The Ghana COCOBOD has served notice it will supply about thirty thousand metric tonnes of cocoa beans to the Cocoa Processing Company (CPC) within the next few weeks to sustain the operations of the company.
The CEO of COCOBOD, Joseph Boahen Aidoo who disclosed this also said the plan is to make the CPC viable and enable it pay the outstanding debts owed its suppliers and banks.
Currently the CPC is indebted to the Ghana COCOBOD to the tune of about 50 million dollars while it owes some syndicated banks another 20 million dollars.
The workers of CPC have pushed that the company be delisted from the Ghana Stock Exchange to turnaround the fortunes of the company.
Although CPC is currently under-utilizing its 54,000 metric tonnes capacity, Mr. Boahen Aidoo explains to Citi Business News he is hopeful the new plans to be agreed on with the management of the CPC, should revamp the cocoa processor and entire cocoa industry.
Delist CPC from Ghana Stock Exchange
The workers of the Cocoa Processing Company (CPC) during a visit to the company by the Board Chairman of COCOBOD, Hackman Owusu Agyeman, appealed to government to delist the company from the Ghana Stock Exchange(GSE) due to its dwindling performance over the years.
According to them, it will be financially viable for government to delist and control the company since it is the majority shareholder.
Currently, COCOBOD owns about 57 percent of the shares, while the Ministry of Finance owns about 26 percent, with SSNIT controlling about 11 percent.
The remaining shares which is less than 10 percent is owned by individuals.
CPC which produces Ghana’s flagship chocolate, the Golden Tree brands has been performing poorly on the bourse for some time now.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana