Trade Minister Hannah Tetteh says government is studying proposals from investors on a possible privatization of the Juapong Textile Factory.

The factory which at a point could boast of over 1,500 workers has since 2005 been facing serious challenges.

The influx of cheap foreign textiles and bad management has been largely blamed for the company’s woes.

According to Madam Tetteh, the company at this point needs an injection of fresh capital.

“Initially when government took over Juapong, some amount of money was used for retooling and for working capital, but it was not sufficient for the company’s working capital needs,” she said.

The minister said with all the constraints facing the government, seeking an external capital injection was the way forward.

Source: Joy Business/Ghana

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