President Nana Addo Dankwa Akufo-Addo says plans are far advanced to conclude agreements to bring to life the Komenda Sugar Factory in the Central Region.
According to him, discussions with the investor of the Sugar Factory have been concluded and cabinet will soon be presented with final agreements for endorsement.
“The discussions with the investor of the Komenda Sugar Factory have been concluded and the minister I believe is on his way to cabinet with the final agreement that cabinet will have to endorse before the agreement goes through.”
Cabinet in 2019 gave approval to Park Agrotech Ghana Limited as the preferred strategic investor for the Komenda Sugar Factory. Park Agrotech Limited is a company incorporated and operating in Ghana’s agribusiness sector and will be working with STM project Limited which is an Indian based company with experience in management and operations of sugar mills and plantations in India and other parts of the world.
According to the Managing Director of Park Agrotech, Mr Lalit Mishra, the company would invest about $21 million in the factory for the next four years.
The Komenda Sugar Factory was inaugurated on May 31st 2016 to produce sugar but became a white elephant due to alleged technical and operational challenges.
Speaking on ATLFM on Friday, President Akufo Addo explained residents of Komenda were left to think “something was being done when at the end of the day nothing concrete was being done. So it was necessary to start virtually from ground zero.”
“We looked at the planning and positioned the factory in such a way that the raw material supply could be then validated and assured; am talking about the raw process beginning from the raw materials to the process itself being done in a manner that will guarantee the viability of the factory” he added.
Touching on the one district one factory projects in the central region, President Akufo-Addo explained there are two new projects targeted for Cape Coast which are yet to be concluded.
“There are fifteen 1d1f projects in the central region alone and there are two projects that are targets for Cape Coast which are about to see the light of day. I will rather wait for it to be concluded before we outdoor them.”
This is the president’s fourth visit to the studios of ATLFM- a staple within the Campus Broadcasting Services of the University of Cape Coast- since his last which was prior to the 2016 elections.