Akuafo Adamfo opens corporate headquarters in Kumasi

The Akuafo Adamfo Marketing Company Limited, a subsidiary of Finatrade Group of Companies, has opened its corporate headquarters in the Ashanti regional capital, Kumasi.

Finatrade’s strategy for 2013 is focused solely on increase in local production and distribution of agricultural commodities, and less attention on importation.

The company is therefore investing in expansion of local infrastructure for operational efficiency and job creation, especially in the cocoa and rice sectors.

Managing Director of Akuafo Adamfo, Antoine BouDib noted that the decision to locate its head office outside of the nation’s capital, Accra, falls in line with the company’s quest to stay closer to the farmers and staff in cocoa growing areas.

He emphasized the Finatrade Group’s confidence in the strength of the Ghanaian economy, whilst acknowledging that “doing business in Ghana is getting more difficult on daily basis”.

“Many investors came for quick money, maximized their profits and then took the lead back to their origins; these investors eat out of the plate of the good investors who aim to reinvest more and more in their respective industries”, observed Mr. BouDib.

In a decade of operations, Akuafo Adamfo has emerged as the leading private Licensed Buying Cocoa Company in Ghana. It commands 15 percent of the total market share, continually placing second in the league table of 29 LBCs in Ghana.

The Produce Buying Company (PBC) of the Ghana Cocoa Board is tops in the cocoa purchasing business.

The last couple of years of been challenging in the cocoa industry – including decreases in global prices of cocoa, threats of illegal mining which destroyed large stretch of cocoa lands.

Mr. BouDib pleaded with government and other interest groups like the COCOBOD for fairness, consideration and appreciation of LBCs’ role in national economic development.

“The LBCs offer jobs for hundreds of thousands of farmers, agents, purchasing clerks and staff. Our contribution to the economy is very vital; we add value to the economy without destroying the natural resource that Ghana has…we seek your support and help for the whole private sector”, he requested.

The Asantehene Otumfuo Osei Tutu II, who commissioned the corporate edifice, commended the company for its “faith in Ghana” to invest, create jobs and support socio-economic development.  

He expressed confidence in the COCOBOD to promote fairness in the industry as well as continue to device policies to help the LBCs to develop.

The King is looking forward to Akuafo Adanfo growing its market share to 20 percent.

Story by Kofi Adu Domfeh