ASTEK will be reorganized with an EXIM Bank loan of $ 1 million

Company News from Wednesday, January 30, 2019

Source: Graphic.com.gh

2019-01-30

The Ghana Export and Import Bank (EXIMBANK) will extend a loan facility of one million dollars to ASTEK Company Limited to reorganize the company's fruit processing operations in Nsawam, in the eastern region.

The loan, facilitated by Nsawam-Adoagyiri MP, MP for Nsawam-Adoagyiri, will be used to acquire fruit processing machines and other equipment to pave the way for early operations . in September 2019.

Resuscitation of ASTEK, part of the "One District, One Factory" policy, aims to create jobs for youth teeming with Nsawam youth and surrounding communities.

ASTEK, which began its fruit processing business in 1982, ceased operations in 2009 due to financial difficulties.

Mr. Annoh-Dompreh inspected the plant last Monday to make sure the company was ready before the release of the $ 1 million loan facility.

In his remarks, the ASTEK CEO, Mr Albert Owusu, said that during his peak period, ASTEK was producing fruit juice and Refresh mineral water.

However, he stated that the company "had experienced turbulence, but that it maintained a skeletal staff".

Mr Owusu stated that ASTEK had submitted a proposal to Ghana EXIM Bank and had indicated that with the badistance of Mr Annoh-Dompreh, this proposal had been accepted and that the agreement signed between EXIM Bank and ASTEK planned to release $ 1 million for the fruit processing project. .

He added that the company had also signed a protocol agreement with the farmers of Nsawam-Adoagyiri and Akuapem South, subcontractors, to ensure a regular supply of pineapple and oranges.

Mr Owusu said processed juice and slices of pineapple and orange would be exported to the United States of America, Spain, Central Europe and some African countries.

He added that the company would process 50 tons of fruit a day at the initial stage.

He added that 50 workers would be immediately employed and that the number of workers would be multiplied by four if the operations took the scale.

Campaign promise

In response, Mr. Annoh-Dompreh said that he had committed, before the 2016 elections, to obtain funds to revive ASTEK in order to revive his fruit processing activities.

He added that after keeping the Nsawam-Adoagyiri headquarters, he had made it clear to the Ghanaian bank EXIM that ASTEK had "the inherent ability" to process fruits for export.

Mr Annoh-Dompreh, chairman of the Foreign Affairs Committee in Parliament, said the idea was to promote economic activity and create jobs for young people in Nsawam and surrounding areas.