High cost of electricity major problem of soybean processing companies - Issah

The Director of Administration of Ghana Soya Bean Farmers and Aggregators Association, Abdul Hakeem Issah, has asserted that high cost of electricity remains the major problem of some processing companies.

He explained that though soybean prices are high, it is understandable because it is an international commodity and the price hike is based on other factors.

Speaking on Citi News, Abdul Hakeem Issah said, “some of the processing companies, they tell us in private that their major problem is the cost of electricity not the cost of soya bean because soya beans is an international commodity, and it increases based on the increases by of other variables.”

“They extract oil from the commodity and they export it. And those of them who sell it in Ghana, they sell with the international price. So as and when the commodity is increasing, the price of the oil is also increasing,” he added.

He said the group has sent a petition to Parliament to demand the repeal or amendment of the export and import restriction of grains regulation to exclude soybeans importation.

The Association also accused some party supporters of the governing New Patriotic Party (NPP) of doing business with government's Planting for Food and Jobs initiative.

Abdul Hakeem Issah said several fertilizers meant for farmers were smuggled.

He stressed that fertilizers and other supplies that will aid the work of farmers were diverted and given to party members.

Mr Issah said until this existing problem is addressed, the second phase of the Planting for Food and Jobs initiative rolled out by government will become a failure.

SA/NOQ

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