Business News of Friday, 15 March 2019
The government is in talks with some private investors to revive the abandoned Aveyime Rice Factory.
According to the Trade Ministry, deliberations are far advanced with a private company called Flamingo to get the factory working in some three months’ time.
Citi News reports have revealed the factory has largely been a disappointment because of its non-operation.
The most recent report confirmed that nothing has changed under a new administration.
Most of the machines at the site have been left to rot, as workers have long been sent home.
The Ministry says the site is one of the projects earmarked under the one district one factory programme by the government as part of plans to revamp some abandoned factories.
Even though there has not been any agreement yet, serious deliberations are said to be ongoing to ensure that the country goes back to the commercialization of rice.
It is no secret that Ghana spends over one million dollars annually on rice imports, a situation local rice farmers are unhappy with.
While the country spends so much importing rice, one project that could turn the fortunes of the country around is the Aveyime Rice Factory if it is made operational.
The rice factory is expected to save Ghana, over $600 million at full production, from the import of rice.
The government of Ghana owns 60 percent shares in Praire Volta Limited as the majority shareholder with 30 percent directly through the Ministry of Food and Agriculture and 30 percent indirectly through the GCB Bank.