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Volta Star Textiles assured of government support

June 14, 2017 5:02 PM
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Juapong (VR), June 14, GNA - Dr Archibald Letsa, Volta Regional Minister, has assured management and staff of Volta Star Textiles (VST) of government’s commitment to revive the company. He said government has funds for "distressed" companies and was earnest about its industrial policy. The Regional Minister said this during a working visit to the company where he called for adherence to strict

Juapong (VR), June 14, GNA - Dr Archibald Letsa, Volta Regional Minister, has assured management and staff of Volta Star Textiles (VST) of government’s commitment to revive the company.

He said government has funds for "distressed" companies and was earnest about its industrial policy.

The Regional Minister said this during a working visit to the company where he called for adherence to strict financial principles and good corporate governance by all institutions to attract government support.

Mr Divine Vigbedor, the Acting Managing Director of VST, said the once vibrant company was in debt and is underperforming.

He said the company made a monthly profit of 1,492,000 million cedis out of which raw materials took a chunk of 863,000 cedis; salaries and other miscellaneous, 444,000 cedis and 409,000 for power.

Mr Vigbedor said apart from the company’s old debts, it was accumulating a monthly debt of about 363,000 cedis with threats coming from the Electricity Company of Ghana to cut power supply.

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Source: ghananewsagency.org

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