CPC TO GET CONTINUOUS SUPPLY OF COCOA BEANS FROM COCOBOD, AS LOSS POSITION IMPROVES
Cocoa regulator, Ghana Cocoa Board (COCOBOD), has agreed to continuously supply cocoa beans to Cocoa Processing Company to meet its operational demand, despite its loss position.
It has also decided not to demand for repayments of amounts due it in a manner that will jeopardize the operations of CPC.
As a going concern consideration captured in its 3rd Quarter Financial Statement, CPC said the directors have put in place measures to turn around the company and make it profitable in the near future.
The measures include cost cutting, investment in infrastructure and machinery as well as expansion in revenue base.
For expansion in revenue base, the company said it will secure additional tolling arrangement with relevant parties, improve visibility of Goldentree confectionery products to increase local consumption, introduce an instant drinking chocolate and introduce a wide array of new products in the confectionary market segment.
CPC registered a loss of $13.2 million in the 3rd Quarter of 2021, lower than the $18.6 million recorded during the same period last year.
Total assets stood at $162.2 million in the nine months of this year, as against $152.5 million in September 2020.
COCOBOD is the largest shareholder of CPC with a share of 57.73%, followed by Government of Ghana with 26.13% and the Social Security and National Insurance Trust with 10.14%.