top ad
Home Blog Page 2

Public Relations Expert Bagbara Tanko Takes Leadership Role as Head of PR at the Ministry of Sports and Recreation

0

Public Relations Expert Bagbara Tanko Takes Leadership Role as Head of PR at the Ministry of Sports and RecreationAfter an impressive eight-year tenure as the Head of Public Relations at the Ministry of Food and Agriculture (MoFA), Bagbara Tanko has assumed a new position as the Head of Public Relations at the Ministry of Sports and Recreation.

He succeeds Mr. Kenneth Annang, who has moved on to serve at the Ministry of Youth Development and Empowerment.

This transition marks an exciting new chapter in Tanko’s distinguished career as a communication specialist dedicated to advancing government initiatives through strategic storytelling, media engagement, and stakeholder outreach.

A Record of Excellence and Industry Recognition

Tanko’s exceptional contributions to the field of public relations have garnered him several awards and recognitions, underscoring his influence and dedication:

– Best Public Relations Officer in Feature Writing (2023) at the 4th Government Public Relations Officers Excellence Awards in Accra.

– Best PR Personality (2022)

– Named among Ghana’s Top 25 PR Personalities by the Ghana Public Sector Awards scheme in 2022

– Recognition of Excellence (2008) from the Ministry of Information and National Orientation for outstanding reporting accuracy and timeliness

These accolades reflect his talent for crafting compelling narratives that effectively promote government programs and enhance public understanding.

Innovative Communication in Agriculture

Throughout his time at MoFA, Tanko was instrumental in designing and implementing impactful communication campaigns for major national events such as National Farmers’ Day and World Food Day.

His adept use of print, digital, and video platforms successfully engaged diverse audiences, raising awareness on vital issues such as food security, climate resilience, and rural development.

He contributed influential content to flagship agricultural initiatives, including Planting for Food and Jobs, Rearing for Food and Jobs, and Planting for Exports and Rural Development.

His strategic messaging and stakeholder engagement efforts helped ensure these programs’ visibility and effectiveness. For World Food Day, he coordinated media partnerships, social campaigns, and outreach activities to highlight efforts aimed at eradicating hunger and promoting sustainable food systems.

Legacy and Impact

Tanko’s award-winning feature articles have played a significant role in showcasing MoFA’s achievements and innovations.

Known for clarity, engaging storytelling, and human-interest angles, his writings have deepened public understanding of agricultural policies and government efforts.

His leadership has elevated the ministry’s profile, ensuring that key initiatives resonate with Ghanaian farmers and stakeholders alike.

Looking Ahead

As he begins his new role at the Ministry of Sports and Recreation, Tanko remains committed to impactful communication.

His career exemplifies the power of strategic public relations in government, and his move is seen as an opportunity to leverage his expertise to foster national development, unity, and promote sports and recreation initiatives across Ghana.

A Career Marked by Excellence

Tanko’s journey highlights the crucial role of effective communication in shaping public perception and advancing national objectives. His numerous awards and accomplishments position him as a leading figure in Ghana’s public relations sector, inspiring emerging professionals in the field.

The government and the public look forward to his continued success in his new role, confident that his proven expertise will make a meaningful contribution to Ghana’s ongoing development, unity, and progress through innovative and engaging communication strategies.

Ad article

Horticulture sector must emerge as biggest beneficiary of 24-Hour Economy – President, FAGE

0

The President of the Federation of Associations of Ghanaian Exporters (FAGE), Davies Narh Korboe, has said that the horticulture sector must be the biggest beneficiary of the much-anticipated 24-Hour Economy.

He made this assertion at the launch of the Ghana Horticulture Expo 2025, at the Accra International Conference Centre on June 11, 2025.

He indicated that the Ghana Horticulture Expo 2025 is a grand orchestra of ideas and enterprise, an ensemble of farmers and pharmacists, processors and policymakers, researchers and retailers, all convened to declare that horticulture is not just a problem, but a central pillar of our nation’s future.

He highlighted the theme, “Innovate, Transform, Sustain: Driving Growth in Ghana’s Horticulture Sector,” as one that reflects the national agenda aligned with continental trade goals and a reaffirmation of commitment to sustainable development goals.

More importantly, he said, the theme is a call to action to all stakeholders to move beyond potential and into purposeful action.
“Over the years, we have led missions, hosted forums, established platforms, and partnered with global institutions to lift Ghana’s agri-export visibility. The Expo is a fruit of that labor,” he stated.

“The first edition in 2024 was received so effectively. This second edition, resonating in scope, scale, and sophistication, is the beginning of a harvest—a harvest of ideas, technologies, investments, and partnerships that redefine how the world sees Ghana’s green economy,” he affirmed.

The FAGE President indicated that they were not just there to sell food and vegetables, but to build futures.
He highlighted that the global agriculture market value of $320 billion by 2030 is crying out for premium, traceable, ethically sourced tropical products from Ghana.

“This ambition remains rich. If we are bold enough to confront policy, energy, access, security, labor status, and technology, a 24-hour business economy will not only increase output, but it will also be conscious of patients, create high-quality jobs, and radically enhance our competitive place on the global stage. We, at FAGE, are ready to go into battle, bound by units, logistics layers, and tech innovators, to pilot, model, and scale lift-off efficiency from the soil to the shelf, 24 hours a day, 7 days a week.”
“Let us leave with a shared understanding that this moment is a movement. A movement to take Ghana’s growing potential into growing opportunity. A movement to grow not just crops, but capacity. To harvest not just produce, but prosperity. Let’s plan with purpose. Let’s process with pride. Let’s support with essence. Let’s build a 24-hour economy where no idea slips, no produce drops, and no dream is left behind.” He added.

Meanwhile, the President of the Republic of Ghana, John Dramani Mahama, has announced the official start of the much-anticipated 24-hour economy flagship program, commencing on July 1, 2025.

Continue
Ad article

Ghana is ready to grow, export and lead Africa’s agriculture transformation – President Mahama remarked as he opens Horticulture Expo in Accra

0

The President of the Republic of Ghana, John Dramani Mahama has indicated Ghana’s position to lead Africa’s agriculture transformation during the opening of the Ghana’s biggest horticulture expo in Accra.

Continue
Ad article

Sustaining the cedi gains: how cocoa and gold remain Ghana’s best bet

0

Ghana is turning the corner; just to borrow the words of former Finance Minister, Ken Ofori-Atta. Why?Because, the rare but welcoming comeback staged by the local currency- the cedi is not only timely but also a perfect start for the current government.

For households, businesses and investors, the recent gains offer an early sign of reprieve after months or if you like, years of macro-economic turbulence. But as the country undergoes an ambitious reset of its economy, both fiscal and monetary authorities may have no option but to look beyond short-term currency appreciation and focus on sustaining the gains as market sentiments improve.

How well do they do this? Our best bet is one that is simply not too far but stares at us in the face. The performance of the cedi, while encouraging may prove temporary unless Ghana strategically harnesses some of its natural resources. Guess which resources and you will be right.

Ghana’s gold and cocoa sectors remain largely untapped. Though these sectors have faced mixed performance in recent years, they remain the bedrock of the country’s foreign exchange earnings and the most viable path to currency stability and overall economic resilience. 

Per data from the Bank of Ghana, the cedi has appreciated by more than 50% against major trading currencies since January and trading at GH₵11.85 to the U.S. dollar at the end of May. Yes, this is a big relief for an economy recovering from severe debt distress and a prolonged contraction and a steep decline from 2023 and 2024 when it fell past GH₵15 to the dollar.

These gains according to the President has significantly reduced the dollar-denominated burden of the country’s external debt by $35 billion.

However, Ghana’s dependence on key commodities such as gold and cocoa remains a vulnerability. Prices for both remain elevated. Gold climbed to $3,400 per ounce and cocoa peaked near $12,000 per tonne earlier in 2025.

Though prices of these commodities fluctuate because of volatility pressures, relying on them to maintain the stability of the cedi will be key at least, to consolidate the gains in the medium to long-term.

Gold continues to power external earnings. Reserves reached its highest level in two years; hitting 32.16 tonnes in May 2025. The figure represents a 266% increase compared to the 8.78 tonnes recorded in May 2023 and is also a consistent upward streak in gold accumulation as the Central Bank ramps up its reserve diversification strategy.

Export revenues rose sharply from US$7.6 billion in 2023 to US$11.6 billion in 2024, according to official data. Projections indicate the value of gold exports could reach US$14.6 billion by the end of 2025. This increase in volumes and earnings is crucial in hedging against currency volatility. 

“One of the key factors is the continued strength of gold prices. If gold remains high for the rest of the year, I can confidently say the cedi will continue to gain against the dollar. On the fiscal side, we’re approaching the mid-year review in July. If we see improved fiscal numbers and stronger commitments, those positive signals will continue to feed into the foreign exchange market”, Dr. Theo Acheampong, a Political risk analyst had earlier told Bernard Avle on the Point of View on Channel One TV.

Absa in its latest Cedi Report released in May 2025, challenged government to capitalise on the current momentum by building foreign exchange reserves. It pointed to several new gold mines including Cardinal-Namdini and Ahafo South which are set to begin production this year to boost earning potential.

On the cocoa side of things, the report notes that unlike Ivory Coast, Ghana has enjoyed more favourable rainfall patterns and this will be a major driver for a production rebound. Should this be achieved, Ghana’s current account surplus stands to improve to 5.1% of GDP in 2025, up from 4.3% last year – a development that could provide a critical buffer for long-term currency stability.

“The weakening of the US dollar due to global recession fears and trade tensions has worked in Ghana’s favour. At the same time, record-high prices for gold and cocoa have boosted our export earnings,” Economist and economic policy analyst at the Kwame Nkrumah University of Science and Technology (KNUST), Prof. Eric F. Oteng-Abayie tells Citi News.

Again, gold holdings have surged from just under nine tonnes in May 2023 to over 31 tonnes by April 2025. This is largely due to expanded purchases from small-scale miners through the newly mandated Gold Board (GOLDBOD).

This accumulation has helped lift gross international reserves to US$9.4 billion as of April, up from US$6.2 billion a year earlier. It has helped the Central Bank to supply foreign exchange into the market without drawing down its buffers.

If you put all of these in perspective, the cedi’s rally may have room to run, but policymakers must act swiftly to fortify the gains.

Note this point – Ghana’s cocoa sector is experiencing a dramatic rebound. Export revenues increased to $1.84 billion in the first four months of 2025. It is more than triple the $579 million recorded during the same period in 2024. The sharp increase means Ghana has already surpassed its cocoa earnings for the first eleven months of last year and it’s indicative of a strong recovery in one of the country’s most crucial export sectors.

Ghana Cocoa Board (COCOBOD) is projecting a national output of 700,000 metric tons for the 2024/2025 crop season. This is 32% increase from the previous estimate of 531,000 metric tons. Factors accounting for this turnaround are favourable weather conditions, improved farm management practices and government interventions aimed at rehabilitating aged farms and combating smuggling

“The current situation mirrors past experiences, such as the 2007 and 2017 episodes, where currency stabilisation alone was not enough. Without structural reforms, the gains are often short-lived. To ensure long-term stability, Ghana must tackle domestic cost pressures, invest in infrastructure, strengthen market regulation and diversify its economic base beyond commodity exports,” Prof. Oteng-Abayie adds.

Indeed, gold and cocoa can cushion Ghana’s economic resilience and the overall stability of the local currency. Government must convert these commodity windfalls into quick capital gains.

The solutions are being proffered by industry players who are signalling that, the way forward will require deep structural reforms. Structural reforms that combine fiscal discipline, monetary prudence, value addition and export diversification.

Without these, the cedi gaining grounds through improved reserves and stronger commodity will not last and could push the country into another economic turmoil. This must be backed by a cautious stance on interest rates by the Central Bank to avoid bringing inflation back to elevated levels to erode the gains.

On the fiscal front, government must stick to its eight-pillar reset plan, contain expenditure and ensure sound debt management.

Gold and cocoa remain indispensable to the economic recovery and Ghana must seize the opportunity.

Ad article

Diverting bank reserves to COCOBOD risks monetary stability – Atuahene warns

0

Banking Consultant, Dr. Richmond Atuahene has cautioned against proposals for the Bank of Ghana to allocate a portion of the Cash Reserve Ratio (CRR) to support local cocoa purchasing companies.

His comments follow a suggestion by the CEO of COCOBOD, Dr. Randy Abbey that 2 to 3 percent of these reserves be redirected to sustain indigenous players in the cocoa sector.

Speaking to Citi Business News, Dr. Atuahene underscored that the reserve is a monetary policy tool designed strictly for liquidity management not for financing private enterprises.

“These are cedis that have been mobilized and locked at the Central Bank,” he explained. “They are meant to ensure there is always liquidity for banks to operate. If you divert these funds to purchase cocoa, you reduce the liquidity available to banks at the Central Bank.”

Dr. Atuahene also noted that the Bank of Ghana does not pay interest on these reserves, describing them as “unremunerated reserves.”

“Let’s be clear,” he stated. “When the Bank of Ghana requires banks to hold a certain percentage of deposits as reserves, it does not pay interest on those funds. So are we now suggesting that money which banks are already not earning interest on should be handed over for cocoa purchases? I strongly disagree.”, he noted.

Dr. Atuahene warned that tampering with statutory reserves for commercial purposes could undermine the credibility of monetary policy and destabilize the financial sector.

Ad article

GSS urged gov’t to sustain disinflation with targeted food, and utility interventions

0

As inflation continues its steady decline, the Ghana Statistical Services (GSS) has advised government to sustain the trajectory and deepen macroeconomic reforms by investing in food logistics, utilities and regional support systems.

Headline inflation dropped to 18.4 percent in May 2025 from 21.2 percent in April—the fifth consecutive monthly decline and the lowest rate since February 2022. Also, monthly inflation stood at 0.7 percent, a slight decrease from April’s 0.8 percent, signalling short-term price stability.

However, to tackle persistent price pressures— especially in food and utility sectors—the GSS recommended targeted government interventions in high-inflation regions like the Upper West, where inflation remains above 38 percent.

Contributing factors in Upper West included food (43.9 percent), education services (57.6 percent) and housing and utilities (124.3 percent).

“Housing, water, electricity, gas and other fuels (124.3 percent); education services (57.6 percent); and food and non-alcoholic beverages (43.9 percent) recorded rates higher than the overall inflation for Upper West Region (38.1percent). Inflation for fish and other seafood (92.1 percent) and oils and fats (80.2 percent) were higher than overall food inflation for Upper West Region (43.9 percent),” May 2025 Consumer Price Index (CPI) indicates.

Greater Accra, Ashanti and Eastern Regions contributed the most to national inflation due to their higher weights in the CPI basket.

Food inflation, though declining from 25 percent in April to 22.8 percent in May, remains the biggest contributor to overall inflation. The GSS, therefore, advised government to invest in post-harvest storage, transport infrastructure and irrigation systems to improve food supply and reduce post-harvest losses to stabilise prices.

Equally important is protecting vulnerable populations as the GSS urged the expansion of targeted social protection programmes, particularly in high-inflation sectors such as food and education.

“Continue to protect vulnerable groups through expansion of targeted social protection in high-inflation regions and sectors, especially where food and education costs are rising,” Government Statistician, Dr. Alhassan Iddrisu urged.

He also emphasised the importance of promoting local production as a long-term inflation control strategy.

“Promote local production by supporting small and medium size enterprises and agribusinesses to strengthen domestic supply chains,” he said.

Dr. Iddrisu further called for close collaboration between the Ministry of Finance and the Bank of Ghana to ensure inflation drivers are continuously monitored.

 “Align monetary and fiscal policies through collaboration with the Bank of Ghana to monitor inflation drivers and evaluate the need for cautious monetary tightening if pressures persist,” he said.

Households

The GSS also outlined practical strategies for households to manage their budgets amid gradually easing inflation.

“With food inflation contributing almost 2/3 of the total inflation, households should adopt bulk purchasing, shared food buying and consider local, in-season produce to reduce food costs.

“Households could also limit discretionary spending on items like restaurants (18.5 percent inflation) and recreation.

Given 20.1 percent inflation in health, households should prioritise preventive care and take advantage of National Health Insurance Scheme (NHIS) benefits to avoid high out-of-pocket expenses,” Dr. Iddrisu urged.

Businesses

For businesses, the GSS urged a shift toward local sourcing to mitigate rising costs. “Since local inflation is easing faster than imported inflation, businesses can benefit from reducing reliance on imported inputs,” Dr. Iddrisu explained.

He also encouraged firms to avoid unnecessary price hikes.

“With disinflation underway, avoid sharp price hikes and rather build customer trust through transparent pricing.

“Tailor distribution and pricing strategies to reflect regional inflation differences — particularly in the north,” he said.

Ad article

New fisheries law to deal decisively with EU ban – Fisheries Minister

0

The country is preparing a revised fisheries law to modernise the sector and align it with global practices in a move that is hoped to lift the five-year-old yellow card sanction from the European Union (EU) over illegal fishing.

The Minister for Fisheries and Aquaculture, Mrs. Emelia Arthur, said the new legislation is a crucial part of Ghana’s broader strategy to develop its blue economy while addressing weaknesses in monitoring and enforcement.

The new bill, she said, will bring the regulatory framework in line with international standards and help to deal decisively with the challenges flagged by the EU.

Ghana received a “yellow card” warning from the EU in 2019 due to concerns about illegal, unreported and unregulated (IUU) fishing. The warning has since limited Ghana’s access to the EU seafood market, placing pressure on local fishers and exporters.

Speaking on the sidelines of a stakeholder consultative meeting in Accra, Mrs. Arthur said: “We need to work to immediately get the yellow card lifted, otherwise we risk getting a red card; which means fish from Ghana cannot be exported to the EU market that happens to be the largest market for the fisheries sector”.

She noted that the revised bill is expected to tighten controls on fishing vessels, improve data reporting and strengthen penalties for non-compliance. It will also include provisions for sustainable stock management and better protection of marine ecosystems.

Ghana’s fisheries sector contributes significantly to the local economy, providing 60 percent of animal protein and supporting nearly 3 million jobs across the value chain. But illegal industrial trawling, weak enforcement and dwindling fish stocks have left many coastal communities struggling.

The minister noted that major strides have been made in finalising the Draft Fisheries and Aquaculture Bill, which could not be initially passed by the 8th Parliament.

She also revealed a revised vision for the sector. “A sustainable, well-governed and resilient fisheries and aquaculture sector driven by equity, innovation and strategic investment.”

She stressed that the new bill will align with this vision, ensuring food security, economic growth and environmental stewardship while positioning Ghana as a leader in the blue economy.

Mrs. Arthur also said an independent review by a Ghanaian Fisheries Law professor based in Australia will provide final recommendations before parliamentary approval.

The minister expressed optimism that Ghana could showcase its progress at the upcoming United Nations Oceans Conference. “With parliamentary processes advancing, the bill is expected to undergo clause-by-clause consideration before passage,” she added.

The Chairman of the Parliamentary Select Committee on Food, Agriculture and Cocoa Affairs, Dr. Godfred Seidu Jasaw, also speaking at the stakeholder meeting, underscored the importance of fisheries sector players’ input in shaping the bill.

“This meeting is particularly important because of where we are in the fisheries sub-sector. We must co-create solutions to manage this critical resource sustainably for the benefit of current and future generations,” he said.

He commended stakeholders for their efforts in meeting international obligations and stressed the sector’s role in national food security.

Dr. Jasaw acknowledged the ministry’s efforts in addressing the EU yellow card issue and called for collective ownership of the new legal framework. He explained that the draft bill, referred to Parliament after Cabinet approval, had undergone rigorous review by the committee.

“We have made inputs we believe are satisfactory, but it is crucial that stakeholders validate these provisions,” he said.

He encouraged constructive feedback, stating: “Lawmaking is a democratic process. Argue your case convincingly, and we will consider it.”

Dr. Jasaw commended the minister for her hands-on involvement in the legislative process, calling it a “demonstration of commitment.”

He urged continued collaboration to “reset Ghana’s fisheries sector for a better future.” Stakeholders at the meeting reviewed the latest draft, incorporating feedback from the EU, Food and Agriculture Organisation (FAO) and local experts.

Ad article

‘Our indigenous cocoa buyers may go extinct’ – COCOBOD CEO warns of LBC collapse

0

The Acting CEO of Ghana Cocoa Board (COCOBOD) has warned of the possible extinction of indigenous Licensed Buying Companies (LBCs).

According to Dr. Randy Anerley Abbey, the current cocoa financing model is choking local operators out of the market.

“Something is happening with the LBCs, especially the indigenous ones, which has to do with the fact that we are not doing the syndicated loan,” he revealed during an interview on Joy News’ PM Express Business Edition on Thursday.

He explained that Cocobod will not be seeking a syndicated loan for the 2025/2026 cocoa season, and while there’s uncertainty over the 2026/2027 season, the absence of the usual syndicated financing is already creating distress.

“We’re still doing the 60-40 with the buyers. So it’s the reason why I went to Europe and North America to meet the buyers and all that,” he said.

Under the syndicated loan arrangement, Cocobod typically creates a “seed fund”.

This money is disbursed to the LBCs to finance the purchase of cocoa beans from farmers. Without that facility, Dr. Abbey says, indigenous firms are stranded.

“But 2024/25, low syndicated loans, so no seed fund,” he said. “Now the indigenous LBCs are unable to operate because there’s no seed money.”

He acknowledged that while forgoing the syndicated loan may save Cocobod significant financing costs, it is having devastating consequences for local players.

“Mind you, because of where the prices are today, if we were to go for a syndicated loan, Cocobod will be looking at maybe GH¢3 billion or GH¢3.5 billion,” he noted.

“And because of the nature of our finances, you even have banks asking for 8% to 10% on $1.”

With financing conditions this harsh, Abbey said the local buying companies—most of which depend on Cocobod’s seed funding—have been left to struggle.

“One of the things we’ve done is to engage the central bank, and they asked for a follow-up letter. I’ve done that,” he said.

Dr. Abbey disclosed that during discussions with the Bank of Ghana, he proposed a practical and urgent intervention to avert collapse.

“What I then told the central bank when we engaged them was that, look, you have the Cash Reserve Ratio, where all the banks put 25% of their deposits at the central bank. This is idle, not doing anything.”

“Now we have a critical industry, the indigenous LBC dying off. Can we look at apportioning 2% or 3% of this Cash Reserve Ratio just to support indigenous LBCs?” he suggested.

He added that the funds could be ring-fenced specifically for cocoa purchases.

“We can restrict it to cocoa purchases, just to ensure that they also don’t go using it for oil, tin tomatoes and all those things.”

Dr. Abbey says he remains hopeful for a positive response from the central bank. But he also warns that time is running out.

“If we continue with this financing model, I fear that most of them might go extinct.”

Ad article

No seed fund for LBCs in 2024/25 due to lack of no syndicated loan – Randy Abbey

0

The Acting CEO of Ghana Cocoa Board has revealed that for the 2024/25 cocoa season, COCOBOD did not secure a syndicated loan.

Dr. Randy Anerley Abbey said this effectively cuts off the traditional seed funding support to Licensed Buying Companies (LBCs), especially the indigenous ones.

“There was no syndicated loan, so no seed fund,” Dr. Abbey said in a blunt assessment of the current financial strain in Ghana’s cocoa sector.

“What we realise is that, although it is saving COCOBOD in terms of the financing cost… now the indigenous LBCs are unable to operate.

Dr. Abbey explained that in previous years, COCOBOD would raise an annual syndicated loan with international banks to finance the purchase of cocoa beans.

A portion of that loan would then be used to create “seed money”, which was disbursed to LBCs to enable them to buy beans from farmers.

“Under the syndicated loan, COCOBOD creates what it calls the seed money. And this seed money is what is given to the LBCs to go and purchase the bean”.

But this year, that system has been disrupted.

“We are not doing the syndicated loan. We are not doing 2025/26. For 2026/27, I don’t know, okay, but for 2025/26 we are not,” he stated.

The COCOBOD boss also noted that the financing climate has become increasingly hostile.

He warned that if COCOBOD had proceeded with a loan this year, it would have had to borrow around GH¢3 billion or GH¢3.5 billion, with banks demanding high interest rates.

“Because of the nature of our finances, you even have banks asking for 8% to 10% on $1.”

As a result, many local LBCs have been left in limbo, struggling to mobilise funds to purchase cocoa, a situation Dr. Abbey described as dire.

“If we continue with this financing model, I fear that most of them might go extinct.”

In a bid to prevent a collapse, COCOBOD is engaging the Bank of Ghana with a bold proposal.

Dr. Abbey said he has asked the central bank to release a portion of the Cash Reserve Ratio—the mandatory deposit commercial banks keep with the Bank of Ghana—to support cocoa purchases.

“Look, you have the Cash Reserve Ratio, where all the banks put 25% of their deposits at the central bank. This is idle, not doing anything. Now we have a critical industry, the indigenous LBC, dying off. Can we look at apportioning 2% or 3%…to support indigenous LBCs?”

He added that any funding released through this channel could be ring-fenced strictly for cocoa purchases.

“We can restrict it to cocoa purchases, just to ensure that they also don’t go using it for oil, tin tomatoes and all those things.”

Dr. Abbey stated that the Bank of Ghana had requested a formal letter to consider the proposal, and COCOBOD has complied accordingly.

“I’ve done that. This is one of the discussions we had with the central bank. We believe that if there’s a positive response, it will be able to help.”

He further indicated that COCOBOD is maintaining a 60-40 buying structure with cocoa buyers as part of its revised operational approach.

“So it’s the reason why I went to Europe and North America to meet the buyers and all that. We’re still doing the 60-40 with the buyers.”

Ad article

Benso Oil Palm Plantation declares GH₵2.13 dividend per share in 2024

0

Benso Oil Palm Plantation (BOPP) PLC has announced a total dividend of GH₵2.1364 per share for the 2024 financial year, rewarding shareholders with nearly 80 per cent of the company’s profit after tax.

The declaration was made by the Chairman of the Board of Directors, Dr Alfred Mahamadu Braimah, during the company’s Annual General Meeting.

The total dividend comprises a final dividend of GH₵0.9085 per share and an earlier interim dividend of GH₵1.2270 per share, reflecting strong returns despite a marginal drop in production levels.

“This brings the total dividend pay-out for 2024 to GH₵2.1364 per share, representing 79.96 per cent of the company’s profit after tax,” Dr Braimah stated. He noted that this also constituted 91.61 per cent of the dividend payout achieved in 2023.

Addressing shareholders, Dr Braimah commended the company’s resilient performance in the face of both local and global headwinds.

In 2024, BOPP processed 121,787 metric tonnes of palm fruit, a slight decrease from the previous year due to seasonal changes and ongoing replanting efforts. The company also acquired 46,085 metric tonnes of fresh palm bunches from outgrowers in the Western and Central Regions, costing GH₵65 million.

A major development during the year was the replanting and development of 3,064 hectares of oil palm, valued at GH₵59 million. Of this, 883 hectares have already reached maturity. “The success achieved in executing such smallholder projects under sustainable practices makes your company more attractive to potential investors,” Dr Braimah remarked.

BOPP’s commitment to sustainable operations and corporate governance earned it several accolades, including second-best agribusiness at the 2024 AGI awards and second runner-up for best CSR company. It was also ranked 23rd in the Ghana Club 100 rankings and continues to maintain its RSPO certification, a globally recognised standard for sustainable palm oil.

The company’s emphasis on workplace safety yielded significant results, recording no serious injuries and maintaining a lost time injury rate of 0.65. Dr Braimah attributed this to BOPP’s “strong commitment to safety, health, environment, and quality.”

On the corporate social responsibility front, BOPP invested GHC1.6 million in projects spanning education, health, sanitation, security, infrastructure, and economic empowerment.

However, the Board Chairman expressed concern over the influx of illegal and grey edible oil imports into Ghana. “Government must pay attention to how this negatively impacts local industries, jobs, and government tax revenues,” he urged.

Echoing this sentiment, the company’s General Manager, Mr Samuel Avaala Awonnea, called for decisive government action against illegal imports and illegal mining. “These practices threaten the existence of businesses, jobs, and long-term business sustainability,” he warned.

Mr Awonnea also highlighted BOPP’s drive for environmental sustainability, stating that the company now generates more than 80 per cent of its palm oil mill’s energy requirements using biomass. “We use steam from biomass to drive our steam turbine-driven generators,” he said.

During the meeting, shareholders called for increased investment in information technology and proposed that the company consider expanding its shareholding base to allow more Ghanaians to invest.

The Board pledged its unwavering support to management in pursuing yield improvement strategies and operational efficiency to secure continued growth and value for shareholders.

Ad article
123...164Page 2 of 164
agrictoday.com
Agric Today is a news agency that publishes on Agric and provides vivid update of news and analysis on topical issues of national and international importance in Agriculture. The agency also analyses sectoral issues involving news on Agri business, Crops, Animals etc
Facebook Instagram Twitter WhatsApp

POPULAR POSTS

POPULAR CATEGORY

© 2023 Agrictoday.com.gh