{"id":664247,"date":"2019-07-25T12:15:57","date_gmt":"2019-07-25T12:15:57","guid":{"rendered":" <br><div>\n\t\t\n<p>WAMCo, a cocoa processing company\nin Takoradi in the Western Region, is back to business and\nalready making profit.<\/p>\n\n\n\n<p>The company was shut down for close\nto three years after Cocobod, under the erstwhile Mahama administration, all"},"modified":"2019-07-25T12:15:57","modified_gmt":"2019-07-25T12:15:57","slug":"wamco-is-back-makes-2m-profit","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/07\/25\/wamco-is-back-makes-2m-profit\/","title":{"rendered":"WAMCO Is Back Makes $2m Profit"},"content":{"rendered":"<p><\/p>\n<div>\n<p>WAMCo, a cocoa processing company<br \/>\nin Takoradi in the Western Region, is back to business and<br \/>\nalready making profit.<\/p>\n<p>The company was shut down for close<br \/>\nto three years after Cocobod, under the erstwhile Mahama administration, allegedly<br \/>\nstopped supplying cocoa beans to the company, forcing a total of about 254<br \/>\nemployees of WAMCo to be sent home by management of the company.<\/p>\n<p>The Akufo-Addo administration,<br \/>\nwhile campaigning for power in 2016, promised to help resuscitate the company.<\/p>\n<p>Yesterday, a visit by President Akufo-Addo<br \/>\nand the CEO of Cocobod, Joseph Boahen Aidoo, to the company in Takoradi revealed<br \/>\nthat WAMCo was making a net profit of $2 million.<\/p>\n<p>\u201cI see the WAMCo narrative as the<br \/>\ntragedy of cocoa beans in Ghana. The company could not get cocoa beans to<br \/>\nprocess. Mr. President, what you said about the previous regime was true. They<br \/>\ncouldn\u2019t even produce cocoa beans to feed the processing factory,\u201d the Cocobod<br \/>\nCEO pointed out.<\/p>\n<p>He was emphatic that the New Patriotic<br \/>\nParty (NPP) government came to produce enough beans to supply WAMCO. \u201cWAMCO was<br \/>\nshut down but it\u2019s now up. WAMCO collapsed but has now resurrected and it\u2019s on<br \/>\nits feet under the NPP. It is now making a net profit of\u00a0$2\u00a0million<br \/>\nwhich is very huge. Now, we have paid all the arrears of the workers,\u201d Mr Aidoo<br \/>\nadded.<\/p>\n<p><strong>WAMCo Tragedy<\/strong><\/p>\n<p>In July 2016, three workers of the then<br \/>\ndistressed company were killed in a ghastly road accident at Komenda Sefwi,<br \/>\nnear Beposo on the Cape Coast-Takoradi highway.<\/p>\n<p>They were among a group of 22<br \/>\nworkers of the company who were travelling from Takoradi to Parliament House in<br \/>\nAccra to listen to the then Finance Minister Seth Terkper answer questions<br \/>\nrelating to their company, and follow up with a petition to the then Mahama\/NDC<br \/>\ngovernment about WAMCo and its assets.<\/p>\n<p>Mr Aidoo said immediately he<br \/>\nassumed office as Cocobod boss, a team was built to conduct technical,<br \/>\nstructural and financial audit of the company, adding \u201ca committee\u00a0was<br \/>\nthereafter constituted to oversee the reactivation of the company.\u201d<\/p>\n<p>\u201cAn initial 150 tonnes of cocoa was<br \/>\nsupplied by WAMCo in September 2017. In the 2017 and 2018 seasons, a total of<br \/>\n4,462 tonnes of cocoa was supplied to the company,\u201d he said, adding \u201cfor the<br \/>\nperiod from October 2018 to May 2019, a total of 5,540 tonnes of cocoa has been<br \/>\nsupplied to the company.\u00a0The company now has a total of 170 employees.\u201d<\/p>\n<p>WAMCo is a joint venture private<br \/>\ncompany between government which owns 40 per cent shares and Walter Schroeder<br \/>\nof Germany which owns 60 per cent.<\/p>\n<p><strong>President<\/strong><\/p>\n<p>President Akufo-Addo, who was visibly elated as he was taken round the factory, remarked \u201cthose responsible for the collapse of the company should stop giving lectures to cocoa farmers.\u201d<\/p>\n<p><strong>From Emmanuel Opoku, Takoradi\u00a0<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>WAMCo, a cocoa processing company in Takoradi in the Western Region, is back to business and already making profit. The company was shut down for close to three years after Cocobod, under the erstwhile Mahama administration, allegedly stopped supplying cocoa beans to the company, forcing a total of about 254 employees of WAMCo to be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":664248,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-664247","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>WAMCO Is Back Makes $2m Profit - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/07\/25\/wamco-is-back-makes-2m-profit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"WAMCO Is Back Makes $2m Profit - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"WAMCo, a cocoa processing company in Takoradi in the Western Region, is back to business and already making profit. 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