West Africa Mills Company (WAMCO), has welcomed the 50 percent cocoa retention policy for cocoa processing companies as announced by President Mahama.
However the company is urging government to rehabilitate its processing plant WAMCO two at Sekondi as a means of enhancing production capacity.
WAMCO, established in 1949, holds the distinction of being the first cocoa processing company in the country. The Government of Ghana, through COCOBOD, maintains a 40 percent stake in the company.
Together, its two facilities WAMCO One and WAMCO Two boast of a combined production capacity of approximately 60,000 metric tons. However, operations have significantly declined in recent years as currently WAMCO Two, which accounts for 30,000 metric tons of that capacity, is not functioning.
As a result, only WAMCO One, remains functional and even then, just 30 percent of its capacity is being utilized due to insufficient supply of raw cocoa beans.
Receiving Western Regional Minister Joseph Nelson on a working visit, the Managing Director of WAMCO, Frank Bednar, welcomed the President’s decision on the 50 percent cocoa retention policy, stressing that local value addition remains the surest path to higher revenue and job creation.
The Deputy Managing Director, Dr. Boakye Danquah, has appealed to the government and prospective investors for financial support to revamp WAMCO. According to him, retooling WAMCO Two is essential for the economic revival of Sekondi-Takoradi as it will provide sizeable jobs to assuage the mounting unemployment problem presently.
Meanwhile, Western Regional Minister, Joseph Nelson has assured the company of the government’s commitment to hep resuscitate the defunct Wamco 2.
Source: Starrfm.com.gh
