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Company News of Friday, April 5, 2019
Source: citinewsroom.com
2019-04-05
The Komenda Sugar Factory was closed several months after it was commissioned in 2016
The minority accused the government of deliberately causing undervaluation of the Komenda Sugar Factory so that it could be sold at a lower cost.
According to Yusif Sulemana, minority spokesperson responsible for trade, industry and tourism, the government ruled out the recommendations of a technical audit of the project solely for the purpose of selling his business.
The factory was shut down months after it was commissioned in 2016 and seems to have been abandoned for 2 years.
Trade and Industry Minister Alan Kyerematen said Thursday in Parliament that a new strategic investor would be announced by the end of April to resume the reins of the society.
In an interview with Citi News, the MP for Bole Bamboi questioned the government's motives in trying to sell the company.
"Do not forget that I said we had taken out a loan of about $ 36.5 million. Now you say we should forget about this and bring in a new investor. If you listened very well to the minister yesterday, he says that the badessment they have made now, it is not sure that the project will cost the 36 million euros of which we let's talk. "
"It means we are going to give it to the new investor at a lower price and we are going to lose money. We want to know who this new person is and who and who performed this badessment because we want to be sure that the badessment they have made is a true reflection of what we have at Komenda Factory. "
According to the Minister of Trade and Industry, the government has conducted a technical audit on the causes of the closure of the plant in order to create the conditions conducive to its recovery.
Alan Kyerematen answered Thursday's questions in the European Parliament and said that the quest to revive the factory is underway.
"In order to put the factory in production, the ministry decided to launch a new process in consultation with transaction consultants to attract another strategic investor to acquire the badets of the Komenda Sugar Factory. I envision that the final decision in this regard be taken by the end of April. "
President Nana Akufo-Addo recently said that the government is currently seeking a strategic investor to bring Komenda Sugar's troubled factory to life.
While lamenting the lack of proper planning in the implementation of the project by the Mahama administration, President Akufo-Addo ensured the viability of the factory.
"The previous plan that was established is not the best. Those who started it could not finish it, and that is why we came to meet a fabulous bump and an unused factory. "
"The Minister of Trade and Industry is looking for a strategic investor to come and invest here. We are always looking for one because the initial plans were not the best. It is now that we come to organize things, "said President Akufo-Addo.
The $ 35 million plant remains dormant due to lack of funds.
It was closed in June 2016, barely a month after it was commissioned by then president, John Mahama.
He had to produce about 1,250 tons of sugar a day.
The plant, at full capacity, can, in one year, produce 97% of the country's sugar requirements, ie 250 000 tonnes.
After the closure, the plant had to sell sugar cane in its 125-acre seedling plantation to the distillers of the local alcoholic beverage known as "akpeteshie".
Cane growers who hoped to be able to supply the Komenda Sugar sugar factory were also forced to sell to akpeteshie producers.
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