Fairtrade Premium of Golden Exotics holds 9th Annual Delegates Meeting

The Fairtrade Premium Committee (FPC) of the Golden Exotics Limited (GEL) located at Asutuare in the Shai Osudoku District of the Greater Accra Region under the year in review recorded an impressive growth performance across key indicators of its operations for the year ended 31st December 2022.

This came to light during the 9th Annual Delegates Meeting (ADM) of the Fairtrade Premium Committee held at the Volta River Authority (VRA) club house at Akuse in the Eastern Region.

Delivering his address, Chairman of the FPC, Mr. Felix Isuor Amekudzi mentioned the key sources of the revenue which he noted contributed to the amount realized during the year under review.

“The beginning of the year saw a total amount of €4,850,273.96 being the overall cash balance which included cash reserve from 2021, premium income received, interests on investments and incomes generated from the staff busing project which was cash available for the implementation of projects for the year 2022,” he disclosed.

He furthered that an amount of €294,342.68 being 20% of the fairtrade premium received from January to December, 2020 was in April, 2022 distributed equitably as bonus amongst all GEL/GOL workers in employment and those who retired in 2020.

With the needs assessment exercises conducted by the FPC establishing that developmental projects and educational support stood out as the utmost projects prioritized by workers, a total amount of Gh₵576,600 out of the budgeted Gh₵1,293,000 was spent on tuition fees of some of its workers with a further Gh₵549,951 spent on the provision of school materials for some 1,461 workers.
The 16 buses operating under the staff busing project also generated a total income of Gh₵2,102,509.14.

Other projects undertaken included the Ayiborm and Nyapienya Water Projects, Canteen, Duffor and Adakorpe Teachers’ and Nurses’ Bungalows, Lubuse Classroom Units and Osuwem Vocational Workshop, women empowerment, loan, environmental and a fairtrade office building projects.

Delivering the keynote address, the Operations Manager of the GEL/GOL, Geraud Terrisse who addressed members on behalf of the Managing Director, Mr. Ben Rich congratulated the chairman and members of the fairtrade premium committee for their immense support for the welfare of workers, families and the communities around its plantation.

He cited the provision of a crèche facility and the acquisition of a 30-seater bus by the FPC, subsidized lunch for workers, scholarships and educational support for spouses and children of workers, a transport system, interest free loan, etc. for its members as ample demonstration of the impact of the fairtrade system in meeting the needs of the workers and their families.

Mr. Geraud Terrisse while noting that the GEL/GOL has become one of the largest suppliers of fairtrade/organic banana to Europe said the combination of the fairtrade certification and organic production certification is a deliberate decision by management to ensure that its banana is produced in an environmentally friendly and certified condition.

He however expressed regret over the dwindling premium due to the trends in the economic situations around the world and urged FPC to be prudent in its investments without sacrificing their core mandate.

Vice president of the Compagnie Fruitiere in Ghana made a passionate call to the management of the Golden Exotics Limited (GEL) and the Fairtrade Premium Committee (FPC) on the need for the company to ensure the continuous production of high quality bananas to feed the international market.

Mr. Olivier Chassang speaking as guest of honour at the event underscored that this was necessary to convince its existing and new customers made of 90% of European and 10% West-African Sub-Regional markets of the unceasing need to patronize Ghanaian bananas.

According to him, the FPC had a role to play in ensuring that this is done to enable it sell more banana produce to undertake the various projects it aims to do.

“We could think it’s easy to discuss we have a lot of money, we have projects and we’re going to spend the money on these projects but we have to think of where the money is coming from and…the money is coming from selling more and more of our bananas and to sell more of our bananas we have to focus on quality and thus fairtrade has a role [to play],” said the vice president.

The delegates approved and adopted all resolutions on the agenda which included among other things the FPC annual premium reports, internal and external audit report, work plan and risk assessment financial statement and an amended constitution.

A new executive body was also sworn-in with the outgoing executives handing over to the new body.