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Business News of Friday, 28 August 2020


US$108 million debt: We need your help - Cocoa Processing Company to Akufo-Addo

President Nana Addo Dankwa Akufo-Addo during a visit to the CPC President Nana Addo Dankwa Akufo-Addo during a visit to the CPC

Management of the Cocoa Processing Company (CPC) have called on President Akufo-Addo to intervene on behalf of the company over a debt repayment of US$108 million owed to COCOBOD and Afreximbank.

This follows a courtesy call by the President on the management and employees of the company at the Tema Light Industrial Area to acquaint himself with its operations.

Nana Agyenim Boateng, the Managing Director said the CPC was in dire need of the assistance to continue to make it a profitable firm.

President Akufo-Addo on his part said; “To have a company like CPC whose aim it is to add value to our cocoa, makes the company very strategic. Unfortunately, due to poor management in the past, the company is now in debt.

“But I’m encouraged with the big efforts you’re making despite your challenges. So, I will say that the assistance you require from the government when it comes to your indebtedness to COCOBOD and Afreximbank, needs to be looked at and you will have my full support” he added.

Meanwhile, the CPC’s indebtedness amounts to a total debt increase of US$108 million dollars.

The company is expected to pay the Ghana Cocoa Board (COCOBOD) a debt amount of US$88 million for the supply of cocoa beans.

Additionally, other amounts of about US$20 million are expected to go towards repayments of loans owed to some banks.

The processing firm currently boasts of a production capacity of 64,500 metric tonnes and 3,000 metric tonnes capacity to produce chocolates.