[ 2015-11-30 ]

Ghana cocoa gets global boost with Olam acquisition of ADM
Olam International, one of Ghana’s largest
agro-commodity companies, has completed its
acquisition of Archer Daniels Midland (ADM)
Company’s worldwide cocoa business.

All former ADM employees in Ghana, including the
major processing plant at Kumasi, now come under
Olam Cocoa which, following the acquisition, has
become a top 3 global processor of cocoa products
as well as one of the world’s leading
buyers of cocoa beans.

Mr. Amit Agrawal, Olam’s country head for
Ghana, comments: “Ghana is strategically
significant to the future success of Olam Cocoa.
Through this acquisition we have not only
increased our farmer buying networks but we now
have our first processing facility in Ghana which,
thanks to the skill of the Kumasi team, produces
cocoa liquor to exceptionally high
standards.”

Mr. John Scott Donkoh, Plant Manager of the Kumasi
facility added, “Everyone here is very happy
to be part of the Olam Cocoa family. We have heard
about the success they have had in cocoa and we
are therefore excited to be part of a team that,
with the support of the authorities, will advance
the processing business here in Ghana.”

Olam has pledged that it will continue to put
farmer livelihoods at the heart of its sourcing
efforts. This year alone, 10,500 cocoa farmers in
Ghana have benefited from the Olam Livelihood
Charter programme, collectively receiving
US$10,446,477 in short-term, interest-free
micro-finance; US$588,000 in premiums on top of
the government price for certified product; and
145,000 cocoa seedlings. All 10,500 farmers,
including over 4,088 women, received training in
Good Agricultural Practices, and 1,000 farmers
have received training in Business Skills.

In partnership with Rainforest Alliance, Olam
Cocoa has also established the world’s
first verified climate-smart cocoa programme in
the Bia / Juabeso regions. The programme helps
farmers to mitigate and adapt to rising
temperatures, in particular highlighting that
cutting down forest illegally to grow more cocoa
will only make the issues worse as there are fewer
trees to help absorb the carbon dioxide. Instead
farmers learn how to increase their yields through
better agricultural practices. To date, the
programme has also planted 286 hectares of trees
to reconstitute the forest.

Mr. Kennedy Ntoso, Olam Cocoa Sustainability
Manager in Ghana, commented that the programmes,
“are positively impacting 151 communities
and 10,500 farmers. The adoption of sustainable
farming practices has improved farmer incomes and
enhanced community resilience to climate
change.”

The acquisition of ADM Cocoa is just another
example of how Olam is continuing to invest in
Ghana. Olam began operations in 1994, supporting
cashew and cocoa farmers and investing in
infrastructure for the manufacture and
distribution of low-cost essentials including
tomato paste, biscuits and wheat flour.

Post-acquisition Olam now has around 800 permanent
staff and a further 900 seasonal staff working
around the country including at the head office in
Accra and regional offices in Tema, Kumasi,
Takoradi, Tamale and Sampa.

Source - MyjoyOnline

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