Indian investor takes over Komenda Sugar Factory

Share this

The Government of Ghana has finally handed over the Komenda Sugar Factory to a Strategic Investor.

Park Aggrotech Company Limited, an Indian company based in Ghana and a subsidiary of the Skylark Group of companies won the bid to manage the sugar factory.

The Managing Director of Agrotech Company Limited is Lalit Mishra.

The factory was on Tuesday, November 26, 2019, handed over to the Indian firm to breathe life into the factory after a three-and-half year break.

On Tuesday officials of the Trade Ministry and PwC introduced the investor to the community and officially handed over the facility to the investor.

The Paramount Chief of Komenda Traditional Area, Nana Kojo Kru II said, “it is a dream come true” that this is happening during his tenure.

The $35 million factory which was commissioned under former John Mahama has not been working since May 2016.

President Akufo-Addo in September 2018 disclosed that government is in the process of finding a strategic investor to revive the “debt-ridden and idle” factory.

According to him, the sale is due to serious deficiencies including the unavailability of sugarcane in sufficient quantities in the catchment area.

He also revealed that the government has inadequate working capital required to make the factory functional.

Subsequently, the Trade and Industry Minister, Alan Kyeremanten told Parliament in April this year that, the factory will be sold to a new investor at a depreciated value of $12 million.

 

Source: Starrfm.com.gh

 


Share this

Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

Leave a Reply

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.