks products. The low Chinese prices have been enabled by the offer to Chinese export companies by the Government of China of very deep export rebates.

Remedial measures for this situation that is plaguing our country (and indeed West Africa) are extremely important to implement. Simply because the situation seriously threatens the continued existence of manufacturing industry in Ghana.  The Textiles, the Printing, and now the Aluminium industries are already threatened and in danger of folding up, and laying its workers off. Some FMCG companies have also complained about cheap and shoddy goods threatening their livelihood.