Elmina Salt Industry records profit

The Edinaman Salt Industry at Elmina has recorded a significant improvement in their yearly sales in spite of the numerous challenges in the local salt industry.
The industry produced and sold 29,940 maxi bags of salt at GH¢210,631.93 in 2010 compared to that of 2009 where 29,869 maxi bags were produced at GH¢125,138.40.
This was disclosed by the acting chairman of the board of directors of Edinaman Salt Industry, Nana Kodwo Eduakwa V, during the 7th annual general meeting of the industry held at the Omanhene Palace at Elmina on Saturday.
Nana Eduakwa noted that although the axle load policy initiated by francophone countries particularly Burkina Faso and Niger had a negative effect on their projections since the two countries constitute part of the larger market, the industry was able to make strides in the wake of all the price adjustments they had to make to encourage local sales.
He also said the industry depends largely on the weather, adding that ‘in spite of the unfavourable climatic conditions experienced most of the time, the company’s production values for 2008 to date has been highly commendable.
The acting board chairman indicated that his team has not been rendering accounts annually since they were inducted into office in 2004 because they needed time to surmount the enormous challenges they inherited from their predecessors.
He disclosed that his team has been able to purchase a CP 15 sprayer to augment the iodization process of the industry and thanked the World Food Programme for donating two iodization machines worth US$30,000 to the industry.
Nana Eduakwa condemned rumours making rounds that the Omanhene of Edina Traditional Area, Nana Kodwo Conduah VI, and board of directors were squandering resources of the industry saying that has no basis and the only cash payment to the Omanhene is the ten pesewas per each bag sold and nothing else.
He pointed out that what is eroding the financial gains of the company is the payment of end-of service benefits, warning that until their partners are engaged in serious discussions on the matter, every gain made would be eroded with time and the company would be bankrupt.
He hinted that the previous board paid the sum of GH¢12,000 to 22 workers as part of their retirement benefits while the outstanding balance of GH¢38,445, was disbursed by the board to 16 workers.
“We still have GH¢6,000 more to pay to complete and the present cost to the industry is so enormous that continuous accumulation would lead to the demise of the industry,” he warned.
Nana Kodwo Conduah on his part explained that the meeting was to clear the air on some of the speculations going round to keep the chiefs in the traditional area abreast of activities going on in the industry to enable them inform their subjects on subsequent development.
He also charged board members to strive to sponsor at least a school each in every community in the Elmina traditional area so as to help boost education in the town.
The board was later dissolved and a new one inaugurated with the acting chairman, Nana Kodwo Eduakwa, as chairman and Mr. Ebow A Folson as Vice-Chair.
Other members are Mr. Essilfie Adjei, Supi Acheampong, Supi Gyaapa, Nana Afedu Annan and Nana Atom.
Edinaman Salt Industry was born on August 1983 after the Elmina Traditional Area took over the industry from Pambros Salt Industry.