Managing Director of Narubiz Rubber Processing Factory, Emmanuel Owusu, has unveiled the success of the strategic financing partnership with GCB Bank PLC, resulting in Ghana’s first indigenous rubber factory.
The revelation follows Narubiz’s achievement of the GOLD award at the 31st & 32nd President’s National Awards for Export Achievement, recognizing their excellence in exporting natural rubber valued at US$5.17 million in 2022.
Mr. Owusu attributed the accomplishment to GCB Bank’s visionary financing partnership model, emphasizing the transformative impact on Narubiz’s journey from startup plans to becoming Ghana’s premier fully indigenous natural rubber processor.
Despite challenges posed by the COVID-19 pandemic, raw material supply issues, and inflation, Narubiz officially commenced operations in 2021 with instrumental support from GCB Bank.
The company’s vision centers on excellence in natural rubber processing and related value-added products, guided by core values such as innovation, quality, teamwork, integrity, respect for stakeholders, and environmental responsibility.
Narubiz’s remarkable growth is credited to the combination of industry expertise from leadership, GCB’s resource mobilization, and strategic support from the government’s 1D1F program and GIRSAL.
With Mr. Owusu’s four decades of domestic rubber industry expertise and the directors’ additional 30 years of experience, GCB Bank’s initial loan assessment focused on technical expertise and industry know-how.
The bank also considered cash cycles, raw material availability, and market readiness in its funding decision.
The collaboration with GCB Bank is highlighted for its efficiency and lack of bureaucracy, enabling quick decisions and immediate implementation to navigate external volatility successfully.
In just over two years, Narubiz has made significant strides, showcasing a model for Ghanaian agricultural processors aspiring to drive transformational change.
The partnership with GCB Bank remains pivotal in the company’s success, leveraging the bank’s 70 years of experience in providing financial solutions to the agribusiness value chain.
Beyond business success, Narubiz actively engages in impactful Corporate Social Responsibility Projects, contributing to community welfare and progress.
The company plays a crucial role in supporting over 1700 registered rubber outgrowers, emphasizing local employment and community engagement.