Investors Shun Kwame Nkrumah’s Glass Company

Since 2002 when the Aboase Glass Factory, established by Kwame Nkrumah, first president of Ghana, was slated for divestiture, it is yet to attract a single investor interest after several years of fruitless operations and intermittent closures.

The company was leased to Tropical Metallic Construction Company (TMMC). However, the company could not properly manage the project, a situation that forced the government of Ghana to abrogate the lease-hold contract.

According to the Minister of Trade and Industry, Hanna Tetteh, the glass factory has spent long years on the divestiture list due to limited investor interest in the enterprise.

Sources further said even though some people had requested for forms on the company on divestiture, they are yet to submit their forms of interest.

As at now, the company has been closed down as a result of the inability of the management of Tropical Metallic Construction company to pay an electricity bill of GH¢2.550 million and other operational costs. The company completely abandoned operations at the factory after electricity connections were cut resulting in security problems for the safety of the assets of the company. Due to the current state of affairs, its unlikely that the Aboase Glass Factory will be opened for operations soon.

The Aboase Glass Factory was established in 1963 for the manufacture of sheet and hollow glassware products. It was commissioned in 1966 but closed down in 1968 due to operational difficulties.

In 1976, the glass plant was rehabilitated but the company was again forced by continued low productivity and losses to shut down in 1988 and finally closed down in 2001. the company was first listed for divestiture in 1990 with government of Ghana holding 100 percent shares. In May 1991 government approved a lease of the assets of the company to (TMMC) wish was incorporated under the laws of Ghana TMMC however could not meet its operational obligations after seven years of operating the factory.

Source: businessday