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Akufo Addo commissions Central Oil Mills Limited

His Excellence President Nana Addo Danquah Akufo Addo has commissioned Central Oil Mills Limited on Tuesday 19th October 2021 at Jukwa Ansamaso in the Twifo Hemang Lower Dankyira District of Central Region

INTRODUCTION

Central Oil Mills Limited is a wholly Ghanaian owned agro-processing company located at Jukwa Mfuom/Ansamanso in the Hemang Lower Denkyira District of Central Region.The company was Incorporated on 28th August, 2010 under the Company Laws of Ghana,1963 (Act 179).

We are into Oil Palm Development and Palm Oil Processing. We are one of the beneficiaries of Government of Ghana industrialization programme, One District One Factory (1D1F). Currently, Central Oil Mills Limited is embarking on expansion program and building of value addition facilities at its factory sites. We have our existing nucleus farms at Jukwa Mfuom and its environs and also about 50 out grower individuals.

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A representation by the management of Central Oil Mills Limited to the Ministry of Trade and Industry in 2017, a baseline audit was conducted on our project by a team of technical consultants from MOTI who recommended and referred Central Oil Mills Limited to the Ghana EXIM Bank for support.

EXIM Bank CEO Hon Lawrance Kwabina Agyensam the former NPP candidate in 2012 General elections at Twifo Hemang Lower Dankyira constituency was present with other dignitaries including Nanaom of Jukwa and it enclaves to welcome His Excellence Nana Addo Danquah.

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BACKGROUND

The Ghana Export-Import Bank on 21st November 2018 approved a Medium-Term Loan Facility of GHS 12,000,000.00 in favour of Central Oil Mills Limited to undertake three main activities namely:
• Rehabilitate and expand an existing primary crude palm oil processing factory at Jukwa – Mfoum.
• Establish a brand new secondary (value-addition) oil palm processing factory at Jukwa – Asamanso, with capacity to process vegetables (Canned and bottled products).
• Expansion and development of oil palm plantation.

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The Bank subsequently approved a supplementary loan of GHS2,000,000 for the project, thus bringing the total loan approved for the project to GHS14,000,000.00. This amount has been fully disbursed. The promoter of the project is Mr. Aaron Sagoe.

This is a Brown-field project; however, the Bank financed a complete retooling of the existing factory as well as building a brand-new factory for value addition into secondary products.

LOCATION

• Jukwa, in the Hemang Lower Denkyira District, Central Region

THE PROJECT:

• The project involves the expansion of an existing oil palm mill with an initial capacity of 2,400MT of Fresh Fruit Bunches (FFB) per annum into a bigger mill with a minimum capacity of 12,000MT of FFB per annum on a single shift, with capacity to do double shifts. With a yield of 20%, this will produce 2,400MT of palm oil per annum.
• To finance the construction of a new factory building and equipment with a capacity to process 2,400MT of palm fruit concentrate into secondary canned and bottled products.
• Increase of palm oil storage capacity from 30MT to 150MT.
• Procure trucks and tractors to support cultivation and transportation.
• Rehabilitation of existing oil palm plantation and expansion by 200 acres per annum over five years.

STATUS OF THE PROJECT

• The new factory at Asamanso and the expansion work at Mfuom are about 95% and 90% completed respectively and are both expected to be fully completed by 30th November 2021.
• Procurements of all equipment and vehicles have been completed.

BENEFITS OF THE PROJECT

• The project will create a minimum of 200 direct and 300 indirect jobs within two years (both factory sites and plantation).
• Increased value addition with market opportunities for several oil palm farmers in the Hemang Lower Denkyira and adjoining districts.
• Buyers from South Africa, Italy, Netherlands and Nigeria are already in discussions with the company for export of finished products, thus generating foreign exchange for the country.

Source:Bankamfmonline.com

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