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19.07.2003 General News

Ahwoi's Empire In Ruins

By Free Press
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Cashpro Limited, the centerpiece of the Ahwoi brothers' business empire is in ruins and pretty soon, the company may cease to exist. The company is currently saddled with debts running into tens of billions of cedis and their creditors including several banks in Ghana are now pushing to auction the properties of the company to offset their debts.

A few weeks ago, an Accra Fast Track High Court, presided over by Justice Mrs. Agyeman Bempah ordered Cashpro and its directors, Kwesi Ahwoi, Ato Kwamena Ahwoi and Julius Ankamah to pay back over ¢4 billion to the National Investment Bank. The court also ordered them to pay costs of ¢38 million.

This is however not their only debt. Credible sources have revealed that Cashpro owes both the Ghana Commercial Bank and the Agriculture Development Bank over ¢10 billion and they are also pressing hard to retrieve their moneys.

Cashpro, which is jointly owned by the Ahwoi brothers, started as a small private cocoa buying company with about 20% of the total cocoa purchase in the country. At that time, various questions were raised about Cashpro's sources of funding for its cocoa buying operations.

Presently, Cashpro has closed down most of their offices in cocoa producing areas and their inability to get credit to purchase cocoa means that they do no business.

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