Ghana’s leading agri-commodity company Olam International has completed the acquisition of Archer Daniels Midland (ADM)’s cocoa business
From this month onwards, ADM employees as well as the processing plant in Kumasi will now come under Olam Cocoa. The acquisition has now placed Olam International as one of the top three cocoa processors in the world, in addition to one of the largest buyers of cocoa beans.
Olam Ghana country head Amit Agarwal said, “Ghana is strategically significant to the future success of Olam Cocoa. Through this acquisition we have not only increased our farmer buying networks but we now have our first processing facility in Ghana which, thanks to the skill of the Kumasi team, produces cocoa liquor to exceptionally high standards.”
The company’s latest acquisition is an extension of its efforts and interest in the country’s highly profitable cocoa sector. Olam International has invested in the world’s first verified climate-smart cocoa programme in the Bia/Juabeso communities in Ghana. The programme helps farmers adapt to rising temperatures, in particular highlighting that cutting down forests illegally to grow more cocoa will only hasten the effects of climate change.
Instead, farmers are encouraged to boost yields through better agricultural practices. To date, the programme has helped plant 286 hectares of trees to reconstitute the forest.
In addition, Olam’s Livelihood Charter Programme has aided 10,500 cocoa farmers in Ghana with finances, best agricultural practices and certified cocoa seeds.
