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News Flash
Govt mulls privatizating Juapong Textile Factory
12 Oct '10
1 min read
The government of Ghana is reviewing the proposals for the privatization of Juapong Textile Factory. The factory has been facing a number of hurdles since 2005.
There was a time when there were more than 1,500 workers working in the factory. The inflow of low-priced foreign textiles and poor administration has been responsible for the company's worsening condition. The company, at present, requires fresh investment for revival.
In the beginning, when the government had undertaken the company, some part of the investment was used as working capital and for reconstruction purpose. However, the amount was not enough for meeting the working capital requirements of the company. External capital from investors can only save the company.
There was a time when there were more than 1,500 workers working in the factory. The inflow of low-priced foreign textiles and poor administration has been responsible for the company's worsening condition. The company, at present, requires fresh investment for revival.
In the beginning, when the government had undertaken the company, some part of the investment was used as working capital and for reconstruction purpose. However, the amount was not enough for meeting the working capital requirements of the company. External capital from investors can only save the company.
Fibre2fashion News Desk-India
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