A Brazilian cashew processing company, Isebra Ghana Limited has earmarked an amount of $25.5 million US dollars for the processing of cashew nuts in at Prampram in the Greater Accra Region through the efforts of Ghana Free Zones Board (GFZB).

New Picture?The company has since purchased forms and provided all necessary documents to GFZB to commence Application Processes prior to issuance of a Free Zone licence.

Mr Franciso Assis Neto, President of Usibras Brazil and Usibras Ghana Limited announced this when he paid a courtesy call on the Minister of Trade and Industry Mr. Haruna Iddrissu in Accra on Tuesday.

?Usibras intends to motivate farmers to produce more cashew nuts in large plantation in the country and as well promote farming and agribusiness which will improve the socio-economic life of the citizenry and generally accelerate the economic development of Ghana?

?Usibras choose to invest with GFZB because of the country political stability in Africa and how companies under the free zones enclave benefit from the attractive incentive which was an export base? he said.

Mr Assis Neto revealed that Usibras will inject USD 26,500,000 into the capital market which would undoubtedly create employment for about 2,000 of the Ghanaian workforce, increase our foreign exchange earnings to help balance our trade deficits as well as improve the acquisition of skills and other technical expertise to encourage entrepreneurship in Ghanaians.

He further added that Isibra will start production in June 2014 on a large scale before onward export to Brazil and USA.

Mr Haruna Iddrissu on his part noted that the policy of government is to improve cashew export for value addition and increase the capacity of cashew production.

He said Ghana?s success in many years of the economy as well its track record in the practice of democratic governance over the last decade was the envy of many countries.

Mr Iddrssu announced that government through the Export Development and Agricultural Investment Fund (EDAIF), an agency under the Ministry of Trade and Industry is currently supporting two farmers in Sunyani and Bole respectively who will be supported to increase their capacity in the production of cashew nut.

?Apart from other horticulture export, we need to focus on cashew nut because of it export value but not for foreign direct investment but foreign exchange for our country? he stated.

The Minister expressed his joy over the project and promised to liaise with the GFZB to ensure that the core mandate of the Ministry which involves investing in Ghana is realized.

He used the occasion to congratulate the new Director General of the World Trade Organisation Robert Azevedo from Brazil who had been named to take the helm of the WTO

Executive Secretary of GFZB, Mr Kwadwo Twum Boafo in his statement said; Ghana?s diversify market economy, general peace and stability and matured democracy make it one of the best business friendly and fertile destinations for investors in Africa.

?GFZB is the best in the sun-region, the free zones reign that we operate here in Ghana allow investors to own their business, land, duty exception on all imports for production and export from free zones and tax exception from payment of income tax on profit? Twum Boafo stated.

He promised to revive their application and grant it for them to be able to start production as schedule.

Mr Twum- Boafo praised the relationship between the two counties and expressed his delight with Usibras Brazil to invest in the Ghana Free Zones. He announced that GFZB will soon meet the Brazilian business community in Brazil to facilitate trade and investment.

USIBRAS Intends to generate its own power to by using the waste shells from the cashews to generate electricity for using the turbine system.

USIBRAS is the largest cashew nut processing company in Brazil with two units capable of processing 70,000 metric tonnes of cashew nuts per season with a subsidiary, NUTSCO in Camden, New Jersey in the United States of America also capable of processing and distribution of cashew and other nuts in the USA market. USIBRAS has an investment potential of $45M which includes plants, machinery, equipments, vehicles, working capital and power.

?

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.