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Cabinet approves strategic investor for Komenda Sugar Factory

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Cabinet has accepted Park Agrotech Confined, a Ghanaian company in the agribusiness sector, as the most well-liked strategic investor for the Komenda Sugar Manufacturing facility, Mr Alan Kyerematen, Minister of Trade and Marketplace, introduced on Wednesday.

He told Parliament, in Accra, that Agrotech was envisioned to work with STM Tasks Restricted, an Indian corporation with comprehensive practical experience in the administration and operation of Sugar Mills and plantations equally in India and other pieces of the globe.

“Mr Speaker, following the acceptance by Cabinet as needed by typical observe, the Transaction Advisors entered into final negotiations with the profitable bidder with the watch to entering into concession settlement for the operations of the Komenda Sugar Factory,” the Trade and Field Minister stated.

Mr Kyerematen was responding to a issue by Mr Samuel Abdulai Jabanyite, Member of Parliament for Chereponi on behalf of Mr Yusif Suleman, MP for Bole, on the present-day point out of the Komenda Sugar Factory.

The Minister reported around to start with 3 many years of the arrangement, Agrotech would devote $28 million in cash expenditure and doing the job cash, which include having to pay an yearly concession cost of US$3.3 million for a period of time of 15 years.

The Agreement would be helpful on completion of Affliction Precedent, which incorporates the acceptance of the Settlement by Parliament, introducing that the required documentation would be introduced to the Household in due program.

The Minister claimed all through the ultimate negotiations it turned needed for motion on the implementation of the job to be delayed until the finalization of the Countrywide Sugar Coverage, which was intended to deliver the strategic plan framework for the implementation of the venture.  

He explained that following collection of substantial stakeholders’ consultations, the Countrywide Sugar Policy was lastly accredited by Cupboard in 2019”.

Mr Kyerematen also stated that the approval of the Sugar Policy paved the way for the Concessionaire to be formally released to the Chiefs and Elders of the Komenda Common region in November, 2019.

He informed the Household that the official agreement involving Park Agrotech Confined and Komenda Sugar Improvement Corporation Minimal had now been executed.



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