WAMCO was established under a Joint-Venture structure between the Government of Ghana represented by COCOBOD holding 40% and a German investor holding the remaining 60% of the shares. The Management of West African Mills Company Limited (WAMCO) is disputing media reports that it is indebted to COCOBOD to the tune of $50 million for cocoa beans supplies in the past.
The cocoa processing company however stopped short of disclosing the exact amount it owes COCOBOD for beans supplies in the past. WAMCO was established under a Joint-Venture structure between the Government of Ghana represented by COCOBOD holding 40% and a German investor holding the remaining 60% of the shares.
A press statement issued by management of WAMCO said: “It has been alleged that WAMCO is indebted to COCOBOD to the tune of US$50 million for cocoa beans supplies in the past. Interestingly the amount of the debt has been quoted differently in the various publications. Some of publications quoted the alleged debt to be US$49 million, others US$45million, US$57,334million, and in some it is state as US$15 million.”
The statement added that “we wish to state that WAMCO does not owe any such debt to COCOBOD. The differences in the figures being bandied around is a clear vindication of lack of truth in the allegation.”
Source: pulse.com.gh
