De Simone celebrated its 60th anniversary in 2024. Could you walk us through the company’s recent performance?

De Simone has been growing at a consistent annual rate, and one of our strategic goals for the past four years has been the expansion to Côte d’Ivoire, something we are proud to have successfully accomplished. De Simone is currently working on six different mine sites for various clients in Côte d’Ivoire, including Allied Gold Corporation, Endeavour Mining, Perseus Mining and Fortuna Mining. Our Ivorian operation has become the second largest after Ghana, which remains our home-base and where we serve every sector (residential, retail, mining, oil and gas, power, industrial).

Could you detail some of the main projects De Simone has worked on recently in Ghana?

Some of the standout projects include the CBI cement facility in Tema; this is a brownfield project and the biggest calcined clay plant in the world, using clay as an alternative to imported clinker and therefore making the whole project carbon neutral. Another interesting flagship project has been the MPS Port Expansion, which saw 27 hectares added to their facilities. And lastly, De Simone was the earthworks contractor on Newmont’s Ahafo North project and supported additional works in structural steel, concrete and other construction elements on this landmark Ghanaian mining expansion.

In the oil and gas sector, De Simone is part of a JV with West Atlantic and Saipem. The JV is called Saiwest, is led by Saipem, and provides offshore services, such as drilling for Eni Ghana. 

How did De Simone manage to grow despite economic headwinds in Ghana?

Since we mostly work with the private sector, the economic turbulence following the country’s debt restructuring has not impacted us. Within Greater Accra, there are multifarious residential developments. Also, since about Q3 of 2024, people turned a little bit more positive, and the elections at the end of the year reinforced that positive sentiment. The Cedi has actually surged since the beginning of this year. 

How do regulatory requirements impact your approach when moving into a new jurisdiction like Côte d’Ivoire?

In Ghana, De Simone is a well-known name with a reputation for full compliance, and we must set the same example in the other countries where we operate. We are aware of upcoming regulatory changes in Côte d’Ivoire, with the current 2014 mining code expected to be revised. Early indications suggest the new framework may align more closely with oil and gas regulations.
Though a new entrant in the market, our presence is growing quickly. We see an opportunity to expand by following clients with multi-jurisdictional operations. For instance, Allied Gold has assets in Côte d’Ivoire, Mali, and even Ethiopia. This cross-regional platform is common among players in West Africa, and we aim to mirror that growth trajectory.

Beyond Ghana and Côte d’Ivoire, what are some other markets of interest in West Africa?

Senegal is on our radar. This is not only a safe country with a great score for ease of doing business, but it has also seen steady GDP growth and exciting opportunities in the extractive and infrastructure sectors. English-speaking, close to Ghana, and one of Africa’s largest economies, Nigeria is another natural contender. We have done work in the buildings sector, but the government is also looking to diversify into mining, so we keep our eyes on the country’s known deposits. Meanwhile, in Burkina Faso, demand has been declining due to lower activity. Companies like Fortuna have recently sold their Yaramoko mine, but producers like West African Resources (WAF) remain in place. In Mali, we have not done any work in many years. 

Do you have a final message?

De Simone is positioned to compete as a West African-based multinational, and that makes us unique. Many of the projects we’ve taken on were probably targeted at European or Asian multinationals, and here we are executing them at the highest international standards and with a local team. Our goal is to work on bigger tickets, more structured, larger, and more complex projects, on our own, and we’ve proven repeatedly we are more than capable. We are noting a greater push from financial institutions like Afreximbank for African development through Indigenous companies, and we are sure to be one of these, providing top-tier services on world-class projects that will outlast us.