Akuafo Adamfo hits significant milestone

In its quest to become and sustain the position as a leading private Licenced Cocoa Buying Company in Ghana, the Akuafo Adamfo Marketing Company Limited has inaugurated its corporate headquarters in Kumasi.

The Asantehene Otumfuo Osei Tutu II, who cut the tape to officially open the ultra-modern edifice -- the first of its kind in the cocoa industry, commended the Company for keeping to its promise to operate its head-office from Kumasi.

The Asantehene applauded Akuafo Adamfo for the successes chalked up so far in the cocoa purchasing industry, and particularly in creating jobs and boosting revenue generation -- which contributes to the country’s economic advancement.

He also commended the Company for keeping to its promise that it has come to stay and also re-invest in the economy and various areas of Agriculture while mentioning the Company’s rice production at Sogakope in the Volta Region.

“I am not a sycophant; I don’t believe in words, I believe in action, and I only become interested in issues such as this when I have evidence that the person is doing well for my country and creating employment for my people,” Otumfuo emphasised.

Otumfuo assured management of Akuafo Adamfo of his support as they expand, particularly in the cocoa growing areas of the country which would automatically affect expansion of the economy.

Akuafo Adamfo Marketing Company Limited, which is a subsidiary of the Finatrade Group of Companies, was licenced by the Ghana Cocoa Board to operate as a Licenced Buying Company in 2001. Currently, the Company operates in six of the seven cocoa-growing areas in Ghana.

It is currently the leading private Licenced Buying Cocoa Company in Ghana and comes second to Produce Buying Company of Ghana Cocoa Board in the purchasing of cocoa beans in Ghana.

At the end of its first operation in the 2002 crop year, the Company was able to purchase a little over 7,300 metric tonnes of cocoa -- which represented 2.16% of the national total.

The Company’s performance has been very impressive over the years, to the extent that it could purchase 57,100 metric tonnes of cocoa in 2007 – 2008 crop season and continually placing second in the league table of LBCs.

The Company, according to the Chief Executive Officer of COCOBOD Mr. Anthony Fofie, presently controls 15% of the industry market share -- coming second to PBC which has about 30-35%.

Currently, there are twenty-nine LBCs and the competitive environment is driving many of the Companies to provide extra services for the cocoa farmers; notably, the provision of inputs.

As part of its corporate social responsibilities, Akuafo Adamfo provides scholarships to farmers’ wards, renovates dilapidated school buildings in cocoa communities, and constructs boreholes.

In an address, the Managing Director of Akuafo Adamfo Mr. Antoine BouDib said doing business in Ghana is becoming more difficult. According to him, many investors come for quick money, maximise their profits and take the lead back to their countries. These investors, he said, eat out of the plate of good investors who aim to re-invest more in their respective industries.

“In Finatrade Group, we strongly believe in the strength of the Ghanaian economy, and this belief can be clearly seen in the building that we have put up as our corporate head-quarters,” he said.

Mr. BoudDib said the last couple of years were difficult in the cocoa industry. They faced a major decrease in prices on the international market.

Another problem the MD mentioned was the illegal mining that destroyed a big part of the cocoa cultivation lands.