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CPC shutdown Gov't to meet COCOBOD

Seth Terkper told parliament he has invited COCOBOD to a meeting on the matter.

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Government is scheduled to meet management of Cocoa Processing Company to find solution to the ailing cocoa processing factory, Seth Terkper told parliament today.

The finance minister was in the House to address law makers on the challenges in the microfinace sector involving DKM Ltd when the minority MPs demanded to know the reason CPC shutdown operations.

He told parliament that “In my official capacity as Minister of Finance, I have invited the Chief Executive of COCOBOD, which actually owns 30 per cent shares following discussions which had been held earlier with management.”

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The Management of CPC shut down two of its three factories last month over operational challenges.

In a circular to staff members, CPC said "due to operational challenges, Management has decided to temporarily shut down the two cocoa factories from Monday, 25th January 2016 until further notice."

A worker who spoke to Pulse business on condition of anonymity said the shut down was due to the poor financial conditions of the company.

"The truth of the matter is that there are cocoa beans as we speak. The company has not bought any beans. Also,  the company cannot make profit for the pensioners who have shares in the company," the worker said.

The Public Relations Officer of the company, Ekow Rhule however debunked assertions that the  company's shut down was due to poor financial performance.

He also denied the shut down was partly due to unavailability of cocoa beans.

"I have heard people say it is because there's no cocoa bean. That's not true." he said.

The Chairman of the CPC Workers Union, Kingsley Owusu also told Pulse business the shut down was due to unavailability of cocoa beans.

He said:"CPC is cash-strapped and needs money to survive since their competitors are providing ready cash for cocoa beans." 

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