The Managing Director of Narubiz Rubber Processing Factory, Emmanuel Owusu has revealed that GCB Bank PLC’s strategic financing partnership with his company has yielded Ghana’s first indigenous rubber factory.
Mr. Owusu was speaking in the wake of Narubiz clinching the GOLD award at the 31st & 32nd President’s National Awards for Export Achievement. This is recognition earned by Narubiz for their excellence in exporting technical specified rubber (natural rubber) with an estimated value of US$5.17 million in 2022.
According to Mr. Owusu, “the recently constructed Narubiz Rubber Processing Factory demonstrates the power of GCB Bank’s visionary financing partnership model”. By combining patient, insight-driven capital support with hands-on collaboration, GCB Bank proved instrumental in turning Narubiz’s bold plans as a start-up into tangible impact as Ghana’s first fully indigenous natural rubber processor.
Despite delays due to the COVID-19 pandemic plus raw material supply and inflationary challenges, Narubiz officially opened its doors in 2021 thanks to GCB Bank working hand-in-hand with its directors for turning plans into reality.
As Mr. Owusu notes in an interview, the company’s vision focuses on “Excellence in natural rubber processing and related value-added rubber products.” Its operations centre around core values of innovation, quality, teamwork, integrity, respect for all stakeholders, and environmental responsibility.
Narubiz’s impressive growth and success since its recent inception can be attributed to this mix of extensive industry experience from leadership, GCB’s expertise in pulling together its resources alongside strategic support from government’s 1D1F programme and GIRSAL.
Mr. Owusu brings four decades of domestic rubber industry expertise to Narubiz’s leadership role. The company’s two other directors collectively boast over 30 additional years of relevant experience. This deep know-how provided confidence when GCB Bank initially assessed the loan application.
“We focused extensively on assessing the project promoters’ technical expertise given their decades of direct experience in Ghana’s rubber industry,” explains Eric Nkansah, Relationship Manager, Commercial Banking Department of GCB Bank.
Mr. Nkansah also highlighted the cash cycles of the company as well as, raw material availability and ready markets for their outputs were crucial in the Bank’s funding decision.
That savvy leadership helped guide construction of Narubiz’s processing plant and associated facilities tailored specifically to local opportunities and constraints. The company equally focused on engraining operational values viewed as imperative based on lessons learned across past venture participation – ranging from innovation to integrity to environmental responsibility.
Mr. Owusu particularly highlights the lack of bureaucracy as a competitive advantage when collaborating with GCB Bank. “Decisions are taken quicker, and implementation of such decisions are immediate,” he states, enabling nimble responsiveness that assisted Narubiz in adapting to external volatility.
Mr. Nkansah reinforces this point: “Throughout the process, our bank maintains continuous open communication and monitoring at each stage – from procuring raw materials to final sales. This relationship enables us to understand challenges and make informed financing decisions.”
In just over two years of operations, Narubiz has made remarkable strides. Yet its visionary leadership views current output as just the beginning. Narubiz sets an example for Ghanaian agricultural processors aspiring to drive transformational change through bold goals blended with practical adaption. Hand-in-hand collaboration and rootedness within the country’s farming heritage equally underpin its recipe for successful industrialization.
GCB Bank continues to leverage 70 years of experience in providing unrivalled financial solutions to customers, including the ever-important agribusiness value chain.
Socio-economic Impact
In addition to Narubiz’s recognition at the recent 31st & 32nd President’s National Awards, the Company actively engages in a series of impactful Corporate Social Responsibility Projects. These include the inauguration of a Community Centre in Wassa Adanse, providing jerseys for netball to Dompim No. 1 D/S Basic School, sponsoring initiatives like Dabosase Technical SHS and the anniversary celebration of the Ghana Registered Nurses Association – Daboase Branch, and further supporting events such as the Daboase Annual Intercommunity Sports, Farmers Day by Wassa East District Assembly, and anniversary celebrations for Ahantaman SHS and Dabosase Technical SHS.
Moreover, Narubiz extends support to educational institutions like Krofrom JHS, the Ghana Education Service – Dabosase, and Dompim No. 1 D/S Basic School, contributing to their development. Additionally, the company has undertaken infrastructure projects, including the construction of a footbridge for Dompim No. 1, showcasing their commitment to community welfare and progress.
Narubiz plays a pivotal role in assisting over 1700 registered rubber out growers supplying cup lumps to the factory. The support spans critical areas such as farm management, training programmes for budders and tappers, educational initiatives for farmers. The company also extends credit for input supplies, including planting materials, fertilizers, fungicides, termiticides, and various other chemicals, along with essential tree equipment.
Notably, 90 percent of the 85-member workforce employed by Narubiz is sourced from the local catchment area, comprising relatives of the farmers involved in the rubber production process. This deliberate emphasis on local employment underscores their commitment to community engagement and economic upliftment.
