Wilmar Africa Limited, a producer of Frytol, has announced that it is ceasing operations in Ghana due to operational issues.
The company said in a statement that the government’s establishment of the benchmark policy caused them problems since unfair competition from substandard items overwhelmed them. It stated that it hoped the government would reverse its policy.
“This has made it extremely difficult for us to sell in the local market because foreign oils from Asia sell for a fraction of the price of our product.”
Our oil has a higher unit cost than imported oil because we have to account for all of the overheads in our cost structure. The government’s declaration that the duty discount on benchmark insurance will be reversed was welcomed.