31 DWM asks govt to release money to cocoa factory

Kpone (GAR), May 18, GNA - The 31st December Women's Movement on Friday asked the government to release 1.8 million-dollars intended for the Calf Cocoa Company Limited located at Kpone, near Tema, to enable it to start operations.

It said the money, locked up at the Ministry of Finance, was the last tranche of a 10 million-dollar loan from the China EXIM Bank to the Movement to establish the factory adding that it was needed to start production.

Speaking at a press briefing after a media tour of the factory, Mrs. Sherry Ayittey, a Member of the Board of Directors of Carridem Company Limited and Finance and Project Coordinator for the Movement, said the factory was the fruit of their efforts to add value to cocoa before export to generate more foreign exchange.

The factory is to produce cocoa powder, cocoa butter and other cocoa products of which 80 per cent would be exported to China and other European countries.

She said it was a pity that such a valuable asset had been left to waste since 2002 whilst the government had been preaching Golden Age of Business.

Flanked by the former first Lady, Nana Konadu Agyeman Rawlings, the women said it was not right for the government "to play politics with such an opportunity" that would create about 2,000 jobs for the youth and give a boost to the economy.

She said the project was designed for the development of the economy and not for their selfish interests.

Mrs Ayittey explained that the 31st December Women's Movement in the early 1990s agreed to set up a cocoa processing factory with their Chinese counterparts and applied for a loan from the EXIM Bank in China. The loan was to be paid over a period of 15 years adding "it was a private-partnership package and not government guaranteed". She said that Chinese Machinery, Agric and Livestock Company had 55 per cent shares and Carridem Holdings of Calf Cocoa Company held 45 per cent.

"Carridem is a limited liability company owned by the 31st December Women's Movement. Mr Rawlings and his wife have no shares in the factory."

She said the Chinese were the sole administrators of the company and they could not dip their hands into the company's money. "We are only stakeholders," she said.

The women said although they had filed a case against the Ministry of Finance at the commercial court, they also resorted to dialogue with the government through the past UN Secretary General, Mr Kofi Annan and some members of the Commonwealth to see reason but "the president is not ready to listen to anybody".

Mrs Ayittey, however, said they were seeking private investors to continue with the project.

A tour around the factory showed that the equipment and machines for production were rusting and officials said they would need additional two million dollars for maintenance. 18 May 07