In a renewed effort to bring the long-dormant Komenda Sugar Factory back to life, the government has inaugurated a five-member Interim Management Committee (IMC) to spearhead the revival of the facility.

The inauguration ceremony took place on Monday, August 4, 2025, at the Ministry of Trade, Agribusiness and Industry in Accra.

Speaking at the event, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, described the factory as a “prized national asset” that was originally commissioned under the administration of former President John Dramani Mahama. She noted that despite its potential, the factory had been left to deteriorate due to a combination of operational and supply chain challenges.

The Komenda Sugar Factory dates back to 2013, when the government partnered with Seftech India Pvt to construct a modern, sulphurless sugar processing plant with an initial capacity to produce 125 metric tons of sugar per day. The $36.25 million project was funded by a loan from the India EXIM Bank and a grant from Ghana’s Export Development and Agricultural Investment Fund (EDAIF), now known as the Ghana EXIM Bank.

Despite further efforts to revive the factory — including strategic partnerships with Park Agrotech in 2020 and West Africa Agro-Tech Company Limited (WAATCO) under the One District, One Factory (1D1F) initiative — operations never reached a sustainable level.

Minister Ofosu-Adjare emphasized that President Mahama’s administration is committed to changing the narrative. The newly formed IMC has been tasked with six key responsibilities:

1. Conduct a technical assessment of the factory’s current assets

2. Review its financial and operational viability

3. Evaluate the sugarcane supply chain

4. Identify a credible strategic investor

5. Assess the Ministry’s roadmap

6. Recommend a clear transition plan toward full operations

She stressed that reviving the factory would help reduce Ghana’s sugar import bill and create jobs in the Central Region and beyond.

Chairman of the committee, Kwame Owusu Sekyere (Esq.), speaking on behalf of the group, thanked President Mahama and the Ministry for the trust placed in them. “We are honoured by the confidence reposed in us. We pledge to diligently work on the terms of reference and deliver within the timelines assigned to us,” he said.

Other members of the IMC include Ing. Douglas Mensah, Mr. John Doku, Lt. Col. (Rtd.) George Afful, and Mr. Ransford Vanni Amoah. The committee is expected to submit its preliminary findings and recommendations within eight weeks.

The Minister of Energy and Green Transition, John Jinapor, has commended the management of the Bulk Oil Storage and Transportation Company Limited (BOST) for its pivotal role in enhancing operational efficiency and advancing Ghana’s energy transformation agenda.

Speaking during the Government Accountability Series, the Minister highlighted key achievements within the sector over the past seven months, citing notable improvements at BOST and other institutional milestones.

“I’m beginning to see positive trends at BOST, and we are already working to ensure that we extend a pipeline from Ghana to Burkina Faso. This will position Ghana as a central hub for petroleum product distribution to our northern neighbour,” Mr. Jinapor announced.

He lauded BOST’s Managing Director, Afetsi Awoonor, and his deputy for their strategic leadership and dedication to operational excellence.

“BOST is actively improving our strategic reserves, and I must commend the managing director and his team for demonstrating strong leadership and technical competence,” he added.

Founded in 1993, BOST plays a critical role in Ghana’s oil storage and distribution landscape and is essential to national energy security and regional fuel logistics.

Reflecting on sector-wide progress, Mr. Jinapor expressed optimism about Ghana’s energy trajectory, citing three key areas of achievement:

1. Power Supply Stabilisation:

“We have worked tirelessly to ensure a consistent and reliable energy supply across the country. This milestone is essential for national productivity and public confidence.”

2. Strengthened Petroleum Reserves:

“Recent efforts have led to an increase in Ghana’s petroleum reserves, with visible results. Our commitment to expanding these reserves remains firm.”

3. Reforms for Transparency and Accountability:

“We have launched a robust initiative to sanitise the energy sector, address corruption, and enhance transparency in our operations.”

The Minister concluded by calling for sustained collaboration across the industry to build on current momentum and secure a more resilient energy future.

“I am confident that with continued stakeholder support, we can build on these successes and shape a brighter future for Ghana’s energy sector,” he stated.

The Bank of Ghana (BoG) has issued a stern warning to financial institutions and money transfer operators over persistent breaches of the country’s foreign exchange laws and remittance guidelines.

In a public notice dated July 29, 2025, the central bank said it has observed ongoing non-compliance with the Foreign Exchange Act, 2006 (Act 723), as well as the Updated Guidelines for Inward Remittance Services, despite repeated warnings.

Among the violations identified are the termination of inward remittances through unapproved channels, unauthorised foreign exchange swaps related to remittance operations, processing remittances for unapproved institutions, and the use of unprescribed foreign exchange rates.

“The Bank will impose sanctions on any institution found culpable and terminate the remittance partnerships of all money transfer operators whose activities are inconsistent with the approved guidelines,” the statement cautioned.

The BoG also emphasized the need for strict adherence to existing protocols, including the funding of local settlement accounts in line with Section 7.1 (c) of the guidelines, and disbursing all funds through these accounts as required under Section 7.2 (a). DEMIs and Enhanced Payment Service Providers (EPSPs) must ensure that their pre-funding arrangements with settlement banks comply with Section 7.2 (b).

To strengthen transparency and oversight, the Bank has mandated that all banks, DEMIs, and EPSPs submit weekly reports on each MTO. These reports must include a daily breakdown of all inward remittance transactions and details of the foreign exchange credited to their Nostro accounts.

The BoG stressed that failure to submit accurate and timely reports constitutes a regulatory infraction under Section 42 of the Payment Systems and Services Act (Act 987) and Section 93(3)(d) of the Banks and Specialised Deposit-Taking Institutions Act (Act 930), and will attract appropriate administrative penalties.

This directive signals a renewed push by the central bank to tighten regulatory oversight in the remittance and foreign exchange sectors, as part of broader efforts to ensure forex market stability and enhance economic recovery.