Business News of 2014-08-23

Komenda sugar factory will be ready on time

Mahesh Chaturvedi, Group Chairman of Seftech India - the contractor of the Komenda sugar factory project, has pledged that his company would complete the project before the 24-month deadline.

President John Dramani Mahama launched the project on Tuesday at a ceremony in Komenda in Central Region.

The President said the importation of sugar and other essential items was taking a toll on the economy and promised that the government would work to improve the situation.

On completion the factory -- a 1,250 TCD Sulphurless Sugar Plant -- will provide 1,300 direct jobs to Ghanaians and over 5,000 auxiliary jobs. It is expected to substantially reduce the sugar import bill of nearly US$300million.

Apart from sugar processing, the factory will also produce ethanol and supply 1 megawatt of surplus power to the national grid.

"The project will be completed before the 24-month deadline. The capacity of the new factory can also be expanded to 2,500 TCD in the future, which will reduce the import of sugar into the country to almost nil," Mr. Chaturvedi said.

The project is being financed by the government of India through an EXIM Bank line of credit of $35million.

Under Seftech’s corporate social responsibility (CSR) initiative, Mr. Chaturvedi also announced funding of up to $200,000 toward social causes in health and education.

The acting Indian High Commissioner to Ghana, Ajaneesh Kumar, said the project would deepen the cordial relationship with his country, saying the Indian government continues to be an important partner in the growth and development journey of Ghana.

He said bilateral trade between the two countries will soon exceed $1.5billion.

Source: GNA
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