The Minister of Trade and Industry, Kobina Tahir Hammond, has refuted claims that his ministry pays a $50,000 monthly service fee to West Africa Agro-Tech Company (WAATCO) plus a share of the Komenda Sugar factory's profits.

Ranking member of the Trade and Industry Committee, Yusif Sulemana, stated that the government failed to disclose the full terms of the WAATCO contract and failed to bring the agreement to Parliament, noting that the factory was originally intended to reduce sugar imports.

Speaking at a press conference in parliament, Mr Sulemana alleged that the agreement includes a $50,000 monthly service fee for WAATCO, plus a share of the factory's profits.

He insisted that the agreement was not presented to Parliament because WAATCO is a foreign company.

But speaking on Joy FM’s Top Story, K.T. Hammond insisted that these claims are false.

He expressed disappointment in Mr Sulemana for calling the press instead of approaching him to ask for clarification on the issues.

“He had this discussion with the radio and television when he had absolutely no information. I am listening to all the information and I am appalled with what it is that he is talking about.

“There is absolutely nothing he had said which is true and I don’t know where to start from.”

The sector minister also said he was unaware of the $50,000 given to WAATCO and does not know where Mr Sulemana got the information came from.

K.T. Hammond explained that after spending significant amounts of money to revive the Komenda sugar factory, the government thought it wise to hand the factory over to WAATCO to manage the facility and prevent further damage.

He said that although WAATCO should be paid for their services, the government has been unable to make any payments.

Subsequently, he said the management company introduced an Indian company interested in leasing the factory to produce sugar.

He empahsied that “how they do it [produce sugar], is their own discretion.”

The Trade and Industry Minister insists that he has yet to append his signature to any contract to lease the factory to the company.

Meanwhile, he said that WAATCO is currently bringing semi-processed sugar to the Komenda factory to test the machines' ability to process sugar.