No Result
View All Result
Saturday, June 25, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    CBOD calls for a more structured supply of Forex for petroleum products

    Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020

    Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine

    UK watchdog fines Ghana International Bank for poor anti-money laundering systems

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Node 8, Ghana Tech Lab partner on Pathways to the adoption of Digital technologies in e-commerce

    Government is committed to stabilizing cedi – Ofori-Atta

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

    #CitiBusinessFestival: Forum on surviving uncertainties of consumer markets comes off today

    A law that will compel banks to lend to Agric sector players being considered – Min. of Agric

    National Unemployment Insurance Scheme training launched

  • TECHNOLOGY

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    CBOD calls for a more structured supply of Forex for petroleum products

    Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020

    Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine

    UK watchdog fines Ghana International Bank for poor anti-money laundering systems

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Node 8, Ghana Tech Lab partner on Pathways to the adoption of Digital technologies in e-commerce

    Government is committed to stabilizing cedi – Ofori-Atta

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

    #CitiBusinessFestival: Forum on surviving uncertainties of consumer markets comes off today

    A law that will compel banks to lend to Agric sector players being considered – Min. of Agric

    National Unemployment Insurance Scheme training launched

  • TECHNOLOGY

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Government liquidates WAMCO over huge debts

bycitibusinessnews
May 14, 2016
in Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Government has commenced processes to liquidate the assets of the West African Mills Company Limited (WAMCO) and 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 COCOBOD, millions of dollars.

The Public Affairs Manager of COCOBOD, Noah Amenyah who confirmed the liquidation process to Citi Business News said,

ADVERTISEMENT

“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 stated.

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.

Citi Business News understands WAMCO currently owes COCOBOD about 50 million dollars.

“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,” Noah Amenyah further noted.

A recent row between the COCOBOD workers union and the Industrial and Commercial workers Union (ICU) over a break away by the former; has also prompted the ICU to press charges against the CEO of COCOBOD, Dr. Stephen Opuni.

ICU argues that the ineffective management of Dr. Opuni has resulted in the collapse of WAMCO and the decline in the cocoa output recently.

But Public Affairs Manager of COCOBOD, Noah Amenyah disagrees. He maintained that the debts have rather forced his outfit to halt supplying more cocoa beans to WAMCO,

“We can say that the call by the ICU that we should pay WAMCO workers does not come in; you do not work for me and yet you owe me. How do you expect me to pay you? So that is a matter that is one of ridicule,” he observed.

Meanwhile the COCOBOD workers union has also strongly defended the competence of Dr. Stephen Opuni.

The Chairman of the Supreme Council of Ghana COCOBOD, Alhassan Iddris intimated that Dr. Opuni’s efforts have stabilized the economy,

“After assumption of office, Dr. Opuni has gone in for the syndicated loan of USD 1.7 billion to stabilize the condition of the country’s economy, having credence, he was able to pay that money and went in for another USD 1.8 billion that is ongoing and he will even finish paying that one too,” he said.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Related Posts

Business

Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

byNerteley Nettey

Vice President, Dr. Mahamudu Bawumia, has reiterated the need for a regional approach to enhance the competitiveness of Africa. According...

Read more

CBOD calls for a more structured supply of Forex for petroleum products

Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020

Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine

UK watchdog fines Ghana International Bank for poor anti-money laundering systems

DBG funds will not be used to buy gov’t securities – Deputy CEO assures

Government is committed to stabilizing cedi – Ofori-Atta

Next Post
CEO MTN Ghana,

MTN CEO clarifies stance on OTT calls regulation

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.