Ghana Sugar Prices GNPA Limited to drive sugar prices down

The Authority has therefore entered into a $67 million strategic partnership with some indigenous sugar importers to bring in  12,500 tonnes of sugar monthly to help reduce the prices of the commodity on the local market.

  • Published:
Sugar play

Sugar

24/7 Live - Subscribe to the Pulse Newsletter!

The Ghana National Procurement Authority Limited (GNPA Limited) has initiated steps that will ensure the price of sugar on the domestic market stabilizes.

The Authority has therefore entered into a $67 million strategic partnership with some indigenous sugar importers to bring in  12,500 tonnes of sugar monthly to help reduce the prices of the commodity on the local market.

The imports are to be done under the free zone initiative, the Managing Director of GNPA, Mr Douglas Y. Kumasi says.

                                                     Read More

Although a bulk of the sugar would be consumed in the country, Mr Kumasi said part of it was to be retailed in neighbouring countries, including Nigeria, Mali and Burkina Faso.

"We expect it to help drive down prices of sugar or at least stabilise the prices. We also expect the small foreign exchange we will generate from the sale in neighbouring countries to help our finances and the country in general," he said.

The GNPA Limited was established in 1976 as a strategic importer of essential commodities to help stabilise prices of those consumables in the local market.

After becoming a household name in the commodity import and retail business in the country in the 1990s, the GNPA's fortunes nosedived, following a restructuring that cut off its source of funding in the early part of 2000.

The result was the accumulation of debt, which took a toll on the company's finances and operations.

Although it has successfully cleared those debts, years of underfunding from the state has weakened its balance sheet, forcing GNPA to downsize and lay off some staff in the recent past.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Software Scandal EOCO indicts SSNIT managers over $72m software scandalbullet
2 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
3 In Accra Susu collectors give gov’t 1 week ultimatum to stop NPP...bullet
4 Collapsed Banks Assets of UT Bank and Capital Bank for salebullet
5 NPP Government Nana Addo nominates Dr Agnes Adu as MD of GTFCbullet
6 Excise Tax Stamp Act Gov’t threatens to sanction businesses...bullet
7 David Ampofo Writes Is Ghana's cashew another cocoa?bullet
8 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
9 Menzgold Ghana Don't deposit money with Menzgold – BoG...bullet
10 In Singapore Government to pay bonus to all citizens...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Money Alert Meet Africa's richest womanbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Video We are determined to move Ghana beyond aid - Bawumiabullet
9 Vodafone adbullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet

Business