Olam to increase its stake

By Bernard Yaw ASHIADEY

Olam Ghana, commodities dealer says its investment in the country will increase by five fold in the next three years.

Currently the company has invested GHC150million in its operations and hopes to increase it to GHC750 million by 2015.

The company is doubling the value of small loans to farmers which currently stands at GHC300 million.

Chief Executive Officer of Olams International, Sunny George Verghese made these remarks at the official inaugurating of the company’s $55 million ultra modern wheat flour mill at Kpone near Tema. The mill has the capacity to produce 500 metric tonnes a day.

“This is the first organic wheat milling facility in Africa constructed by Olam Ghana even though we have acquired other wheat milling facilities elsewhere on the continent.

“The facility is capable of employing 100 workers and very eco friendly. It is geared to minimize electricity consumption,” he said.

The President, John Atta-Mills who commissioned the facility, commended Olam for investing in agriculture which is the backbone of the economy.

“Anyone who invests in agriculture is helping to strengthen the economy. This is because; agriculture is the backbone of the economy.

“Even though we now have oil and gas, agriculture is the foundation or superstructure of many economies,” he said.

The President further assured Olam of government’s support and its provision of better environment for continuous investment.

Olam was chosen by government to re-invigorate cotton sector in the Upper West Region in March 2011.

The company was able to reach out to over 8500 farmers in six months and provided key implements like tractors, ploughs, fertilizers and insecticides, seeds and finances.

They set up a new 60, 000 metric tonnes cotton ginning facility in Wa and has the ambition of reaching 100,000 metric tonnes in 2015.