West African Mills’ performance gains traction as profits hit US$2M

GHANA – The West African Mills Company (WAMCO) has managed to improve its performance marked by the growth in profits which has seen the company net US$2 million within a period of one and half years.

The Ghanaian cocoa processor, which became redundant in 2013 and laid off hundreds of its workers due to lack of cocoa beans, was revived following a campaign promise by the NPP – reports GNA.

However, Mr Joseph Boahene Aidoo, the Chief Executive of the Ghana Cocoa Board (COCOBOD), says that the company is now in a position to source sufficient cocoa beans for both domestic and foreign supply.

He noted that the factory is currently supplying local processors in the cocoa value chain such as Cocoa Processing Company (CPC) and Plot Enterprise affirming that, “we will continue to feed the local factories to create jobs for our people”.

According to Boahene the company has three plants which at full capacity can process 55,000 tonnes of cocoa.

The President Akufo-Addo has lauded the zeal of the Western Regional Minister, Kobby Okyere Darko and the COCOBOD Chief Executive Officer, Mr Boahene Aidoo for working hard to bring the company back to its feet.

He mentioned that making the company buoyant one more time, was significant to growing the local economy and the industrialisation drive of the country.

The company runs through a joint venture between the government, controlling 40 per cent stake and Walter Schroeder GmbH of Germany, controlling 60 per cent share, and has been operating as an independent entity since its separation from CPC in 1992.

WCFO supports cocoa floor price policy

The World Cocoa Farmers Organisation (WCFO) has expressed its support to government’s decision for the cocoa floor price pegged at US$2,600 dollars per tonne for the 2020/2021.

“This, we believe, is a positive step to start with and look forward for appropriate upward adjustments in the coming years to help achieve our quest for decent living, income and improved livelihood,” the organisation said.

WFCO is an international independent umbrella organisation set up for all cocoa farmers to serve as a common advocacy platform that highlights issues affecting cocoa farmers.

The organisation envisions a cocoa value chain where farmers and farm workers are empowered, strengthened and engaged in sustainable cocoa production.

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