Ghana, a ‘bright star’ in global portfolio – Olam Group CEO

Accra, Oct. 22, GNA
– Sunny Verghese, the Co-Founder and Group CEO, Olam International Limited, has
cited Ghana’s positive business environment and strong governance as major
reasons for the company’s growth in the country and the region.

He also lauded the
quality of the country’s talent and the commitment of its employees.

Olam Ghana is
celebrating its 25th anniversary and is marking the occasion with a visit from
Mr Verghese and the Board of Olam International.

Commenting on the
milestone, Mr Verghese said, “Over the course of the last 25 years, we have
seen our operations in Ghana grow significantly. Today, we buy directly from
thousands of cocoa and cashew farmers, supporting many of them in
sustainability programmes to improve quality, yields and income.

We have invested in,
and operate, four manufacturing facilities, have doubled our wheat milling
capacity and launched dozens of consumer brands, including; many market leaders
in the country. I would like to thank all of our Ghanaian colleagues – over
1,300 – as well as the farmers, distributors and vendors who have helped to
achieve this success.”

Commenting on the
important role played by government over the years, Mr Verghese continued:

“We must also
recognise that Olam Ghana’s success is due to a conducive business operating
environment led by the Government’s Economic, Agricultural and Industrial

“With GDP growth
continuing to out-perform the global economy, Ghana is one of the most
attractive countries on the continent for business. A stable and predictable
policy framework has supported our investments in the country, which have grown
in excess of US$350 million.

“In recent years,
various government initiatives and favourable trade policies have enabled our
operations to become a hub of manufacturing excellence. Cocoa products from the
Kumasi facility are used by some of the most famous brands in the world; flour
produced in Tema is made into bread by bakers all over the country; while our
packaged foods products, such as Nutrisnax and Tasty Tom tomato mix, have
become household names, not just in Ghana but in West Africa.

“Taken together, the
skills and experience of the Olam Ghana team have helped Olam International to
become a S$30.5 billion company (by revenue) and are essential to our global
strategy of advancing our ingredients manufacturing capabilities alongside our
farmer procurement operations. Ghana really is a bright star in the Olam

Looking ahead to the
next 25 years, Mr Verghese added: “We will continue to live our ambition to
re-imagine global agriculture and food systems by helping farmers to improve
yields and quality for greater income; producing nutritionally sound low cost
foods for communities; and collaborating with government and civil society to
re-generate Ghana’s landscapes. In doing so, we will continue to invest in
Ghana’s attractive growth prospects.”

Established in 1994,
Olam Ghana is one of the leading food and agri-business companies in the
country. It is the largest private Licenced Buying Company in the cocoa sector
and buys cashew from more than 28,000 farmers.

The company operates
the largest flour milling facility in the country (28 per cent market share),
as well as a tomato mix processing and canning facility (45 per cent market share),
and a biscuit manufacturing factory (41% per cent market share), producing
market leading brands such as Perk, King Cracker, Royal Feast, Royal Aroma and
Tasty Tom Enriched Tomato Mix.

Olam Ghana is the
winner of various awards including; AGI Best Company Employer in 2018, Best
Company in Agribusiness Sector in 2018, Excellence in Food Manufacturing in
2019, Customs Gold Award for 2018, Ghana CEO of the Year Award in 2019.

Olam International
is a leading food and agri-business supplying food, ingredients, feed and fibre
to 19,800 customers worldwide. Our value chain spans over 60 countries and
includes farming, processing and distribution operations, as well as a sourcing
network of an estimated 4.8 million farmers.

Through our purpose
to ‘Re-imagine Global Agriculture and Food Systems’, Olam aims to address the
many challenges involved in meeting the needs of a growing global population,
while achieving positive impact for farming communities, our planet and all our

Headquartered and
listed in Singapore, Olam currently ranks among the top 30 largest primary
listed companies in terms of market capitalisation on SGX-ST.