Olam Cocoa Ghana, a private Licenced Buying Company marks two decades of operation in Ghana. The company has advanced into a fully integrated business in Ghana’s cocoa sector with sustainability at the core of its business.
As part of the 20 years anniversary, Olam Cocoa Ghana has committed GH¢500,000.00 towards the establishment of an educational endowment fund in 10 communities within its operational areas, with each community receiving GH¢50,000.00 each as seed capital, to support needy but brilliant students in those areas.
The beneficiary communities include Sefwi-Wiawso, Sefwi- Anhwiawso and Wassa Amenfi all in the Western North and Western regions, Akyem Tafo in the Eastern Region and Olam Wa Na Educational Fund in the Northern Region.
Others are Olam Ahafoman Educational Fund, Olam Denkyireman Educational Fund, Tepaman Educational Fund, Kwaboadi Educational Fund, and Olam Joseph Antwi Memorial Educational Fund.
At a ceremony held in Accra to commemorate the 20th anniversary of the company’s successful business in Ghana, Mr. Eric Asare Botwe, Business Head of Olam Cocoa said Olam has successfully built a cocoa portfolio which accounts for 25 percent of the cocoa bean trade in the country and contributed significantly to Ghana’s position as a world leader in cocoa production.
“Twenty years down the line, Olam Cocoa is the one of the biggest private Licenced Buying Company (LBC) in the country, currently sourcing 140,000 metric tonnes of beans as against its humble beginning of 38,000 tonnes in 1999. Our journey has indeed been an innovative one and encompassed nearly every part of the cocoa supply chain, contributing significantly to Ghana’s position as a world leader in cocoa production.” Mr. Botwe said.
He expressed pride in the high level of local content in the operations of Olam Cocoa disclosing that the company employs 650 direct staff and engages some 6,000 commission agents, all of whom are Ghanaians, operating in all the COCOBOD regions within about 13,000 communities across the country.
Olam Cocoa Ghana scholarship scheme comes days after the Ghana Cocoa Board (COCOBOD) plans to channel funds, set aside for its Farmers Scholarship Trust for beneficiaries entering Senior High Schools (SHS), into developing school infrastructure for needy communities.
For almost 5 decades, the Ghana Cocoa Board, through its scholarship scheme, has provided scholarship for children of cocoa farmers in SHS, by paying for their tuition, including examination fees, boarding and feeding.
However, according to the CEO of the Ghana Cocoa Board, Joseph Boahen Aidoo, with the introduction of the free SHS, the need for the fund to continue paying school fees is curtailed, thus the decision to channel that money into other profitable use within the education sector.