Business News of 2014-08-01

Fertilizer Company to be established in Kumasi

A Ghanaian company, Odike Ventures, owned by former presidential candidate of the United Front Party, Akwasi Addai, is partnering a Turkish fertilizer manufacturing company, Unaldi, to set up a franchise in Kumasi to produce the famous Biocomp fertilizer.

The feasibility of the project is, however, contingent on how early the Atuabo Gas Plant in the Western Region becomes operational, but Mr Addai is optimistic that the project will take off by September this year.

At the official launch of the product in Kumasi yesterday, Mr Akwasi Addai, popularly known as Odike, said the motivation to establish the fertilizers plant in Kumasi was to make the product generally available in the country and also create jobs, as well as contribute to stabilise the cedi.

He said when the project comes on stream, it would move the country away from importing fertilizer to an economy that placed value on fair prices. The businessman cum politician said the fertilizer project was one of two high-profile projects that his company planned to establish in Kumasi.

The second planned undertaking is a garment manufacturing firm which is scheduled to take off in two weeks.

A foreign partner of Mr Akwasi Addai, Mr Mehmet Oguzhan Unaldi, said the difference between the Biocomp fertilizer and the rest of fertilizers on the market was that the former contained humic acids which facilitated the low leaching of nitrate into the soil while providing for optimum nutrient sufficiency.

He noted that it was wrong for farmers to use fertilizers to an extent where plants could no longer absorb it, as this had a long-term effect on the soil.

In a message read for him, the Ashanti Regional Minister, Mr Samuel Sarpong, said the government welcomed the support of private participation in the economy, particularly in the field of agriculture which was acknowledged as very critical in accelerating development in the country.

He, therefore, commended Odike Ventures for taking up such an initiative that would inevitably contribute to stabilising the economy.

Source: graphic.com
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