President Kufuor is on Friday,May 11,2007 afternoon, expected to commission the revamped Juapong Textiles Company, to be known as the Volta Star Textiles Company.
The re-opening of the factory, which was closed down some two years ago due to operational difficulties, has been hailed by residents of Juapong and surrounding towns as a good move that would help improve their economic fortunes.
President Kufuor says government is concerned about the livelihood of the people and that is why it has stepped in to revive other projects such as the Pwalugu Tomato Factory in the Upper East Region.
He announced at the recent May Day celebrations that full operation of the textiles factory would begin today.
The resuscitation has come about as a result of a Government of Ghana/Chinese partnership agreement.
There are concerns however, about the timeliness and sustainability of the factory.
This is because the revival comes at a time when the nation is facing difficult energy crisis that has significantly reduced the ability of industries to produce at full capacity.
The alternative use of generators as a source of power supply would reflect in higher production costs and render products from the Juapong plant less competitive, relative to imported textiles from China and other countries.
Additionally, competition from cheaper sources remains a real threat as textile dealers freely flood the market with the less expensive substitutes.
When the company closed down, the Vilsco Company of Holland, the parent company for Juapong Textiles Limited cited low production levels and high debt stock as some of its principal reasons.
It explained that the lack of market for its textiles, compounded by the competition it faced from imported textiles particularly from China and Nigeria made it difficult for the company to continue in business.
In June 2005, about a thousand workers bid farewell to what had been the source of their livelihoods for years.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
UCL: Arsenal edge past Shakhtar Donetsk
2 hours -
UCL: Vinicius hattrick gives Real Madrid comeback win over Dortmund
2 hours -
Understanding the necessity of new GES academic calendar for second cycle institutions
2 hours -
Ex-Abercrombie CEO charged with running sex trafficking ring
3 hours -
Kasoa ritual murder case: Absentee juror fined
3 hours -
Police offer GH¢20K reward for arrest of armed suspect in Mamobi political clash
4 hours -
Blade Runner 2049 maker sues Musk over robotaxi images
4 hours -
Vacant seat controversy: NDC commends Speaker Bagbin for displaying ‘maturity’ at Tuesday’s proceeding
4 hours -
Akatsi North chiefs honour “Next President” Bawumia
4 hours -
AbrahamTheLion debuts spiritually charged EP, ‘Warrior Kings & Priests’
4 hours -
Parliament brouhaha: This matter is far from over – Dafeamekpor
5 hours -
Clerk of Parliament hasn’t arranged seats; NPP majority position still stands – Habib Iddrisu
5 hours -
We’re engaging international partners to deploy service personnel abroad – National Service Authority
6 hours -
Ghanaians to use VFSGlobal for UK Visa applications from October 22
6 hours -
2024 election: Cynthia Morrison to still contest as Independent candidate
6 hours