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Business News of Friday, 30 November 2012

Source: B&FT

Pay attention to insurance - AGI boss

The president of the Association of Ghana Industries, Nana Owusu Afari, has asked Small and Medium Scale companies to take insurance “seriously” to avoid losing out completely when disaster strikes.

Whist consoling Dannex Pharmaceuticals Limited for losing its assets to fire last week, the AGI boss said SMEs in the country must learn a “lesson” from the incident and insure their companies. “Our consolation is that the company [Dannex] was insured, and we urge the insurance company to work speedily towards restoring hope to the company,” he said.

Nana Owusu Afari was speaking at the maiden edition of the AGI’s industry awards at the weekend, where several companies were awarded for their outstanding achievements in 2011. In the end, Fan Milk Ghana Limited was adjudged the overall best company.

The Company, which was incorporated in 1960 by a group of Scandinavian investors to produce milk and compliment the protein requirements of Ghanaians, is today one of the best-performing companies on the Ghana Stock Exchange.

The awards committee hailed the company’s nationwide presence through an intricate network of strategically located distribution outlets that make its products accessible to all.

The company currently provides direct employment to over 350 individuals and indirect employment to another 8,000 or more people.

Its milk-based products consist of a wide range of ice-creams and yoghurts -- while Tampico, the one-and-only citrus fruit drink, and ice-lollies make up the fruit-based products.

Duraplast Ghana Limited was also adjudged the Fastest Growing Company in the country. The company, which specialises in the production of Pipes and Fittings, has products that are widely used in potable water supply and distribution, electrical installation, telecommunication, irrigation, mining, bore-hole drilling, sewerage and drainage systems among others.

Guinness Ghana won two awards -- Best Corporate Social Responsibility Company and Best Company in Sustainable Manufacturing Practices.

Accra Breweries Limited was adjudged Best Company Employer of the year whilst Alexiboam Company Limited won the Young Enterprise Company award.

Eighteen other companies were also honoured with AGI Sector Awards in fields such as Agri-Business, Automotive and Transport, Chemicals, Electricals and Electronics, Energy, Food and Beverages, Garments, Textiles and Leather, Hospitality and Tourism, and Information and Communication Technology among others.

The AGI president said even though SMEs have been the “seedbeds” of industry, many of them go unnoticed.

“I am therefore happy that the AGI identified this void and together with the Ministry of Trade and Industry has instituted the Ghana Industry Awards to reward and honour companies that have achieved outstanding success in various areas of industry and innovation in the year under review.”

He called on government and private sector actors to support the AGI to develop the awards, which will be held each November, into a big national event similar to the National Farmers’ Day Awards.

“The AGI believes that as a country we have not been able to harness our industrial potential to the full over the years. This celebration should encourage us to reflect on our industrial development strategies so far, and what measures to take so as to improve our competitiveness,” he said.

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