Monday, October 3, 2022

Benchmark policy forces Frytol to shutdown.

The producers of frytol cooking oil,  wilmar  Africa limited is shutting down its plants in Ghana by virtue of the recent introduction of a benchmark policy by the government.

This was made public in a statement issued by the company which was cited by www.thenewgh.com on Ghana web.

 

“This has made it very difficult for us to sell in the local markets because, imported oils from Asia is selling far cheaper than our product. The unit price of our oil is high compared to imported ones because we have to contend with all the overhead costs in our cost build up. The government’s announcement of reversal of the duty discounts on benchmark policy was welcoming news, however government has suspended action on the this announcement ”

The statements further revealed that “to make matter worse our exports market which has been complementing our local sales has also been hit by non-availability of vessels to transport our products to our main export market – Senegal due to covid situation. These compounded problems resulted in our worse sales in December 2021 and the low sales continuing to January 2022”

What this means that about 500 workers of the firm will lost their job due this closure by the company.

But the Ghana revenue authority has suspended the policy based on the recommendations of the Prez. for further stakeholders consultation.

Below is the statement

 

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