Automation Error for Parameterized Queries in VBA (Excel)

I am using the below sample code snipped to insert the records from excel sheet to MSSQL server. This functions runs fine when it is used VB.Net, but with used with VBA, it is giving 

Automation Error

Sample Code Snippet:

Dim cnn As ADODB.Connection
Dim rs As ADODB.Recordset
Dim ccmd As New ADODB.Command

str = "Provider=MSDAORA;Data Source=db;Persist Security Info=True;Password=pword;User ID=uname"
Set cnn = CreateObject("ADODB.Connection")
cnn.Open str
Set rs = CreateObject("ADODB.Recordset")

ccmd.ActiveConnection = cnn
ccmd.CommandText = "Insert into Table Values(@col1)"
ccmd.CommandType = adCmdText

ccmd.Parameters.Append ccmd.CreateParameter("@col1", adVarChar, adParamInput, 50, Cells(i, 1).Value)