It will also see the employment of more than 150 Ghanaians, in addition to the existing 600 employees.

Nutrifoods Ghana Limited, producers of King Cracker and Perk Up biscuits, is a subsidiary of Olam Ghana, jointly owned by Olam International in Singapore, with 75 per cent shares, and Sanyo Foods of Japan, with 25 per cent equity. 

The Minister of Trade and Industry, Mr Alan Kyerematen, and the Minister of Trade and Industry under the Ministry of National Development of Singapore, Dr Koh Poh Koon, with the assistance of some traditional leaders, unveiled a plaque to signify the opening of the new production line on the Tema Motorway in the Greater Accra Region.

Entrepreneurship

In his address, Mr Kyerematen said the story of Olam could be situated within the context of entrepreneurship in Ghana, noting that the company started operating around 1994 but had grown in leaps and bounds.

He applauded the company for remaining competitive on the Ghanaian market over the years, in spite of the challenges, adding that “that is what is expected of businesses”.

“As a government, our agenda is predicated on job creation through public/private partnerships (PPPs). I wish to reiterate that the one district, one factory (ODOF) policy is wholly private sector driven, with the assistance of the government,” he said.

Mr Kyerematen indicated that the New Patriotic Party (NPP) government’s industrial transformation agenda was anchored on the principles of the provision of a stimulus package for existing businesses and the decentralisation of industrial development.

Regulatory framework

He added that the government would put in place the necessary regulatory frameworks which would enhance the growth and development of local businesses.

He emphasised Ghana’s continued commitment to do business with Singapore and other countries.

The Managing Director and Chief Executive Officer (CEO) of Olam Africa and the Middle East, Mr V. Srivathsan, said as a company, what Olam needed was more than financial assistance.

“Olam, like all private companies, needs more than financial support — an enabling environment to make industries to thrive,” he added.

Presentation to schools 

As part of the inauguration, the company donated over 6,000 packs of fortified Milky Magic biscuits to the Klagon TMA Basic School, which is within its catchment area.

The Senior Vice-President and Country Head of Olam Ghana, Mr Amit Agrawal, said the company would supply the school with biscuits for the whole year as part of its corporate social responsibility.

 Dr Koon, for his part, said Ghana and Singapore had a lot of things in common in the areas of politics and trade.

According to him, what was more important to both countries was their readiness to learn and adopt from each other and know how to situate any new development within the context of the two countries.

 Mr Alan Kyerematen (left), the Minister of Trade, shaking hands with Dr Koh Poh Koon, the Minister of State for Trade and Industry, Singapore, after they had jointly inaugurated the factory