President Mills Inaugurates New Olam Wheat Milling Facility in Ghana

Feb 28 2012 --- Olam International Limited, a leading global integrated supply chain manager and processor of agricultural products and food ingredients, on Friday unveiled the latest development in its grains supply chain in Wesat Africa, a fully functional state-of-the-art wheat milling facility in Ghana, aimed at making the country self-sufficient in wheat flour. This investment signifies Olam’s continued support for the country where it is a leading player in the cocoa, cashew, cotton, rice and sugar supply chains and operates a packaged foods business.

 

“This event marks another milestone in our goal to become a major wheat miller in Sub-Saharan Africa, as we consolidate our West Africa expansion into the midmarket grain supply chain here in Ghana. This investment will enable us to unlock mutual value, contribute to the country’s food security and capitalise on the increasing demand for flour-based products here on African the continent whilst extending our lasting partnership with the people and the government of the country. We are grateful to His Excellency President Evans Atta Mills for officially opening this facility,” said Sunny Verghese, Chief Executive Officer of Olam International.

 

The new wheat milling facility is a stepping stone to Olam’s long-term strategy in Ghana, at a cost of $55 million, it forms part of the increase in planned investment from $90 million to $450 million announced by Mr. Verghese at the inauguration ceremony. Olam Ghana employs over 500 people, increasing to nearly 1,500 in the next 3 years, of whom 100 will be employed at the new wheat facility. The production capacity of the plant is 115,000 metric tonnes of flour production per annum.

 

Attending and presenting the opening speech at the inauguration in Tema, Ghana, President H. E. Professor John Evans Atta Mills said: “This is a company worth supporting. This is a company with our interests at heart…I want to show the Government’s appreciation for the excellent work Olam is doing in the agricultural and industrial sectors….and give the Government’s congratulations on this achievement. May this company grow from strength to strength.”

 

Olam has worldwide experience in using innovative solutions and responsible practices that contribute to profitable growth in a socially responsible and environmentally sustainable manner with the ultimate goal of building end-to-end sustainable supply chains. This modern plant with its innovative technology to minimise electricity consumption is at one end of the chain. At the other end, Olam works hand in hand with farmers and their communities to improve livelihoods through providing pre-finance and agricultural inputs, together with comprehensive training programmes for improved yield and environmental stewardship. The company is committed to paying transparent and fair market pricing while building community infrastructure to support social welfare. In Ghana alone Olam touches the lives of half a million farmers.