Kasapreko loses about $2m to closure of Nigeria-Benin border

Kasapreko loses about $2m to closure of Nigeria-Benin border
Source: Ghana | Charles Ayitey | JoyBusiness
Date: 21-10-2019 Time: 05:10:49:pm

Ghana’s largest local beverage manufacturer, Kasapreko, has so far lost about $2 million in revenue to the closure of the Nigerian-Benin Border, the Head of International Business Development for the company has said. 

According to Francis Holly Adzah, even though the beverage firm “managed to send in three trucks of products to the Nigerian market moments before the border was closed,” four other trucks loaded with products – one at the border and the others at the premises of the manufacturing company – have been left grounded.

“In September, we lost $1 million to the closure. October is almost ended and our checks show a loss of another million dollars. The situation is getting out of hand and very serious,” Mr Holly Adzah told JoyBusiness in an exclusive interview.

Checks by JoyBusiness also show the beverage firm has exhausted all its products in the Nigerian market – a critical situation which has seen them being overtaken by competitors.

Meanwhile, Kasapreko says it is venturing into other ready markets apart from Nigeria to make up for the losses. 

According to Mr Holly Adzah, the company is looking at entering Ivory Coast, Senegal, Togo, Benin and other European markets.

Ghana’s exports to Nigeria was $80.96 million in 2018, according to the United Nations COMTRADE database on international trade.