The Minister for Trade and Industry, Alan Kyeremanteng, says the Ameen Sangari Company in Cape Coast, one of the existing distressed companies that were put under the 1D1F initiative, is currently being revamped to create employment, add value to available raw materials and boost government imports substitution agenda.
He said on November 30, 2021, a loan to the tune of 6.1million Ghana Cedis was granted to the company by one of the participating financial institutions under the 1D1F to revamp its operations.
Answering a question on the floor of Parliament on Thursday posed by the Member of Parliament for Cape Coast North, Dr. Kwamina Mintah-Nyarko, on when the Ameen Sangari factory will be duly revamped, the trade minister said the loan facility covers the procurement of equipment and machinery as well as working capital.
Mr. Kyeremanteng explained this would ensure the company starts operation as soon as practicable. With the support of his ministry, he further indicated the company has initiated projects to commence operations.
“First, retooling of the kernel oil section to take advantage of the palm fruits harvesting season which starts in February and secondly, the importation of stabilizer and other equipment for retooling of the crude palm oil section of the company,” he said.
According to the minister, full operation of the factory is expected to commence at the end of March 2022.
Ameen Sangari Company
Ameen Sangari Company is a Lebanese-owned Company and the oldest in the Central Region which produces soaps, detergents, polish, perfumes, palm oil, and the processing of teak into electric poles. The company which has operated in the Cape Coast Metropolis for close to 10 decades had more than 600 workers but had to downsize the workforce to 280 due to the high cost of power, pilfering, and administrative challenges.
Since entering office as the Member of Parliament for Cape Coast North, Dr. Mintah Nyarko has been championing the opening of the factory to employ the youth of the metropolis as well as su8rrounding communities.
Read also: KOMENCO matriculates 485 freshly admitted students
Source: ATLFMNEWS
