Business News of 2014-03-15

Work on Komenda sugar factory to commence in June

Work on the defunct sugar factory in the Komenda-Edina- Eguafo-Abrem Municipality (KEEA) of the Central Region is now set to begin in June this year.

This follows the approval from the financiers of the project for the construction works to take off. The Indian government through its Exim-Bank is expected to release some $35 million for the project.

The factory is expected to generate about 400 direct employments while 2000 out-grower farmers are also expected to benefit.

Trade and Industry Minister, Haruna Iddrisu, told Joy Business this would position the country as a major exporter of sugar.

Mr. Iddrisu tasked the KEEA Municipal Chief Executive, Isaac Kweku Sam and Nana Kwodwo Kru II, Omanhene of Komenda Traditional Area, to fix a date for President John Dramani Mahama to perform the ground breaking ceremony for work to begin on the construction of the new plant.

Mr. Iddrisu said the government was committed to reviving the sugar industry in the area to create jobs and wealth for the people.

He noted that the government had secured an Indian government loan of US$35 million with a component of US$1million from the government of Ghana for the project.

The minister indicated that investors would utilize 1,000 acres for cultivation, while the 500 acres would be allocated to out-growers to support the supply of the raw material.

Mr. Iddrisu asked the investors to rely on the labour of the people in the area to add local content to the project.

He, therefore, commended the chiefs and people for their absolute and utmost support for the project and expressed the hope that the people would take advantage of the project to reduce poverty in the area.

The Central Regional Minister, Samuel Sarpong, commended the chiefs and people for their total support and commitment for the revival of the industry and expressed the hope that they would maintain the zeal when the factory becomes operational.

He also commended the former Member of Parliament, who was a deputy minister of Trade and Industry, Dr. J.S. Annan and the current MP, Nana Ato Arthur for their support for the project.

The Omanhene of the Komenda Traditional Area, Nana Kodwo Kru II also commended the investors, the Indian government, the government of Ghana and all stakeholders for reviving the industry to bring development into the area.