Kasapreko Company Limited, Ghanaian manufacturer and producer of alcoholic and non-alcoholic beverages has tapped into Standard Chartered’s US$1 billion financings, acquiring US$7.4m loan facility to expand production of alcohol-based hand sanitisers for use in Ghana.
Kasapreko commenced mass production of hand sanitisers in March 2020 to curb the spread of COVID-19 as a response to an appeal by the President, Nana Addo Dankwa Akufo-Addo to local industries to produce affordable hand sanitisers.
Standard Chartered launched the programme in March 30, 2020, to provide financing at preferential rates to companies making products and services that helped frontline workers to fight the virus and its impact.
The Chief Executive Officer of Kasapreko Company, Mr Richard Adjei, said, “Hand sanitisers are critical in curbing the spread of the coronavirus and the financing provided by Standard Chartered will enable us to respond strongly through optimising our production capacity to over 200,000 bottles a day.”
He commended Standard Chartered for the rates it was charging saying, “The rates provided by Standard Chartered will help the company pass on lower costs to consumers and enable us to meet the high demand amid periodic shortage and price hikes of sanitisers.”
Kasapreko Company Limited is the first client to make a drawdown of the bank’s US$1 billion financings.
The Chief Executive Officer (CEO) of Corporate & Institutional Banking at Standard Chartered, Simon Cooper said, “Our fulfilment comes in seeing the much-needed products that help individuals, businesses and communities keep COVID-19 at bay being made accessible and affordable.”
“We are extremely proud to start rolling out the financing on this programme with Kasapreko Company Limited. Africa is a very important part of our group strategy and I’m particularly pleased that we’re able to use our network there to make an impact in Ghana’s fight against COVID-19.”
The CEO of Standard Chartered Limited, Ghana Mrs Mansa Nettey, said that “The deal signifies the collaborative approach the bank is taking with its clients in Ghana to fight COVID-19.”
“We remain committed to working with our clients, especially those who have and continue to refocus their business operations, to complement Ghana’s efforts at tackling the pandemic,” she stated.
Last month the beverage company commenced operation at its new factory in the Ashanti Regional town of Tanoso, developed under the government’s One District, One Factory flagship (1D1F) programme.
The factory which sits on a 10,000 square metre property has a production capacity of about 85,000 bottles of various products per day.
Waiting to be commissioned, the new factory will serve the northern market of the country, export market and will create about 3,000 direct and indirect employment opportunities.
Being part of the government’s flagship 1D1F initiative, the government-assisted the company to access US$20 million loans from Eximbank for the construction of the project.