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Business News of Monday, 26 July 2021

Source: GNA

Trade Ministry to finalise agreement on Komenda Sugar Factory

Trade and Industry Minister, Alan Kyerematen Trade and Industry Minister, Alan Kyerematen

The Ministry of Trade and Industry and its transaction advisor, Price Waterhouse Coopers, are concluding the conditions precedent to activate the concession agreement, a strategic investor for the Komenda Sugar Factory.

The sector minister, Alan Kyerematen, said the conclusion of the agreement with the strategic investor, Park Agrotech Limited, would enable them to commence operations at the factory.

Mr. Kyerematen said this when he appeared before Parliament to respond to a question by Mr. Samuel Atta-Mills, Member of Parliament (MP) for Komenda/Edina/Eguafo/Abrem on why the Komenda Sugar Factory is still closed, and what had happened to the strategic investor the country was promised.

Mr. Kyerematen explained that Park Agrotech Limited is an agro-processing company based in Ghana, who together with its India-based technical partner, have significant expertise in the sugarcane cultivation and sugar processing industry.

He referred to the various incentives that Park Agrotech is requesting as part of the proposed concession agreement.

He said working with the transaction advisors, the ministry has carefully worked through various requirements and requests.

As part of the arrangements, Park Agrotech has applied for and has been granted One-District One-Factory (1D1F) status by the ministry.

This, he said, would enable Park Agrotech to take advantage of the incentives and benefits as approved by Parliament for 1D1F registered companies and to commence operation at the Komenda Sugar Factory expeditiously.

Mr. Kyerematen further stated that the ministry has instructed the transaction advisor and Park Agrotech to ensure that the conditions precedent to the concession agreement and a road map for the opening of the factory was finalised by the end of August to enable operational activities to commence before the end of this year.

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