Wilmar Africa Limited, producers of Frytol have released a statement indicating their shutting down of operations in Ghana over operational challenges.
The company cited the introduction of benchmark policy by Government as a stumbling block in their operations as it created an unfair competition in favour of inferior products which have left them overwhelmed.
“This has made it very difficult for us to sell in the local market because imported oils from Asia are selling far cheaper than our product The unit cost of our oil is high as compared to the imported ones as we have to contend with all the overheads in our cost build-up. The government’s announcement of the reversal of the duty discount on benchmark policy was welcoming news; however. Government has suspended action on this announcement”.
The statement stressed: “To make matters worse, our export market, which has been complementing our local sales, has also been hit by non-availability of vessels to transport the product to our main export market – Senegal due to the Covid situation. These compounded problems resulted in our worse sales in December 2021 and the low sales continuing into January 2022″.