Business News of Mon, 23 Jan 201710

$24m for Komenda sugarcane plantation

A loan of $US24m has been approved by parliament to be used as funding for the establishment of a sugarcane plantation to feed the Komenda Sugar Factory in the Central Region, Trade Minister-designate Alan Kyerematen has disclosed.

“My understanding is that the defect that has been occasioned by not having a plantation developed to precede the establishment of the factory is being cured by, I think, a loan approved by parliament, $24m dollars, to establish a plantation for the factory,” the former ambassador to the United States told the Appointments Committee of parliament on Monday, January 23, 2017.

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He added that with the factory already established, “the right thing to do is to bring in private sector participation” in order to ensure the success of the firm.

The factory, which was re-constructed through an Indian Exim Bank loan, has the capacity to crush 1,250 tonnes of sugarcane per day as compared to the 1,000 tonnes the defunct Komenda Sugar Factory used to produce.

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