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Mr. Kwaku Owusu Baah, Chairman of the Board of Cocoa Processing Company Limited (CPCL) says the company is now in a better position to overhaul and rehabilitate its outdated plant and machinery to fully increase its production and consumption base.
He said this would allow them to have full access to their processing lines and explore international markets as well.
He said CPCL, in addition, the Company will continue to introduce new products and recipes and adopt a more progressive marketing stance by expanding its outlets to all parts of Ghana and identifying new foreign markets.
Mr. Owusu Baah made it known at the Company’s 2017/2018 and 2018/2019 Annual General Meeting held in Accra
He explained that; “The launch of the African Continental Free Trade Area in January 2021 creates an enabling environment for CPCL to tap into Africa’s population of more than 13 billion and we intend to do just that,” Baah said.
The Company, he said, would also put in place the necessary measures to improve its operational capabilities and efficiency to improve its market presence and market share to return the Company to a path of sustained growth and profitability.
The Company processed 25,085 metric tons of cocoa beans in 2017/2018 compared to 28,449 metric tons in 2018/2019, representing an increase of 39 percent.
Revenue also increased from $ 28.2 million to $ 28.4 million in the years under review, which is 0.6%, while gross profit increased from $ 375,061 in 2017 to $ 788,437 in 2018.
Baah said that the company had changed its name to Cocoa Processing Company Limited and that the new name was in compliance with the new Companies Act of 2019 of Law 992 and is committed to seeking full transformation machinery and injecting funds into its capital structure.
The payment of dividends to shareholders was not recommended in the years 2017/2018 and 2018/2019 under review.
Source: GNA
