Connect with us

Business

Nana Akufo-Addo Commissions $16 Million Tomato Processing Factory In Domfete

Nana Addo Dankwa Akufo-Addo, on Tuesday, 10th August 2021, commissioned the $16 million Weddi Africa Tomato Processing Factory

Published

on

Nana Akufo-Addo Commissions $16 Million Tomato Processing Factory In Domfete

  • USD$16 million was used to build the Weddi Africa Tomato Processing Factory 
  • The factory is operating under the 1-District-1-Factory Initiative.
  • Weddi Africa Tomato Processing Factory is located in Domfete, in the Berekum West District of the Bono Region.
  • It is a wholly owned Ghanaian company.

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Tuesday, 10th August 2021, commissioned the $16 million Weddi Africa Tomato Processing Factory, a company operating under the 1-District-1-Factory initiative, at Domfete, in the Berekum West District of the Bono Region.

Government, through Ghana Exim Bank and ADB Bank Ghana, facilitated the acquisition of the loan facility to support the establishment and operations of the factory owned by Weddi Africa Limited, a wholly owned Ghanaian company.

According to President Akufo-Addo, the establishment of the factory is an example of the critical role the private sector can play in Ghana’s industrial transformation, adding that the setting up of this manufacturing facility, outside the traditional areas of Accra, Tema and Takoradi, underscores the commitment of Government to decentralize industrial development, and, thereby, stimulate economic activity in the rural areas.

$16 million Weddi Africa Tomato Processing Factory

Newly opened Weddi Africa Tomato Processing Factory in Brekum

He explained that Domfete was chosen for the siting of the factory because the town happens to be one of the major catchment areas for the cultivation of fresh tomatoes, and will help in reducing rural-urban migration.

The factory will process some 40,000 metric tonnes of fresh tomatoes per annum, and also has a 500 metric ton cold room facility to store fresh tomato fruits. In addition, a model farm and research centre designed to conduct seed trials and train farmers on best farm practices, as well as an agric-input Shop to supply inputs to the farmers at affordable prices, have been established by the company.

This, the company explains, will boost the profitability of the factory and improve income levels for the farmers engaged by the company.

$16 million Weddi Africa Tomato Processing Factory

2.2kg of Sweet Mama Tomato mix, a tomato paste product of Weddi Africa in Ghana

Additionally, a 2,400-acre farmland as nucleus farm has been set up by Weddi Africa, with the company also spearheading the establishment of a Tomato Outgrower Farmers Association in Tano North and Berekum West districts, with 2,000 registered farmers from Ahafo and Bono regions.

These 2,000 farmers are on schedule to receive seeds, fertilizers, other inputs, and technical services from the relevant MDAs. These Government supported mechanisms have been put in place to provide the requisite support services to ensure the profitability and sustainability of the factory.

Thus far, the factory has created some one hundred and fifty-eight (158) direct jobs, with some two thousand, one hundred (2,100) indirect job opportunities also created for the people of Berekum West District and surrounding communities.

$16 million Weddi Africa Tomato Processing Factory

Newly opened Weddi Africa Tomato Processing Factory in Brekum

Government, President Akufo-Addo assured, is committed to supporting private sector operators like Weddi Africa Limited to position themselves to become globally competitive, and, thereby, take advantage of market integration frameworks, such as the African Continental Free Trade Area (AfCFTA), whose Secretariat has been established in Accra.

Indeed, the Ministry of Trade and Industry in collaboration with relevant MDAs, has established an institutional mechanism to provide strategic support and assistance to the local private sector operating at the district level.

This is in reference to the establishment of Business Resource Centers as one-stop enterprise support centers in 67 districts across the country, 37 of which have already commenced operations and 30 are under construction. The 1D1F companies will benefit from the assistance to be provided by these BRCs.

The President commended the German Agency for International Cooperation (GIZ), West Africa Centre for Crop Improvement (WACCI), Food & Drugs Authority (FDA) and various Stakeholders for the support they have provided to the company.

He also commended the Chief Executive Officer of Weddi Africa Limited, Mr. Yaw Boahene, and his Team for establishing such a modern manufacturing facility in Domfete near Berekum in the Bono region, in support of Government’s Industrial Transformation Agenda.

Do you have any news to share with us? WhatsApp us via +233558210224.
Or email us via [email protected].

Continue Reading
Click to comment

Comment on this

Business

World’s richest man Elon Musk buys Twitter in a $44 billion deal

Published

on

Elon Musk buys Twitter

World’s richest man Elon Musk buys Twitter in a $44 billion deal

Elon Musk has sealed a deal to buy one of the world’s influential social media companies Twitter Inc (TWTR.N) for US$44 billion cash on Monday 25th April 2022. This landmark transaction transfers the control of the social media platform populated by millions of users made up of celebrities and global leaders to the world’s richest man.

It is a seminal moment for the 16-year-old company, which emerged as one of the world’s most influential public squares and now faces a string of challenges.

Musk, who calls himself a free speech absolutist, has criticized Twitter’s moderation. He wants Twitter’s algorithm for prioritizing tweets to be public and objects to giving too much power on the service to corporations that advertise.

Political activists expect that a Musk regime will mean less moderation and reinstatement of banned individuals including former President Donald Trump. Conservatives cheered the prospect of fewer controls while some human rights activists voiced fears of a rise in hate speech.

Musk has also advocated user-friendly tweaks to the service, such as an edit button and defeating “spam bots” that send overwhelming amounts of unwanted tweets.

Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.

Under pressure, Twitter started negotiating with Musk to buy the company at his proposed $54.20 per share price.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement.

Former Twitter CEO Jack Dorsey weighed in on the deal late on Monday with a series of tweets that thanked both Musk and current Twitter CEO Parag Agrawal for “getting the company out of an impossible situation.”

“Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step,” he said.

The Twitter transaction was approved by the company’s board and is now subject to a shareholder vote. No regulatory hurdles are expected, analysts said.

Daniel Ives, an analyst at Wedbush, said the company’s board of directors had its back “against the wall” once Musk detailed his financing package and no other bidders emerged.

Although it is only about a 10th of the size of far larger social media platforms like Meta Platforms Inc’s (FB.O) Facebook, Twitter has been credited with helping spawn the Arab Spring uprising and accused of playing a role on Jan. 6, 2021, storming of the U.S. Capitol.

After Twitter banned Trump over concerns around incitement of violence following the U.S. Capitol attack by his supporters, Musk tweeted: “A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech.”

Trump, whose company is building a rival to Twitter called Truth Social, said in a Fox News interview on Monday that he will not return to Twitter.

The White House declined on Monday to comment on Musk’s deal but said President Joe Biden has long been concerned about the power of social media platforms.

“Our concerns are not new,” said White House spokesperson Jen Psaki, adding that the platforms need to be held accountable. “The president has long talked about his concerns about the power of social media platforms, including Twitter and others, to spread misinformation.”

 


Culled from: REUTERS

Do you have any news to share with us? WhatsApp us via +233558210224.
Or email us via [email protected].

Continue Reading

African News

Nigeria commits to pay off US$28.7 million capital arrears in Shelter Afrique

Published

on

Nigeria Finance Minister Dr Zainab Shamsuna Ahmed and Shelter Afrique MD Andrew Chimphondah

Abuja – January 11, 2022: The Federal Republic of Nigeria has pledged to pay the full capital arrear of US$28.7m in Shelter Afrique, Nigeria’s Finance Minister Dr. Zainab Shamsuna Ahmed disclosed at a meeting with Shelter Afrique Group Managing Director and CEO Mr. Andrew Chimphondah in Abuja.

The Minister further disclosed that the payment will be made in four installments starting January 2022.

In September 2020, the pan African housing development financier received US$$9.4 million from Nigeria. The contribution moved Nigeria to become the second-largest shareholding in the organization with 13.27% of the shareholding, behind Kenya with 17.78%, and ahead of the AfDB at 12.83%.

Lauding the government of Nigeria for its show of confidence in the institution and a stamp of approval for the organisation’s financial turnaround, Mr. Andrew Chimphondah said, “This is a major milestone which is set to propel Nigeria to become the largest shareholder in Shelter-Afrique when the country meets its capital commitment. This is a strong testament of the strong shareholder commitment and support of the Shelter Afrique Board and Management.”

Housing Bond

Shelter Afrique is planning to raise 250 Billion Naira Bond (US$500million) in 2022 to support its affordable housing projects in Nigeria. The Company is set to commence the road shows with prospective investors in January 2022 and is expected to conclude fundraising by end of February.

Shelter Afrique has embarked on a defined strategy of developing and deepening local capital markets so that access to local currency which is competitively priced can be made available to Nigerian Developers from the Real Estate Developers Association of Nigeria (REDAN), Large Developers and Tier 1 and Tier 2 Banks and Primary Mortgage Lenders. The significance of this is that Shelter-Afrique will have been successful in dealing with the foreign exchange exposure risks that have crippled many African countries caused by the weakening of local African currencies against hard currencies such as the United States Dollar and the British Pound Sterling,” Mr. Chimphondah said.

Thanking the Finance Minister Dr. Zainab Shamsuna Ahmed for supporting the Bond Issue by the approvals received on critical waivers from the Ministry of Finance, Mr. Chimphondah noted that Nigeria was a critical and strategic market for Shelter Afrique, adding that the fund realized from the bond issue will go a long way in address the affordable housing shortage in the country, now estimated at 17 Million Units against the continent’s 56 million units.

“As a response to addressing this housing shortage, Shelter Afrique will implement a transformative strategy that will crowd in additional capital funding into the low cost large scale affordable housing market in a commercially viable manner,” Mr. Chimphondah concluded.

Do you have any news to share with us? WhatsApp us via +233558210224.
Or email us via [email protected].

Continue Reading

Business

Yaw Amoateng Afriyie appointed Deputy CEO of GIPC

Published

on

Yaw Amoateng Afriyie

The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, acting under Section 17 (3) of the Ghana Investment Promotion Centre (GIPC) Act 2013 (Act 865), has appointed Yaw Amoateng Afriyie as the acting Deputy Chief Executive Officer of GIPC.

Amoateng Afriyie’s appointment is subject to the constitutionally required advice of the governing board of GIPC in consultation with the Public Services Commission.

GIPC –  Ghana Investment Promotion Center

GIPC is Ghana’s principal investment agency. Its functional mandate is to attract, promote and retain inward investment into Ghana to stimulate wealth creation and unlock opportunities for the private sector.

Amoateng Afriyie will assist the newly constituted board and the chief executive officer, Yofi Grant, together with the existing management to ensure that Ghana’s post-COVID-19 recovery is anchored on competitiveness, innovation and the board’s broader objectives.

These investment objectives align with Ghana’s international obligations.

Profile of Yaw Amoateng Afriyie

Before his appointment, Amoateng Afriyie worked in various senior capacities in the UK and Ghana as a management and political risk professional. He has considerable experience in commercial, tactical and strategic risk assessment in relation to business and investment in sub-Saharan Africa.

Until recently, he was the managing director of Elmina Advisory Ltd, a Ghana-focused government affairs consultancy advising blue-chip companies and global consultancies to assess opportunities and manage the impact of politics and policy, macroeconomics, and security in Ghana.

He has also worked as West Africa head at Africa Matters Ltd (AML), a London-based Africa-focused consultancy; a research analyst in the international office of the campaign headquarters of the Conservative Party UK; a researcher at Africa Practice, London; an external consultant at the global business advisory firm FTI Consulting; and a freelance contributor on anglophone West Africa at the Economist Intelligence Unit (EIU).

Amoateng Afriyie holds a postgraduate diploma in global business from the Saïd Business School of the University of Oxford, a Master’s degree (MA) in conflict resolution in divided societies from King’s College, University of London, and a Bachelor of Arts with Honours in politics and international relations from the University of Kent, Canterbury, also in the United Kingdom.

He is an enthusiastic amateur golfer who plays to a handicap of 12. He is equally passionate about the arts, including the music of various genres, current affairs, and sports, including football and Formula 1 racing.

GIPC has recently been adjudged the best investment agency in Africa three consecutive times by Capital Finance International magazine (CFI.co).

Do you have any news to share with us? WhatsApp us via +233558210224.
Or email us via [email protected].

Continue Reading

Trending

%d bloggers like this: