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08.05.2005 Business & Finance

LBCs suffer huge financial losses

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Asawinso (W/R) May 8, GNA----Nana Kwadwo Appiah-Kubi, Chairman of Kuapa Kokoo, a Licensed Cocoa Buying Company (LBC), has asked farmers not to allow the intense competition resulting from the liberalisation of the internal marketing of cocoa to lead to neglect of best practices and spell doom for the national economy.

He noted that the "purple bean" caused by improper fermentation of cocoa, had brought huge financial losses to the LBCs and considerably limited their capacity to engage in vigorous buying of the crop, this year.

"It is in the mutual interest of both the Companies and farmers to see to it that quality standards are maintained to sustain the industry."

Nana Appiah-Kubi was speaking at the inauguration of a 450-million cedi Day-Care Centre built for the chiefs and people of Asawinso in the Sefwi-Wiawso District by Kuapa Kokoo.

It has three classrooms, sleeping room, staff common room, and headteacher's office with sanitary facilities attached and would be managed by the Church of Pentecost.

Nana Appiah-Kubi said as a farmer's co-operative, the company's primary focus was not profit-making but to promote the welfare of the cocoa farmer.

He said it was for this reason that Kuapa Kokoo was involved in the building of schools, provision of good drinking water, installation of corn mills to boost the incomes of the people and the construction of culverts and bridges in cocoa growing communities. The Company had dug more than 200 wells fitted with hand-pumps and installed 28 corn mills in the Western Region.

Nana Appiah-Kubi called on parents in the area to ensure that they put their little children at the Centre, noting that, firm foundation at the pre-school level would greatly enhance their academic performance when they enter the main school system.

Mr A.N. Ackah, an Assistant Director of Education at the District Education Office, reminded parents that they could be prosecuted for not sending their children to school.

He therefore asked them to ensure that they do not only enrol them in schools but that they are also retained.

Mr Ackah called for effective co-operation and better understanding between parents and teachers for smooth running of the schools to enhance quality teaching and learning.

Mr Lawrence Ackah Santana, Vice Chairman of Kuapa Kokoo, said it was the expectation of the Company that the community would have a sense of ownership for the project and take good care of it. "We hope that the huge amount of money we have put into this would bring enormous benefits to the people".

Mr James Kwarteng, Spokesman for the Community, said they were grateful to the Company for the project. May 08 05

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