Wilmar Africa Limited has shut down its oil plant in Ghana.
The company says it’s decision to shut down is due to operational difficulties the company is facing in the Ghanaian economy.
Willard Africa in it’s statement disclosed that it was hopeful the Government of Ghana through the Ghana Revenue Authority (GRA) would reverse the benchmark policy to assist large manufacturing companies.
However the government has suspended the reversal, it added.
The decision they noted has affected their sales due to what they described as the cheap importation of oil products from other countries.
“This has made it very difficult for us to sell in the local market because imported oils from Asia are selling far cheaper than our product The unit cost of our oil is high as compared to the imported ones as we have to contend with all the overheads in our cost build-up. The government’s announcement of the reversal of the duty discount on benchmark policy was welcoming news; however. Government has suspended action on this announcement,” the statement noted.
“To make matters worse, our export market, which has been complementing our local sales, has also been hit by non-availability of vessels to transport the product to our main export market – Senegal due to the Covid situation. These compounded problems resulted in our worse sales in December 2021 and the low sales continuing into January 2022,” the statement added.
By: Rainbowradioonline.com/Ghana
