Mr. Kwaku Owusu Baah, Chairman of the Governing Board of the Cocoa Processing Company (CPC), has said the company would soon begin the construction of biomass; which when completed, would reduce its energy and fuel bill from US$6 million to about a US$1.5 million or 75 percent per annum.
According to him, the overall improved performance of CPC had attracted the attention of two renowned international financial institutions that were working to fund and re-tool the machinery and equipment and provide working capital to ensure uninterrupted beans supplies for operations.
Speaking to the media after Dr. Owusu Afriyie Akoto, Minister of Food and Agriculture, inaugurated a nine-member Governing Board for the Cocoa Processing Company (CPC), Mr. Kwaku Owusu Baah said the company was developing new markets, both locally and internationally and that preliminary discussions with representatives of important organizations from Rwanda, Angola, Kenya, the United States of America, among others, had been positive.
Mr. Baah recalled that CPC was in dire distress when the former board took over, however the pursuit of strategic policy interventions was yielding desired results.
“At the close of the 2019 financial year, we had reduced company annual losses by a whopping 70 percent, from US$10 million to about US$3 million and but for the COVID pandemic that disrupted our markets in 2020, we would have made a profit for the first time in two decades. But we haven’t given up, especially as the markets begin to pick up again,” he said.
Source: Mybrytfmonline.com
