'I don't take him seriously' - Twum Boafo slams KT Hammond over 'privatization' of Komenda Sugar Factory

Kwadwo Twum Boafo, the former Chief Executive Officer of the Ghana Free Zones Authority, has taken on the Minister of Trade and Industry, Kobina Tahir Hammond, over the decision to lease out the Komenda Sugar Factory to an Indian company.

Contributing to a panel discussion on Metro TV's Good Morning Ghana, Twum Boafo questioned the opaqueness of the deal and demanded more information about it.

Twum Boafo, a leading member of the National Democratic Congress, disclosed his doubts about KT Hammond's ability to secure a deal that serves the country's interests, noting that KT Hammond’s previous actions fill him with little confidence and excitement about the deal.

He questioned why the Ministry of Trade under KT Hammond would lease out the company at what he considers to be a paltry amortization rate of one million dollars per annum.

Twum Boafo also averred that the privatization of the factory is a deviation from the aims and aspirations that form the bedrock of its establishment.

“I don’t take him seriously. He is trying to tell us that he has given Komenda Sugar Factory, which I believe cost over $35 million, and that it will take the government of Ghana 35 years to amortize it.

“What cost-benefit analysis have you done for us to know that if we collect a million dollars a year, it inures to our benefit? I don’t take the Minister of Trade seriously, and it’s by dint of his prior bad acts. Every time, he seems to be looking for some gig in that ministry. Why would you want to sell something the government has spent money on cheaply? Apparently, he is handing it back to the people who built it.

“There is always something behind what KT Hammond does. We took a lot to construct that factory, so we are incumbent to ensure that the factory generates employment, development, revenue, and income for the people of Ghana,” he said.

KT Hammond disclosed earlier this month that the trade ministry had reached an agreement with an Indian firm, WAATCO, for the usage of equipment and facilities of the Komenda Sugar Factory.

"We have invited some people to see what can be done to get the factory running, but no one was interested."

"WAATCO has requested a leasehold of our facility and equipment. The Komenda Sugar Factory is 100% Ghana government property, and I haven’t signed anything yet. We have not paid them anything. We are offering them the use of the facility under the condition that they pay us. We are negotiating for them to pay us over one million dollars annually. Although we haven’t agreed on the final figure, it is almost certain it will be more than one million dollars per year.”

EK