📋 Tender Overview
Project Number
50039
Company Name
Continental Blue Investment Ghana Limited
Date ESRS Disclosed
Aug 27, 2025
Country
Ghana
Region
Africa
Last Updated Date
Aug 27, 2025
Environmental Category
B - Limited
Status
Pending Approval
Sector
Cement
Industry
Manufacturing
Department
Regional Industry - MAS Africa
Project Description
IFC is considering up to US$ 20 million (m) A loan facility to Continental Blue Investment Ghana Limited (CBI Ghana or CBIG or the company) to support the completion and operation of its Limestone Calcined Clay Cement (LC3) plant in Tema, Ghana (the project). Established in 2017, CBI https://cbighana.com/ is one of the leading cement producers in Ghana expanding its capacity from the current 0.6 million tons per year (mtpy) to 1.4 mtpy. CBI is building the world’s largest LC3 plant with a capacity of 0.4 mtpy expected to be commissioned in 2025. The project will lead to significant production cost savings by substituting more than 30% of clinker, thereby reducing CO2 emissions. This is the first project where IFC will finance LC3 cement technology that can reduce the carbon footprint by 40% compared to Portland cement.
Shareholders include CBI SA, IFU, Norfund and FLSmidth. The project’s cement grinding plant is located in Tema, Accra. The company also owns the rights to calcined clay deposits in Togorme, North Tongu District, Volta Region, with a proven reserve of over 8.0 million ton for 50 years which is adequate for its operations. Currently, CBI buys clinker from Egypt, Turkey, Morocco, and Pakistan, as available, and obtains energy from Enclave Power Company (EPC). Other essential raw materials such as clay and iron ore are readily available in Ghana, while gypsum is imported from Morocco and Spain. At the time of this appraisal, construction of the LC3 cement plant was at 90% completion and early exploitation of the clay quarry had begun.
Overview of IFC's Scope of Review
IFC’s E&S review of the project included site visits to the plant in Tema and the clay quarry in Torgome. IFC engaged with the CBI management team, operations team, quarry site manager, and EHS Manager. IFC also conducted a desktop review of the relevant E&S documents of the company, including the E&S questionnaire completed by the company, the final Environmental Impact Statement (EIS) for the proposed expansion and modernization of the cement plant in Tema, the EIS for the quarry in Togorme, HR documents, Lease Agreements, E&S due diligence report completed by IBIS for the plant in Tema, and associated E&S monitoring reports. The appraisal focused on CBI Ghana’s existing E&S management systems, organizational capacity, labor and working conditions, occupational health and safety, life and fire safety, waste management, stakeholder engagement and resource efficiency.
As part of the IFC review of the project, a contextual risk assessment of Ghana and contextual supply chain risk assessment for clinker and gypsum sources w
