Mr Kwaku Owusu Baah, Board Chairman of the Cocoa Processing Company Limited (CPCL) says the Company is now better placed to retool and rehabilitate its obsolete plant and machinery to fully increase its production and consumption base.
This he said would enable them to have full access to its processing lines and explore international markets as well.
He said CPCL, in addition, the Company would continue to introduce new products and recipes and adopt a more progressive marketing posture by expanding its marketing outlets to all parts of Ghana as well as identify new foreign markets.
Mr Owusu Baah, made this known at the Company’s 2017/2018 and 2018/2019 Annual General Meeting held in Accra
He explained that; “The operationalization of the Africa Continental Free Trade Area in January 2021 creates an enabling environment for CPCL to tap into the over 13 billion Africa population and we intend to do just that”, Mr Baah said.
The Company he said would also put in place the needed measures to improve on its operating capacities and efficiency to enhance its market presence and market share to return the Company to a path of sustained growth and profitability.
The Company processed 25,085 metric tonnes of cocoa beans in 2017/2018 as against 28,449 metric tonnes in 2018/2019, representing an increase of 39 per cent.
Turnover also increased from $28.2 million to $28.4 million in the years under review, representing 0.6 per cent while gross profit jumped from $375,061 in 2017 to $788,437 in 2018.
Mr Baah said the company had changed its name to Cocoa Processing Company Limited and the new name was in compliance with the new Companies Act 2019 of Act 992 and it is committed to pursue total transformation machinery and inject funds into its capital structure.
No dividend was recommended for payment to the shareholders in the 2017/2018 and the 2018/2019 years under review.