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Investment in Ghana Investor being sought for Komenda Sugar Factory- Akufo-Addo

Speaking at Komenda on Friday, president Akufo-Addo said the search for a strategic investor has become necessary because his administration, upon assuming office on 7th January, 2017, inherited a non-operational Komenda Sugar Factory.

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Strategic investors are being sought to take over the “debt-ridden and idle” Komenda Sugar Factory, president Nana Akufo-Addo has said.

Speaking at Komenda in the Central Region on Friday, president Akufo-Addo said the search for a strategic investor has become necessary because his administration, upon assuming office on 7th January, 2017, inherited a non-operational Komenda Sugar Factory.

READ MORE: Komenda Sugar Factory to shut down after producing 100 bags

The factory, which was commissioned in 2016 by then President John Mahama, in the heat of the 2016 elections, has been idle since the Akufo-Addo administration came into office.

And according to the president, the sugar factory has not undertaken any commercial processing of sugarcane into sugar due to serious deficiencies in the planning of the project.

“We came to improve the standards of living of the Ghanaian people, and that is what my government is doing. My predecessor only left me with only debt, even though he was the single largest recipient of revenues of all Presidents put together since the time of Kwame Nkrumah. However, I remain unshaken, and I am working to fulfill my promises to the Ghanaian people,” he added.

READ MORE: Trade Minister blames ex-president Kufour for power crisis

The Mahama administration secured a thirty five million dollars Indian Exim Bank facility to rebuild the factory, which was first established by Ghana's first president, Dr Kwame Nkurmah, but was closed down due to operational chalenges.

The factory was projected by the then administration to create 7,000 jobs  and cut down Ghana's sugar import by  by $200 million.

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