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29.12.2003 Business & Finance

CPC to expand production by next November

By GNA
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Tema, Dec. 29, GNA- The Cocoa Processing Company (CPC) in Tema, as part of its corporate plan for next year, hopes to increase its present processing of cocoa from 25,000 metric tonnes to 65,000 metric tonnes. In an interview with the Ghana News Agency (GNA) in Tema on Monday, Managing Director of the Company, Dr Paul Kwame Awua, said the programme which is in two phases is expected to be completed by November next year.

The first phase he explained, called the liquor plant, covers a new production line and with this, cocoa beans would be processed into cocoa liquor and that 11 million Euro financial support has been received from Barclays Bank for the commencement of the project.

He said the company would get about 34,000 metric tonnes more for sale in the International Cocoa Market.

Dr Awua said if about 20-25 percent value is added to the cocoa product, CPC would get about 30-35 percent increase in profit. The second phase of the project, he said, involves the expansion of the company's plant, which has a capacity of 25,000 metric tonnes, to 35,000 metric tonnes.

He attributed the delay in starting the project, which could have started last year October, to financial constraints.

He said apart from adding value, the company would also employ about 200 people and thereby reduce unemployment.

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