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Sun, Aug

WAMCO to liquidate assets

Mr Kwabena Okyere Darko-Mensah — MP for Takoradi, Cassiel Ato Forson — Deputy Minister of Finance

The Board of West Africa Mills (1&2), Takoradi (WAMCO) has decided to appoint an official liquidator to liquidate the assets and liabilities of the company.

The Deputy Minister of Finance, Mr Cassiel Ato Forson, told Parliament last Tuesday that until that time, it was going to be difficult for the government to announce when exactly the company would be reopened.

"The board has commenced official liquidation of  WAMCO," he said.

Mr Ato Forson was answering a question from the Member of Parliament (MP) for Takoradi, Mr Kwabena Okyere Darko-Mensah, on when the company would reopen for operation after 28 months of closure.

WAMCO is a joint venture agreement signed in 1992 between the Ghana Cocoa Board (COCOBOD) and a German company, of which the COCOBOD is a minority shareholder.

COCOBOD holds 40 per cent shares, while the German company controls 60 per cent.

The company has a seven-member board of directors, with four appointed by the German company and three by COCOBOD.