UK Company shows interest in processing groundnut oil

Accra, Oct. 21, GNA - A United Kingdom-based company has expressed its interest in establishing a large-scale groundnut processing factory in Ghana to produce groundnut oil in the Northern sector for export to Europe, Mr Alan Kyerematen, Minister of Trade, Industry and Presidential Special Initiatives, said on Monday.

Mr Kyerematen, who initiated the negotiations for the deal, said a business plan that would assess the potentials and viability of the project would shortly be formulated as a follow up to the talks.

He was speaking to journalists at the Kotoka International Airport on arrival, with Vice President Aliu Mahama, from London, where he participated in the four-day exhibition and investment seminar, dubbed, "Ghana EXPO 2003". The Vice President opened the exhibition.

Mr Kyerematen said the success of the project would revamp the economic environment in Northern Ghana, where groundnut thrives, create jobs and raise the standard of living of the people.

The Minister, who marketed the country's investment potentials at the seminars, said he also held fruitful discussions with potential investors in fruits and vegetable processing for export.

Asked about his assessment of the EXPO, Mr Kyerematen said it was successful to a large extent as it provided the platform for the 400 participating companies to meet potential clients and partners, in the UK, Ghana's largest trading partner, for the growth and expansion of their businesses.

Out of the 548 projects registered by the Ghana Investment Promotion Council over the last three years, the U.K. topped with 154, while India and China followed with 141 and 132 projects respectively.

Mr Kyerematen said the exhibition also afforded the participants the opportunity to learn about the specifications and standards of clients in the UK, adding that those who established some commercial linkages should be able to meet the market demands that would follow satisfactorily.

He said lessons from the exhibition would guide the organisation of similar future events to strengthen Ghana's performance in international trade and to increase earnings from non-traditional exports.

The quality of exhibits, which included textiles and garments, artefacts, food products and traditional herbal medicine, demonstrated a high level of creativity, skill and craftsmanship.

Mr Kwamena Bartels, Minister of Private Sector Development, Mr Kwesi Abeasi, Chief Executive of the Ghana Investment Promotion Council, four regional ministers and representatives of some corporate bodies also participated in the fair.

EXPO Africa, a British company with a Ghanaian subsidiary, organised the event with the aim of showcasing Ghanaian businesses and products to the UK market and the European Community.

On Sunday, the climax of the event, a large number of Ghanaians and foreigners from all over the UK, attended a grand durbar, held under the patronage of Asantehene Otumfuo Osei Tutu II, to demonstrate Ghana's rich culture and to attract tourism.