1D1F: Vester Oil CEO cries over delayed gov’t funds

The Chief Executive officer of Vester Oil Mills, Mr. Akwasi Nyamekye has appealed to the government to ensure the immediate release of the $5million dollar loan facility to the company as promised.

Vester Oil Mills company, which is a local cooking oil manufacturing company in the Ashanti region has the capacity to produce 150 tonnes of cooking oil daily.

President Akufo-Addo in August 2018 hinted that his government is considering lending 5 million dollars to Vester Oil Mills Company at Deduako in the Bosomtwe Municipality for it to expand its operation and create more jobs.

This follows the president’s visit to the facility to witness their activities first hand and assess the economic impact of the company to the nation.

The project which was captured under the government flagship One district one factory program, with the prime objective of getting the government to retool it, seem to have hit a snag, as the said fund, has since not be released to the company for mass production.

Speaking on Oyerepa breakfast show Wednesday morning, the CEO Mr. Akwasi Nyamekye, said Exim Bank Ghana has not released the said funds after some two years. He said this situation has made it difficult for the company to go into full-scale production. He said the situation is both worrying and frustrating and does not give hope to indigenous businesses and young entrepreneurs in Ghana.

“As we speak, I have employed 150 workers, to assist in the production of the cooking oil, and other ventures that would supply raw materials to feed the factory” he hinted.

“There have been a series of engagements with Exim Bank, but, I don’t know what is delaying the release of the said fund meant for the production of local cooking oil”.

Mr Nyamekye, revealed that the company stands to rake in GH¢30 Million cedis monthly from their production.

Going forward, he wants the government and the country to stop the ‘cut and paste’ policies which are not helping local industries to compete favourably with other countries.

“We need to study our system before enrolling any policies towards the growth of our industries” he said.

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