Mr Alan Kwadwo Kyerematen, the Minister of Trade and Industry, on Tuesday, said government has commissioned a forensic audit into the US$35 million pricing of the Komenda Sugar Factory.

The Minister said he asked the audit team to speed up the pricing audit so that people responsible for putting up the facility would provide the necessary explanation.

He said the Pricewaterhouse, an international audit firm, that conducted evaluation of the sugar factory pegged the amount at US$12 million.

Mr Kyerematen said this when he answered a question on the status of the Komenda Sugar Factory at the Meet-the-Press series in Accra.

The Minister revealed that the NDC government on commissioning the Komenda Sugar Factory in May 2016 contracted a Transaction Advisor just after two months to facilitate the sale of the factory.

Interestingly, he said, all the Bidders that expressed interest to purchase the factory quoted an amount far below US$35 million.

Mr Kyerematen expressed surprise that a new factory could depreciate to such a low level and believed that the taxpayers’ money must be properly accounted for.

Answering a question regarding efforts government was putting in place to support local automobile firms; Minister said government was formulating a new policy to support local automobile companies such as Kantanka brand to thrive and export vehicles across Africa under the African Continental Free Trade Area Agreement.

He said government had formulated an Advertising Bill to regulate advertising industry in Ghana and that very soon the Bill would be presented before Parliament for consideration.

On the textile industry, the Minister said all the necessary consultation was underway towards the implementation of a Textile Stamp to curb illegal importation of textiles in order to safeguard the local textile sector.

Source: GNA