Kasapreko Company Limited (KCL), leading local beverage manufacturer in Ghana, has acquired 40 percent shares in Caltech Ventures Company Limited, an agro based institution with expertise in cassava production and processing.
The Deputy Managing Director for KCL, Kojo Nuno, said the company’s decision to acquire the shares was inspired by its strategic objective to be a Total Beverage Business (TBB) by 2016.
Mr Nuno said KCL has been adjudged the number one manufacturing company of Ghana Club 100(2012-14).
The deputy manager was hopeful the investment in the company would boost its import substitution strategy to reduce foreign exchange.
He added that currently KCL uses local herbs and plants procured from the Centre for Scientific Research into Plant Medicine (CSRPM), Herbal Farms and Research Company Limited and out-growers.
He said that in the coming years, KCL would eventually obtain 50% of its ethanol locally from the Caltech Cassava Company Limited, as well as the conversion of additional extracts such as starch-adhesive and CO2 for its carbonated drinks production.
The Starch-adhesive would be used to feed KCL Corrugated Carton Plant located at Spintex, Accra.
Ghana currently imports 60 million liters of ethanol annually, while KCL, the only beverage manufacturer with a bulk storage facility in Ghana, also imports 25 million liters of ethanol in bulk from Brazil, Pakistan, USA and France.
The Managing Director of CALTECH Ventures, Chris Quarshie, said the company had acquired 3,000 hectares of land at the Hodzo near Ho in the Volta region for large-scale production of the special variety of cassava.
Mr Quarshie stated that the company has cultivated 700 hectares.
The MD said that the cassava being cultivated would be processed to produce a number of products including ethanol, high quality cassava flour, Food grade, liquefied Carbon Dioxide (CO2) and 600eKW of electricity.
The power would be connected to the national grid.
He noted that the partnership with KCL would create employment for the people.
He added that the local farmers have been allocated portions of the land to also cultivate the special variety of the Caltech cassava.
The Chief of Hodzo, Dzikpuito Dzakpah said the indigenes of the community would benefit from the project, adding that it would lead to a drastic reduction in rural-urban migration.
By Solomon Ofori
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