Wamco denies $50m Cocobod debt

The Management of West African Mills Company Limited (Wamco) is disputing reports that it owes Cocobod $50 million for cocoa beans supplied in the past.

In a press release on Friday July 8, the firm indicated that: "We wish to state that Wamco does not owe any such debt to Cocobod. The differences in the figures being bandied around are a clear vindication of lack of truth in the allegation."

The statement further pointed out that: “Some of the publications quoted the alleged debt to be US$49 million, others US$45million, US$57,334million, and in some it is state as US$15 million."

Even though the press statement did not include a figure owed Cocobod, if any, the firm said the lack of consistency in various publications corroborates the falsehood meant to “create wrong impressions about the company”.

Wamco was established under a Joint-Venture structure between the Government of Ghana represented by Cocobod holding 40% and a German investor holding the remaining 60% of the shares.

Wamco said in its statement that: ”Most of the said publications have mentioned Cococbod as the main source of information and so far this has not been denied by Cocobod in anyway”.

“In fact, Cocobod has issued various statements in the media ostensibly to endorse the said publications and/or add to it,” the press stressed.

The company disclosed that it has written a formal letter to Cocobod to desist from making such “baseless allegations against Wamco”.

The company said it has lodged a formal complaint with the National Media Commission (NMC) against the media houses engaged in the publication of “blatant falsehood” about the company and some of its key members and trusts NMC to ensure that there is justice.