Business News of Saturday, 9 November 2019
Government has extended monetary support to ASTEK Company Limited to revamp the fruits processing operation of the company located at Nsawam in the Eastern region.
The initiative is part of government’s Stimulus Package Programme to companies under the flagship one district one factory (1D1F) initiative.
Minister for Trade and Industry, Alan Kyerematen revealed when he appeared before Parliament to give updates on projects being undertaken by his Ministry.
The resuscitation of the ASTEK Company, which forms part of the One-district, One-factory policy, is to create jobs for the teeming youth at Nsawam and surrounding communities.
ASTEK, which began fruits processing work in 1982, shut down its operations in 2009 as a result of financial challenges. But with GH?2.6 million capital injection, the Trade Minister is certain the company will bounce back.
He noted that, the company has been able to secure orders to export canned sliced and chunked pineapples to Spain, USA and Egypt under the new brand name Nano Foods and plans on producing and supplying Fresh Pineapple Juice for the local market.
Alan Kyerematen added that, a pineapple processing plant is scheduled to arrive in January 2020 for installation to enable the company commence operations in April 2020.
“The company will create about 260 jobs mainly for residents, particularly the youth of Nsawam-Adoagyiri and its surrounding communities and will also purchase pineapples from farmers in the community to complement supplies from the company’s nucleus farm which will enhance their incomes and improve their livelihoods” he added.
Alan Kyerematen said as part of its Technical Assistance to the company, he has put in place measures to closely monitor the firm’s operations, actively promote the company’s products, regularly engage and support Ghana Standards Authority to ensure consistency in standards and facilitate the access to finance to address future Capital Expenditure and Working Capital requirements.
“This is one of the strategic objectives of the 1D1F programme being implemented by the NPP administration under President Akufo-Addo” he stressed..