GCS Fibers, a manufacturing company based in the United States, says it will provide more jobs for Liberians through the setting up of factories to repurpose recycled coal ash into other finished products.
Coal ash is primarily produced from burning coal. After years of research and development according to GCS Fibers, they have derived a technology that addresses the undeniable challenges of the management of coal ash in developed countries like the U.S, to control or reduce greenhouse gas emissions from coal power plants.
The CEO of the company, Mr. Ato Andoh, said because Liberia does not have the kind of industries to produce coal ash, his company is determined to import the material from abroad to have it manufactured, which he stated will boost the Liberian economy through trade and jobs creation.
He said during his stay in Liberia, he has met with government officials to discuss his company’s investment opportunities and has been given the green light to explore.
“Within the next six months we are expected to begin operations in the country by firstly setting up a factory that will provide 500 jobs for Liberians,” he explained.
According to Ato, his company is not only exploring investment opportunities in Liberia but in several other African countries.
“We are looking for opportunities to set up factories in seven African countries and Liberia happens to be one of those. Our focus is on the manufacturing sector where we use coal ash into mineral fibers. These mineral fibers can be used to make textile, tissue, paper materials and even materials for vehicles and airplanes,” he said.
Ato stated that the factories, when established, will create more jobs through the downstream economy where materials his company shall produce can be used by other companies to create additional jobs for the citizens.
“We can help people here in Liberia to set up factories that can use our mineral fibers to make paper tissues or diapers, which will create more jobs for the citizens.
He said that Liberia has been chosen by his company for investment because it is strategically located for investment purposes.
Ato further said that though much of what his company will produce may not be used in Liberia, their operations will bring more money into the country.
“Much of what we make will be exported because the country might not be able to domestically consume what we produce, but the company’s activities shall bring about a balance of trade and more jobs,” he explained.
“Our operation will definitely become impactful on the economy. It will enhance the national economy through direct and indirect jobs creation,” he added.
He, however, did not state the specific cost of the investment by his company, but said it depends on the number of factories that will be established.
Meanwhile, Ato explained that his company does not depend on the government for funding, but seeks the World Bank to support its operation.
According to him, they intend to empower Liberians through cryptocurrency to ensure that more funds are raised to boost their operations in the country.
“We will also introduce what we consider as cryptocurrency, a digital financial transaction that will allow the company to generate more money in order to fund its operation,” he explained.
According to him, cryptocurrency has become a global financial medium that is improving the financial market.
He said because of the reliability of his company's operation in Liberia when established, more people will become motivated to use cryptocurrency to exchange for goods and services.
“This financial transaction is not a movement, but something that is here to stay. It is not a technology that is only unique to the West.
According to him, they have created the cryptocurrency in their company, known as the ‘Ash Coin’, to back and secure transactions.
“This transaction will be very credible for our operation, something that the world has adopted. I want to see African countries taking the issue of this cryptocurrency seriously to better their lives,” he added.