Business News of Tuesday, 19 August 2014
President John Dramani Mahama would on Tuesday August 19, break the grounds for commencement of work on the revived Komenda Sugar Factory in the Komenda Edna Eguafo Abirem Municipal in the Central Region.
The sugar factory that was established in late President Kwame Nkrumah's administration became defunct in the 1980s due to inadequate funding and bad policies.
A statement from the Flagstaff House Communications Bureau added that the ground breaking ceremony would start work for its revival and subsequent production of high quality sugar for both domestic consumption and export.
It's revival would also be a fulfillment of a campaign promise President Mahama made during the 2012 general election campaign to the people of Ghana.
Meanwhile Ghana News Agency (GNA) investigations indicate that funding would be provided by the Indian Export and Import (EXIM) Bank with collaboration with the Government of Ghana.
The Indian EXIM bank is expected to release over $35 Million for the project that is also expected to provide direct jobs to 400 people and 2000 out-grower farmers towards the development of the project.
It is also expected that the revival of the factory would drastically reduce the importation of sugar and create indirect jobs for people in the sugar industry in every part of the country in the coming years.
GNA checks also revealed that the revival of the Komenda Sugar factory formed part of the measures government had taken to stabilise the Cedi and the economy in General as less expenditure would be made in the importation of most essential commodities including sugar.