AgribusinessBusinessGhana

Ministry of Trade to finalise agreement on Komenda sugar factory

The conclusion of the agreement with the strategic investor, Park Agrotech Ltd, will enable it to commence operations at the factory

The Ministry of Trade and Industry and its transaction advisor, PricewaterhouseCoopers, are concluding the conditions precedent to activate a concession agreement with a strategic investor for the Komenda sugar factory.

The Minister of Trade, Alan Kyerematen, said the conclusion of the agreement with the strategic investor, Park Agrotech Ltd, will enable the firm to commence operations at the factory, based in the heart of sugar cane-growing country in the Central Region.

Kyerematen made public this information when he appeared before Parliament to respond to a question by Samuel Atta-Mills, the MP for Komenda/Edina/Eguafo/Abrem, on why the Komenda sugar factory was still closed and what had happened to the strategic investor that Ghana was promised.

The Trade Minister explained that Park Agrotech is a Ghana-based agro-processing company which, together with its Indian-based technical partner, has significant expertise in sugar cane cultivation and the sugar processing industry.

Incentives and benefits

Kyerematen referred to incentives that Park Agrotech was requesting as part of the proposed concession agreement.

He said that, working with the transaction advisors, the ministry had worked painstakingly through the various requirements and requests. Under the arrangements, Park Agrotech has applied for and has been granted One District, One Factory (1D1F) status by the ministry.

This will enable Park Agrotech to take advantage of incentives and benefits for 1D1F registered companies, as approved by Parliament, and to begin work at the Komenda sugar factory expeditiously.

Kyerematen further said that the Ministry of Trade has instructed the transaction advisor and Park Agrotech to ensure that the conditions precedent to the concession agreement and a roadmap for the opening of the factory are finalised by the end of August to enable operations to begin before the end of this year.

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Source
GNA
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