The Public Affairs Manager of COCOBOD, Noah Amenyah, has announced that the Government of Ghana has commenced processes to liquidate assets of the West African Mills Company Limited (WAMCO).
The liquidation is intended to turn around the fortunes of the company, which is currently reeling under huge debts. WAMCO is reported to be owing most of its suppliers, including the Ghana Cocoa Board, millions of dollars.
Noah Amenyah told Citi News that: “Government has since 2014 begun a process to liquidate WAMCO to enable it pay off the debts that it owes COCOBOD and other companies.”
He said: “As at 2003, WAMCO owed COCOBOD over 32 million dollars. Currently, it owes 45.9 million dollars. COCOBOD cannot continue to give cocoa beans to WAMCO to process and not pay and as at now, once they owe us, we have stopped supplying them for some time now.”
Challenges that have confronted WAMCO, which operates on a Public Private Partnership, have adversely affected production levels for some time now.
The development has also compelled the company to shut down its operations as it has been difficult to defray its accumulated debts.
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