Safeway Group Begins To Pay Investors

Safeway Group sign post off  Spintex road.
SAFEWAY GROUP, managers of the South Dayi District Assembly Tilapia Project at Abui in the Volta Region, has begun payment of people who have invested in the tilapia project.

According to BUSINESS GUIDE investigations, the company has paid over 4017 cooperative members who invested in the tilapia project and have put adequate measures in place to pay the rest of the investors who are yet to receive their payments.

Some investors recently complained about the company's delay in paying them their money which has been due for months.

However, Jim Walter Foster, CEO of Safeway Group, in an interview with BUSINESS GUIDE  said in spite of over 4017 investors who have been paid, 'Safeway is still in the process of paying some of its members as and when their investment matures.

'A scheduled list of matured investors to be paid is also being processed. Payment is ongoing and any arrears with respect to payment will be paid in due course.'

Mr Foster said the company had some few challenges last year which affected its finances, stating, '2014 was quite a challenging year. There were panic withdrawals by some members due to the news that broke up about US Tilapia.

'Secondly, the struggling of the major currencies such as the dollar, euro and pounds affected our business.'

Mr Foster further said the cost of production increased as ECG tariffs went up, adding that 'apart from that alternative arrangements had to be made to run the hatchery operations on stand-by generators due to the erratic electricity supply. It cost us a lot of money to fuel the generators.'

He entreated all the investors who are yet to receive their payment to exercise some restraint, assuring that all the investors would be paid.

BY Cephas Larbi
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