The Ghana Stock Exchange (GSE) has put on its watch list three distressed companies including Cocoa Processing Company (CPC) for possible delisting if their financials do not improve by the end of May, the exchange said on Wednesday. State-run CPC, known for its flagship 'Golden Tree' products, currently operates at less than half of its annual capacity of 64,500 tonnes.

Ghana, the world's second largest cocoa producer after Ivory Coast, is aiming to process at least 50 percent of the beans. CPC said in August it needed at least $300 million to revive its operations. A senior official declined to comment on the GSE's threat to delist the company. The GSE in August suspended trading in the company's shares for two weeks after it failed to submit financial reports or to conduct annual general meeting despite several promptings.

Copyright Reuters, 2018