Gov't to Sell 25 Per Cent Stake in CPC

The government of Ghana is expecting to sell 25 per cent of its stake in the Cocoa Processing Company Limited (CPC) through the Ghana Stock Exchange (GSE) this week.

It is believed that this will pave the way for much faster divestiture of government holdings in some other companies.

According to the Deputy Minister of Finance, Dr. Cheysika Agambila, whom this reporter spoke to, all the necessary legal and paper work had been done and that the actual agreement would be launched and signed at the premises of CPC at Tema tomorrow.

The minister also reiterated that the government took this decision to enable the company to access more funds from the private sector and also to allow private participation in the running of the company, as government wants to gradually reduce her involvement in CPC and other companies.

He also declared that the decision to sell the 25 per cent through the GSE was taken to increase the liquidity level of the Stock Market and strengthen it.

When officials of CPC were contacted, they verified the proposed sale.

However, when this reporter spoke to the Public Relations Officer of the GSE about the sale, she said the move by the government is in the right direction, "because this would boost the market and would also increase public confidence in the GSE."