Kasapreko Company limited a local beverage company in Ghana has acquired a 40% shares in Caltech ventures limited.
The joint venture investment with Caltech ventures limited is highly inspired by Kasapreko’s strategic objective to be a total beverage business (TBB) BY 2016.
The Caltech ventures has a land size of 3000 hectares for cassava plantation at hodzo, HO in the Volta region.
According to KCL it hopes that this project will support its import substitution strategy to reduce foreign exchange exposure and to confirm its position as a prime local content for the manufacturing of beverages.
The agreement was made known by the deputy managing director of KCL, Mr. kojo Nunoo at a press briefing in Ho.
Kasapreko uses local herbs and plants for beverage concentrate procured from the centre for scientific research into plant medicine and herbal farms & Research Company limited.
Mr. Nunoo said when the project commences in May 2015; they will get 3 million liters of alcohol a year from cassava.
According to him Kasapreko currently import over 25 million litres of alcohol annually so with this project on board it is hope to cut down on import of alcohol by 50%.
Apart from alcohol, KCL also hopes the project will also provide liquefied carbon dioxide and cassava flour sufficient to produce starch – adhesive to feed a corrugated carbon plant currently assembled in Accra.
Kasapreko in the process of acquiring a fully automated carbonated soft drink bottling plant and will obtain the co2 from the Caltech project. Mr. Kojo Nunoo is optimistic that the venture with Caltech will boost production and increase profit in the company.
The managing director of Caltech ventures Mr. Chris Quarshie said the project will have a strong social impact on the Hodzo area because it will provide massive employment for people living in the community.
He said the Caltech project have strong social impact for the community and in addition to the massive employment opportunity that the ventures generates or the block farmers and employees, the project will be generating from cassava waste and municipal waste about 600EKW of power using gasification technology of which only about 250-300 EKW will be used for its own operations and the rest pushed to the national grid.
Both companies expressed the hope that the initiative is a laudable one and urged other company with similar business to follow the example of such ventures to develop the local industries.
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