Olam receives top tax-award

The Ghana Revenue Authority (GRA) has presented a plaque and a citation to Olam Ghana Limited, a global agriculture commodity company, as the best taxpayer for 2011 in the country.

The award was in recognition of Olam’s tax compliance policies and effective filing of tax returns to the GRA towards the national development.

Mr. E. E. Kwesie, Chairman of the Board of the GRA, presented the awards to Bikash Prasad, Regional Head of Finance, Olam Ghana in Accra at an awards ceremony under the theme ‘Rewarding Tax Compliance and Excellence in Nation Building’.

Receiving the award on behalf of the company, Mr. Prasad said: “It feels good to be recognised by the GRA for our commitment and integrity on high standards of corporate governance.

“Getting recognition is a huge encouragement towards our commitment on complying with high standards of book-keeping and maintaining transparency.

“We are hopeful that the award will spur us on to be more responsibly as a good corporate entity operating in the country.”

Bikash added: “We have demonstrated clear leadership in developing and implementing this platform by pioneering a reciprocal approach through investing in assets, education, financing and developing business skills in the communities where we are active.”
The award comes days after the company officially unveiled its US$55million wheat-milling processing plant in Tema.

The plant is situated at the Kpone Industrial Area and has eight large silos for the storage of wheat, two warehouses, and spacious loading grounds comprising a laboratory facility that will achieve annual flour production of 115,000 metric tonnes within three years, and will position the country as the third-largest flour mill.

He told B&FT that the company is establishing and supporting raw materials plantations such as oil palm, wheat and rice across Africa and expanding processing of flour products.

It is engaged in export of agricultural commodities including cocoa, cashew, shea-nuts and wood products. It also imports and distributes rice, sugar, dairy products, tomato-paste and edible oil through its extensive countrywide sales network.

“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.

“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,” he said.

Olam is among the country’s leading licenced buying companies for cocoa, sourcing cocoa from a network from more than 1,000 suppliers and delivering to Ghana Cocoa Board.

Olam Ghana, a subsidiary of the Singapore based Olam International, has a 15-year track-record in the country as a major supply-chain manager of agricultural products.