5 mismanaged Ghanaian factories that could have transformed the economy

mismanaged Ghanaian factories
mismanaged Ghanaian factories
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In a bid to make Ghana attain a middle-income status, Ghana’s First President, Osagyefo Dr. Kwame Nkrumah, initiated a number of factories to boost manufacturing and export avenues but have since today been left to rot in many parts of the country.

GhanaWeb takes a look at some of the potential factories that could have boosted the Ghana’s economic status but failed due to lack of management.

Akosombo Textiles Limited

Akosombo Textiles Limited currently operates under UK based company, ABC Waxprints.

The textiles manufacturer was established by the Dr. Kwame Nkrumah in 1967 with an aim of reducing the importation of foreign textile into country. In 2012, the Ghana Revenue Authority (GRA) however shut the factory down for owing taxes in excess of about GHS5,714,560.65 at the time.

Akosombo Textiles Limited currently operates under UK based company, ABC Waxprints.

The ABOSO GLASS FACTORY

The Aboso Glass Factory, was once a vibrant company manufacturing and supplying bottles for the beverage industry. The company, which was first set up by Dr. Kwame Nkrumah employed hundreds of people from Aboso, Tarkwa and other neighbouring communities but was handed over to the Togolese opposition leader, Mr. Gilcrist Olympio in the early 90s.

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Olympio subsequently changed the name of the factory to Tropical Glass Factory and resumed production. Though Olympio’s administration, managed to install heavy machinery at the factory to boost production, it could still not live up to expectation due to heavy indebtedness to its creditors.

The company is said to still owe the Electricity Company of Ghana (ECG) several billion of cedis for power consumed, compelling the latter to disconnect power supply to the company, and therefore aggravating its plight. The company was put on the divestiture list in 2003.

BONSA TYRE FACTORY

Bonsa Tyre Factory is another factory that has suffered a similarly fate as that of the Aboso Glass Factory. The company, which was used to manufacture the popular firestone wheel tyres, has also collapsed with the government apparently showing no concern.

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Also established by Dr. Kwame Nkrumah and strategically sited at Bonsa in Tarkwa, which is near the large rubber plantations where the requisite raw material could easily be tapped to feed the factory.

The people of Tarkwa and Bonsa have also been agitating for the re-opening of the company for years now, but nothing has come out of their protest.

The GIHOC FIBRE PRODUCTS COMPANY

The GIHOC Fibre Products Company was set up in 1962 by Dr. Nkrumah to manufacture sacks for the export of cocoa beans and other agricultural produce such as maize.

It was also producing shopping bags and money sacks for the carriage of coins by the banks. As the only company manufacturing such products, the factory was one of the best in the country until it started facing difficulties in the mid-1980s. It was later shut down in 1991.

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WENCHI TOMATO FACTORY

The Wenchi Tomato Factory was established under Dr. Kwame Nkrumah with an aim to help manage the situation of wastage when there was bumper tomato harvest.

Unfortunately, the factory was shut down some years after Dr. Nkrumah’s overthrow in February 24, 1966. The factory remained closed for many years but was later sold to a private company known as Afriquid Company Limited. The factory has been since been left dormant.

SOURCE: www.ghanaweb.com

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