Cocoa processing Factory Makes 10.6bC Profit

Accra The Cocoa Processing Factory made a profit of 10.6 billion cedis from 16,000 tonnes of cocoa processed last year, Mr. Paul K. Awuah, Managing Director, said today. Mr. Awuah said this when delegates attending the Commonwealth Parliamentary Association (CPA) seminar paid a visit to the factory. This turn around of the factory's fortunes from loss-making to profit-making followed the rehabilitation of the company and the granting of financial autonomy in 1992. "The significance of the autonomy lies in the challenges which suddenly confronted the management in converting the CPC into a self-financing company", he said. Mr. Awuah said the possible divestiture of the company makes it difficult for long-term planning. The company exceeded its target in the first two years of a five-year corporate plan for 1994 to 1999. "The budgeted profit for the two years was eleven billion cedis, but the actual profit was 13.9 billion cedis". This has made them to review their plan to the year 2000. He said if the company is not divested and the plan is implemented, then they will be in a position to put up a new factory in the next three years and make a profit of 382 billion cedis. "Cocoa processing is, therefore, a profitable venture and every effort should be made to process at least 50 per cent of the cocoa beans produced in Ghana". He appealed to the delegates to find investors in their countries to market the product or enter into joint ventureship with the company.