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Kobina Tahiru Hammond, the Minister of Trade and Industry, has clarified the payment arrangements concerning the lease of the Komenda Sugar Factory to West Africa Agro Limited, an Indian-based firm. He emphasized that Ghana will not be paying the company; instead, the company will pay Ghana a yearly rent of over one million dollars.
This clarification was in response to concerns raised by Yusif Sulemana, the Ranking Member on the Trade and Industry Committee, who alleged that Parliament was not informed about the decision and claimed that the company would be paid $50,000 monthly for management services.
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Speaking on Citi FM’s Eyewitness News, Minister Hammond dismissed these allegations, stating that the company is obligated to pay Ghana a yearly rent, currently set at over one million dollars.
The payment arrangement involves the company making annual payments for the duration of the lease, with the option to extend the lease period. Minister Hammond explained, “So at the commencement of the agreement to let them lease it, they would be paying us a yearly rent.
The company will be paying us, I’ve said that it is over a million dollars. I’ve agreed on a figure which is, for now, a little more than one million dollars a year.”
He further elaborated, “They will pay us for the year that they’ll be leasing it. At the end of it, if they are still interested, they could extend the period that they leased and keep on paying us the year’s rent until they give it back to us.”
