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Company in Crisis WAMPCO board appoints official liquidator to sell company

The company has been saddled with debt forcing the Ghana Cocoa Board (COCOBOD) to halt the supply of cocoa beans, it primary raw material.

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WAMPCO board appoints official liquidator to sale company play

WAMPCO board appoints official liquidator to sale company

The West African Mills Company (WAMCO) board has appointed an official liquidator to liquidate the assets and liabilities of the company.

The company has been saddled with debt forcing the Ghana Cocoa Board (COCOBOD) to halt the supply of cocoa beans, it primary raw material.

WAMCO was established under a Joint-Venture structure between the Government of Ghana represented by COCOBOD holding 40% and a German investor holding the remaining 60% of the shares.

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In June this year, COCOBOD warned the general public to disregard an advert by Fidelity Security Limited on the sale of WAMCO.

COCOBOD said it was not involved in the attempt to sell the company, saying "any person or institution that enters into such a deal would be doing so at its own peril."

Speaking in parliament Wednesday on the status of WAMCO, a Deputy Minister of Finance Cassiel Ato Forson, told parliament the board of WAMCO had "commenced official liquidation" of the company.

He made the comment in respond to a question from the MP for Takoradi, Mr Kwabena Okyere Darko-Mensah on when the company will resume operation after it was partially shut down in 2014.

Ato Forson said he is unable to disclose when the company will resume operation because of the start of the liquidation processes.

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