Annual Report and Financial Statements 2015
ASSOCIATION OF GHANA INDUSTRIES
Annual Report and 2015 Financial Statements
Annual Report and Financial Statements 2015
THEME: “GROWING LOCAL INDUSTRY FOR EXPORT DEVELOPMENT AND JOB CREATION”
Annual Report and Financial Statements 2015
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HE John Dramani Mahama President of the Republic of Ghana
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Content
Page
1. Statement by Minister of Trade & Industry 5
2. Statement by the AGI President 8
3. Statement by Chief Executive Officer 12
4. Programme for 56th AGM 14
5. Mission Statement, Objectives, Services & Structure 17
6. National Council Members 19
7. Solidarity Messages from Partners
7.1 Ghana Chamber of Commerce and Industry (GCCI) 28 7.2 Chartered Institute of Marketing Ghana (CIMG) 29 7.3 Ghana Employers Association (GEA) 30 7.4 Federation of Association of Ghanaian Exporters (FAGE) 31 7.5 Ghana Chamber of Mines (GCM) 32 7.6 Ghana Standards Authority (GSA) 36
8. Report of Activities
8.1 Highlights 37 8.2 Budget Inputs for 2016 48 8.3 Business Barometer (BB) 50 8.4 AGI Support Flood / Fire Victims 53
9. Financial Statements
9.1 Report of the National Council 55 9.2 Independent Auditor’s Report 56 9.3 Income and Expenditure Account 58 9.4 Balance Sheet 59
10. New Members 2015 61
11. Acknowledgement 68
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Annual Report and Financial Statements 2015
Dr. Ekwow Spio-Garbrah Minister of Trade And Industry
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Statement by Minister for Trade & Industry
commend the Association of Ghana availability and adequacy of operational materials, Industries for holding its 56th Annual including packaging and technology. General Meeting (AGM) this year. During this AGM, I believe a lot of discussions The Ministry of Trade has indicated that if after Iwill take place aimed at strengthening a reasonable period of persuation, MDAs do not the competitiveness of local industries comply with the Policy, then consideration will and generating trade and investment be given to enacting legislation that will make opportunities for the private sector. I hope it mandatory for public institutions, whenever these interactions will also create the basis possible, to procure Made-In-Ghana goods and for constructive debate and discussions on services. issues affecting Ghanaian companies. The Government is willing to work closely with The AGM will serve as an opportunity to assess private sector organizations such as AGI to the performance of the Association over the past promote the patronage of Ghanaian products and year, identify challenges encountered and explore services across the country. means of addressing them to determine the way forward in the coming years. The importance of Due to the importance of this initiative to this year’s AGM is further underlined by the fact Government, I personally chair the meetings of the that new Sector Executives will be elected to steer MIG Committee as part of the mandate given to the affairs of the Association’s sub-sectoral groups. me by H.E. The President. Promotion of Made-In- Ghana goods and services is very critical to the Over the years, the deliberations of AGI have been challenge of strengthening the cedi, increasing geared towards raising public awareness of the exports and narrowing the trade and budget challenges confronting industry and harnessing deficits. In view of this, the exercise is dear to the the needed support for growth and development. agenda of the government and I pledge to work for Such events as the AGM, the Africa Industrialization the success of this initiative. However promoting Day and the Ghana Industry Awards have been MIG should not be confused with a banning of worthwhile as they continue to offer stakeholders certain imports. the needed opportunity to dialogue on pertinent issues that contribute to industrial development. The Government is taking into consideration issues of concern to industry and will adopt clear It is worthy of note that AGI is collaborating and strategies that will address key issues the AGI has partnering with government to address these been advocating for, such as the depreciation of issues at various levels, one practical example the cedi, influx of imported goods, access and high is the launch of a Campaign on Made-In-Ghana cost of credit, availability of power supply, industrial (MiG) products and services which was held last manpower development and training, etc. year. We believe that the effective implementation of This year, the Government, with the support of these strategies would turn around the fortunes of industry, has launched a Made-In-Ghana Policy industry in Ghana. Let us work together to create document which is aimed at creating the awareness jobs and wealth and therefore reduce poverty. among especially Ministries, Departments & Agencies as well as the general populace of the It is my pleasure to congratulate the Association of need to patronize Made-In-Ghana (MIG) goods Ghana Industries on the occasion of its 56th AGM. and services. The Policy also aims to improve the production, processing and distribution value chain of targeted products in terms of raw material
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Annual Report and Financial Statements 2015
FOREWORD by AGI President
Council, who embraced this idea and every member who have travelled from far and near to join us in this historic event today. I also wish to commend our Ashanti/ Brong Ahafo Regional Executives, led by the indefatigable Regional Chairperson, Mrs. Afua Gyamfua Owusu-Akyaw, for their enthusiasm in hosting us today. I also wish to pay special tribute to Nana Asante Frempong, a former Regional Chairman of AGI, and a former member of Parliament, who has singlehandedly advocated for rotation in the venue of Annual General Meetings of the Association; Nana today, your dream has become a reality, and we commend you for that.
In this third year of my stewardship as the President of this great Association, I have a pleasant duty to report to you on activities of the Association, with particular reference to 2016. This year began with a long list of activities planned for the year. We may not have achieved all, but I am happy to report that Mr. James Asare-Adjei most of the activities planned were executed. Whilst we have had good successes with some of the key advocacy activities undertaken, there are some issues that were advocated istinguish Ladies and Gentlemen, on but are yet to be fully implemented by our permit me first of all, on behalf of the policy makers. National Council, to heartily welcome everyone to this august assembly; the The theme for this year’s AGM, ‘GROWING DAnnual General Meeting of AGI. Your presence LOCAL INDUSTRIES FOR EXPORT DEVELOMENT here in great numbers is eloquent testimony of AND JOB CREATION’ has been carefully chosen your continuous manifestation and unalloyed to underscore the importance of growing sacrifice and commitment to the Association of export-oriented businesses to reduce the Ghana Industries, and the industrial sector, for country’s balance of trade deficit and shore up that matter. the local currency. Every effort should therefore be geared towards developing our exports to Distinguished Members of AGI, today we have support Ghana’s development. made history, for the first time in the Fifty- Eight (58)-year history of the Association, we I wish to first of all acknowledge the relative are having our AGM outside the National capital stability the economy has experienced this year, to the Ashanti region, to be precise Kumasi. As and we commend government for the Macro- the adage goes, ‘better late than never’. The economic stability. AGI urges Government intention to have our AGM outside Accra did to ensure sustainability of measures not start today, but the logistical challenges instituted, which are resulting in the seeming have always discouraged us from embarking on macroeconomic stability and improve on the this journey. I am therefore happy that, finally, general economic outlook of the country. we have succeeded in doing so. Let me take this opportunity to thank the members of the We also acknowledge the significant National Executive Committee and the entire improvement in energy supply to Ghanaian
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businesses in general. The unreliable supply of opportunities that are being created and make electricity was the biggest challenge that confronted the best out of it. There is a lot more work to be businesses last year. Hence the improvement comes done, though, and I seek your support and active as a welcome development. I would however quickly participation. add that, the improvement in the energy supply has brought in its wake the high and unbearable electricity tariff costs to industries in particular and AGI again, commends government for the coming businesses in general. Indeed, the apparent silence on stream of the TEN project and the subsequent by businesses in the last few months on the subject introduction of the FPSO Prof. John Atta Mills. We matter should not be misconstrued as acceptance are also excited to hear of the ENI gas processing by the business community of the current energy facility coming on stream next year. In all these, tariffs levels. It is indeed a helpless situation for we commend government and the various players Industries in particular and everything should for their efforts, these are major industrial projects be done to improve efficiency and subsequently that can boost industrial and economic activities reduce the tariff levels as it is rendering our in the country if properly harnessed. We would businesses uncompetitive. I also wish to reiterate however like to see a clear plan for linking all these AGI’s position, which we have been articulating for facilities to industrial development. The oil and gas long, that industry is no longer in the position to sector could be used as impetus to grow industry subsidize residential consumers in the payment of in Ghana. Various by-products of the petrochemical electricity tariffs and therefore we demand that industry such as ethanol, Power generation, etc. the next tariff adjustment should remove every and its associated industries can be developed; subsidy on residential consumers being borne by however we need to have a clear plan to achieve industry. We need a drastic action on this in order the full impact of the oil discovery. not to disadvantage industry players. This year, businesses were subjected to new taxes, Growth in manufacturing contribution to GDP has without any consultations. AGI and it’s members not been impressive over the past years. The fact are not happy with this development and has that Annual net GDP growth rate in manufacturing engaged the Ministry of Finance on this subject decline three times over the past 4 years should be matter extensively. With the support of BUSAC a matter of concern to all. Industry’s contribution Fund, we have engaged a consultant to conduct an to GDP has declined from 54.4 percent in 2011 extensive study on the tax regime relating to the to the current -5.0 percent in the second quarter private sector. The study will give comprehensive of 2016, according to Ghana Statistical Service. information about the various taxes and recommend With the population growth rate of nearly 3% and taxes that require reforms. The Economic Affairs over 200,000 students coming out of our tertiary Committee will engage the appropriate Ministries institutions every year, we owe it a duty to create when the report is ready and inform members of jobs for our teeming youth. Industry holds the AGI accordingly. key to job creation and it is for this reason that AGI is most concerned about the poor growth in Our advocacy has not only been limited to the manufacturing sub-sector. Unfortunately, the government. This year, the Shipping lines implementation of the Industrial policy which was operating in the country introduced Terminal developed together with the private sector five Handling Charges to all shippers without consulting (5) years ago, with the objective of resuscitating businesses. We considered this an illegal charge the manufacturing sector has been poor. There on businesses, and as a result partnered with is therefore the urgent need to review the Ghana other business Associations, and with the support Industrial Policy and its implementation programme from the Ghana Shippers Authority, advocated known as the Industrial Sector Support Programme, strongly against the imposition of these charges. as well as put in place the necessary measures and The matter was bought to the attention of the resources for full and effective implementation. Minister for Transport, who subsequently issued a directive to suspend the charges. I want to take this Let me at this juncture commend the Ministry of opportunity to thank His Excellency the President Trade and Industry for the effort on the Made-in- of Ghana, who reechoed the Ministers directive and Ghana Promotion. As the principal beneficiary of made a strong pronouncement against this charge this policy, AGI has been actively involved in the when the matter was brought to his attention after entire campaign arrangements and we are happy the shipping lines failed to heed to the Minister’s with the progress made so far. It is our hope directive. Members, I am delighted to announce that members will take advantage of all these that, since then the Shippers have withdrawn these
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charges, and by this effort, AGI and its partners silent on the plan to establish the AGI industrial saved Ghanaian businesses over USD 78,000 a Bank in this year’s address, but I know members are year, which was going to be syphoned out of this anxious to know about the progress being made. I country at the expense of businesses. This is what must say, that effort is still on-going and we are Advocacy can do!. It is our intention to take this at the critical stage in this development. Whilst I coalition arrangement forward, and come together would not like to give too much detail at this stage, on issues of common interest, and advocate on it is important to mention that we have succeeded them. in establishing the Industrial Development Fund, which is setting up the foundation to ultimately grow into a bank. So indeed we have made progress. We Permit me to make a brief comment on the two are at a stage of mobilizing resources into the Fund international business policy issues that members and therefore would like to urge members who are must be aware of. The International Trade interested in investing in the Fund and ultimately Commission bill was passed this year. Thanks to the bank to do so. AGI has also completed its 5-year the effort of some of our members, especially strategic plan (2016-2020) which will shape the those in cement production, and the Ministry of medium-term focus of the Association. I strongly Trade & Industry who sponsored the bill. This bill urge every member to get either soft or hard copy. seeks to protect our local industries from unfair trade practices. Members should be aware of this and take advantage of it. I would like to compliment the efforts of and pay special tributes to some of our members who The next one is the signing of the Second Interim relentlessly have contributed financially, time and European Partnership Agreement, (second IEPA). effort, to support our programmes. We should at I know some of our members were concerned this juncture frown on the attitude of some members about the signing of EPA but I can assure you that who have refused to pay their subscriptions to help Ghana did not have an option, the consequences finance the activities of the Association; the excuse of not signing would have been worse, especially of business facing challenges is untenable, since we for our exporting companies. Members, what is all operate in the same business environment. The critical now, is to identify the opportunities that the role of the Association in the survival and growth Agreement will bring to Ghana and preparing to of our businesses is so important, that no member take advantage of it. The Executives have started company worth its salt should fail to honour its serious engagement with the European Union and obligations. I wish therefore to encourage members next year, activities relating to the EPA will be firmly in arrears to pay their subscription before the end on AGI’s Calendar. of the year.
We have strengthened our relationships with the Finally, distinguished members, this year’s general Diplomatic Community, with the view to exploring elections are crucial for businesses and the country and bringing benefits to members. We have engage as a whole. We are at the cross roads, and we various Embassies, including the US, the EU, cannot destroy what we have built as a nation, in China, Danish, Switzerland, Egypt, Brazil, Indian, the name of elections. We need to seek the peace South Africa, and several others. The Accra Region of this country, and therefore add my voice as has also instituted a programme that brings the President of AGI, and call on all political parties to High commissioners of various countries to come conduct all activities peacefully before, during and and speak to members on business opportunities. after December 7th elections. On our part we are During the year, we also received several business engaging the political parties; and in our meetings, delegations from various parts of the world. In all we emphasize the need for peace and how to these engagement, our ultimate goal is to create promote private sector and industrial development opportunity for members, be it partnership for local to create jobs and wealth in the economy. We urge investment, partnership for sourcing machinery every citizen to stay calm, play his/her role and and expertise, or partnerships for exports. It is contribute to successful and peaceful elections in in this light that the International Relations and just about a month’s time. Marketing Committee has been set up to oversee all international engagements for AGI. Again we Thank you. would like members to actively patronize all these services and take full advantage of them and support our course.
Distinguished members, I would have loved to be
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Statement by Chief Executive Officer
nce again, another accounting year has ended, and we are happy to present to our cherished members Oand stakeholders, the AGI Annual Report. The report as usual, highlights the key activities undertaken during the year, achievements made and challenges encountered in the business environment in the course of the year. It also gives a summary of the financial position of the Association during the year under review. We are happy that we have been able to consistently publish this report since its inception in 2011. It is our hope that members will read this in detail and stay abreast with developments in the Association.
This year’s AGM is particularly special in view of the fact that it is taking place for the first time in Kumasi. Members in the Ashanti/ Brong Ahafo Regions therefore have the opportunity of hosting this important event for the first time in the history of the Association. We commend everyone who has contributed, in one way or the other, in making this event a reality in Kumasi. Mr. Seth Twum-Akwaboah This year has been equally challenging, even though with good prospects ahead. The macroeconomic conditions have been fairly stable, and the electricity situation has auspices of our Ashanti/BrongAhafo Regional Branch, and also been reasonably stable compared to last year. We we commend the Executives of the region for their effort. have however experienced astronomical increases in Consistent with the theme for this year’s AGM, “Growing electricity tariffs, and members have complained seriously Local Industry for Export Development and Job Creation”, about this development. We share your frustrations and we created the AGI Export sector to drive our export we are working with Government to help resolve these development in line with AGI’s expectations. matters. The taxes on electricity tariffs partly account for the tariff hikes. Incidentally, AGI is undertaking a thorough The vast range of activities undertaken would not have review of taxes impacting on business in Ghana with the been possible without active participation of every AGI support of the BUSAC Fund. member, and we highly commend every member for your support. We particularly commend our National Executives, Several advocacy activities have taken place in the course and the National Council, headed by the able leadership of of the year; we were able to resolve some of the policy the President, for their sacrificial support throughout the issues that confronted us, such as the Terminal Handling year. In addition to the energy, expertise and time spent Charges that was imposed on shippers by the Shipping some further committed resources to the activities of the Lines without any justification. Other advocacy issues such Association by sponsoring major events in the course of as the Tax Stamps on beverages, the threat of flexible the year. May I also commend our development partners plastic ban, multiplicity of taxes, are still being pursued including the BUSAC Fund for their tremendous support vigorously to ensure that these policies support business towards all our policy advocacy projects. growth rather than destroying them. We monitored some of the important bills before Parliament and made the Sad to say in the course of the year, we lost one of necessary input in order not to disadvantage Industry our cherished staff Ms. Lydia Aye-Danquah at the AGI before their passage. Typical examples are the International Directorate. Until her demise, the late Lydia Aye-Danquah Trade Commission Bill and the Cement Importation Act. As served AGI for well over 10 years and may her soul rest in an Association, it gives us great joy anytime we are able to perfect peace. influence policies to create that conducive environment for our members and Ghanaian businesses at large. Individual I also wish to take this opportunity to thank the staff of membership issues have also come to the fore, and we the AGI Directorate, including those in the regions for their attach every importance to such requests for intervention. hard work throughout the year. All our AGI branch offices continued to operate to provide services for our members in the regions outside Accra. On behalf of the National Council, and the Directorate I An office has recently been opened in Sunyani to cater wish all Ghanaians a peaceful and trouble free elections. for members in the Brong Ahafo region, under the Thank you.
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Programme
Venue : Golden Tulip Hotel, Kumasi, Ashanti Region
Date/Time : Wednesday, 2nd November 2016 at 9:00-am
Theme : “Growing Local Industry for Export Development and Job Creation”
AGENDA
A. PLENARY SESSION
09:00 am : Arrival and Registration of AGI Members
09:30 am : Arrival of Guest Speaker & Other Invited Guests
10:00 am : Arrival of Ministers of State
10:05 am : Opening Prayer
: Welcome Statement Mrs. Afua Gyamfua Owusu-Akyaw, Regional Chairperson, Ashanti/BA
: The President’s Annual Address Mr. James Asare-Adjei, President of AGI
: Address by the Guest Speaker Professor Stephen Adei, Former Rector, GIMPA
: Keynote Address Hon. Seth Terkper, Minister of Finance
: Vote of Thanks Dr. Yaw Adu-Gyamfi, Vice President (Large Scale)
: REFRESHMENT AND DEPARTURE OF INVITED GUESTS
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Programme Continued
B. BUSINESS SESSION
» Opening of the 56th Annual General Meeting » Confirmation of Minutes of the 55th Annual General Meeting » Matters Arising Out of the Minutes » Report by the Treasurer on 2015 Audited Financial Statements » Report of the Auditors on Financial Statements for Year 2015 » Adoption of the Audited Accounts for Year 2015
C. ELECTIONS
1. Election of Sector Chairpersons [2017 – 2018]
- Brief on Election Procedures - Brief Remarks by Contestants - Voting & Counting of Votes - Declaration of Results
2. Introduction of new Sector Chairpersons – [2017-2018]
D. INTRODUCTION OF NEW MEMBERS FOR 2016 - Remarks by AGI President
E. ANY OTHER BUSINESS
F. VOTE OF THANKS Mr Humphrey Ayim-Darke, Vice President (SMEs)
G. CLOSING PRAYER Mr Andrew Osei Anane, CEO, Aofac Enterprise Ltd
H. DEPARTURE
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Annual Report and Financial Statements 2015
Mission Statement, Services & Objectives
To carry out proactive support services to the industrial sector with the view to Our Mission contributing substantially to the growth and development of industry in Ghana
Policy Advocacy Our Services Business Support Services Business Networking
• To contribute substantially to the growth and development of industries in Ghana Our Objectives • To create a supportive and competitive business climate which will make Ghanaian companies competitive
National Council
President
Executive Regional Sector Associate Committee Chairmen Chairmen Members
Immediate Past President
Directorate Accra Regional Offices
Chief Executive Officer Accra Tema Kumasi
Business Finance & Policy & Development Takoradi Ho Tamale Centre Admin Research
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Annual Report and Financial Statements 2015
Members of National Council
NATIONAL EXECUTIVE COMMITTEE
Position Company Representative
President Asadtek Group of Companies Mr. James Asare-Adjei Vice President (LS) Danadams Pharm Ind Gh Ltd Dr. Yaw Adu-Gyamfi Vice President (SMEs) Hamdark Ind Packaging Ltd Mr Humphrey Ayim-Darke National Treasurer Processed Foods & Spices Ltd Mrs Leticia Osafo-Addo Executive Member M&G Pharmaceuticals Ltd Mr. Gopal C. Vasu Executive Member Sleek Garments Export Ltd Mrs Nora Bannerman-Abbott
IMMEDIATE PAST PRESIDENT
Past President Afariwaa Group of Companies Nana Dr. Owusu-Afari
REGIONAL CHAIRPERSONS
Region Company Representative
Accra Branch Amalgamated Investment Ltd Cdr J. A. C. Combey (Rtd) Tema Branch GHACEM Ltd Rev. Dr. G. Dawson-Ahmoah Central/Western Norpalm Ghana Ltd Mr. Joseph A. Bawuah Ashanti/Brong Ahafo Gyamfua Ababio Investments Mrs. Gyamfua Owusu-Akyaw Volta/Eastern Akweni Construction & Projects Ms. Bless Betty Neriah Davies Northern/UE/W Pumptech Limited Mr. Osman S. Kalandi
ASSOCIATE MEMBERS
Organisation Representative
Advertising Association of Ghana Ms. Mansa Amoa-Awuah Ghana Timber Millers’ Organisation Dr. K. Asamoah Adam
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Members of National Council Continued
SECTOR CHAIRPERSONS
Sector Company Representative
Automotive Services Japan Motors Trading Co Ltd Alh A. Abdul-Somad Musah Agri-Business West African Markets Ltd Mr. Winfred Osei Owusu Beverages Accra Brewery Limited Ms. N. Adjoba Kyiamah Chemicals Mina Chemicals Ent Ltd Mr. Emmanuel K. Gyimah Electrical & Electronics Reroy Group Limited Mrs Kate Quartey-Papafio Energy Ghana Oil Co Ltd (GOIL) Mr. Francis K. Acquah Financial Services Databank Financial Services Mr. R. Yofi Grant Food Golden Web Ltd Mr. Thomas Wabi Bello Textiles, Garments & Leather D-G Embroidery Mrs Doris Nana Kessie Hospitalities & Tourism Coconut Grove Regency Hotel Mr. Ralph M.A. Ayitey Information & Com Technology Seatec Telecom Services Ltd Mrs Nana C.A. Beecham Metals, Building & Construction Oyoko Europart Limited Mr. Frank Okyere Business Pomotion & Services AB & David Law Mr. David Ofosu-Dorte Pharmaceuticals Dannex Limited Mr. Yaw Opare-Asamoah Printing\Packaging & Stationery G-Pak Limited Mr. James E. Dadzie Rubber & Plastics Qualiplast Limited Mr. Ishmael S. Quaye Toilletries & Cosmetics FC Group Limited Mrs Grace Amey-Obeng Wood Processing Samartex Wood & Plywood Ltd Mr. Richard Nsenkyire Environment & Sanitation Environment & Sanitation Dr. Joseph Siaw Adjepong Service Providers Export Sector Myroc Group Ltd Mr. Charles Y. Mensah
COMMITTEES
Name Company Representative
Economic Affairs Committee Tropical Cable & Conductor Ltd Dr. Tony Oteng-Gyasi Small & Medium Enterprise Hamdark Ind. Packaging Ltd Mr. Humphrey Ayim-Darke Finance & Admin Committees Samba Foods Ltd Mrs. Leticia Osafo-Addo Awards & Research Committee Sleek Garment Exports Ltd Mrs. Nora Bannerman-Abbott Legal Committee AB & David Law Mr. David Ofosu-Dorte Strategic Committee Kludjeson International Ltd Dr. Prince Kofi Kludjeson Membership Committee M&G Pharmaceuticals Ltd Mr. Gopal C. Vasu Publicity, Publications & Marketing Graphic Communications Group Ltd Mr. Kenneth Ashigbey Made-In-Ghana Ghacem Ltd Rev. Dr. G. Dawson-Ahmoah International Relations Kama Group Ltd Dr. Michael A. Addo Export Sector Myroc Group Ltd Mr. Charles Y. Mensah
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Annual Report and Financial Statements 2015 Annual Report and Financial Statements 2014
National Executive Committee
Mr. James Asare-Adjei President
Dr. Yaw Adu-Gyamfi Mr. Humphrey Ayim-Darke Mrs Leticia Osafo-Addo Vice President (LS) Vice President (SMEs) National Treasurer
Mrs. Nora Bannerman-Abbott Mr. Gopal C. Vasu Nana Dr. Owusu-Afari Mr. Seth Twum-Akwaboah Executive Member Executive Member Immediate Past President CEO
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Annual Report and Financial Statements 2015
Regional Chairpersons
Accra Tema Ashanti/BA CDR. J. A. C. Combey Rev. Dr. George Dawson-Ahmoah Mrs. Afua Gyamfua Owusu-Akyaw
Western/Central Eastern/Volta Northern/Upper Mr Joseph Bawuah Ms Bless Betty Davies Neriah Osman S. Kalandi
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Annual Report and Financial Statements 2015
Sector Chairpersons
Advertising Agri-Business Automotive Services Beverages Ms. Mansa Amoa-Awuah Mr. Winfred Osei Owusu Mr. Abdul-Somad A. Musah Ms. N Adjoba Kyiamah
Chemicals Cosmetics & Toiletries Electrical & Electronics Energy Mr. Emmanuel K. Gyimah Mrs Grace Amey-Obeng Mrs Kate Quartey-Papafio Mr. Francis K. Acquah
Financial Services Foods Garment, Textiles & Leather Ghana Timber Millers’ Assoc. Mr. R. Yofi Grant Mr. Thomas Bello Mrs Doris Nana Kessie Dr. K Asamoah Adam
Hospitality & Tourism ICT Metals, Building & Const. Bus. Promotion & Serv. Export Sector Mr. Ralph M. A. Ayitey Mrs. Nana C.A Beecham Mr. Frank Okyere Mr. David Ofosu-Dorte Mr. Charles Y. Mensah
Pharmaceuticals Printing, Stationery & Packaging Rubber & Plastics Wood Processing International Relations Mr. Yaw Opare-Asamoah Mr. James E. Dadzie Mr. Ishmael S. Quaye Mr. Richard Nsenkyire Dr. Joseph Siaw Adjepong
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Solidarity Message from Federation of Association of Ghana Exporters (FAGE)
As always, the Federation of Association work closely together with AGI to this end. of Ghanaian Exporters (FAGE) is proud Important undertakings as the promotion to look back at the fruitful cooperation of certification and standards in Ghanaian with the Association of Ghanaian agriculture need a common approach and Industries (AGI) over the past year. effort of all Ghanaian stakeholders who hold Both organizations share the common the economic prosperity and wellbeing of objective to advance and stabilize the Ghana dear to their hearts. Ghanaian economy in turbulent times FAGE and its member organizations wish and welcome the General Elections AGI all the best and success for its important ahead as an opportunity for the Ghanaian projects next year and intend to be reliable people to choose the best economic partners for AGI to count on. policy for the best of our country.
FAGE is more than delighted to see that AGI chose “Growing local Industry for Export Development and Job Creation” as the theme of this year’s AGM. This clear focus and recognition of the importance of exports for our economy should be further developed in politics and society and FAGE would like to
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Solidarity Message from the Chartered Institute of Marketing, Ghana
On behalf of the Governing Council and Whiles we are aware of unbridled import of the entire membership of the Chartered products into the country, it is our hope that Institute of Marketing, Ghana (CIMG), the AGI members will themselves rise up to we bring you warm felicitations on the the occasion and put into their production occasion of 56th Annual General Meeting processes the best practices such that their of the Association of Ghana Industries. product(s) can be competitive and therefore attract the desired interest from the public. It is quite exciting to the Institute to learn that your theme for this year’s AGM is We are also confident that for the Promoting Made-In-Ghana Goods to Build government’s campaign to promote Made- Strong Industries. In-Ghana goods to succeed, there is the need for legislation to prevent unfair trade Your theme, coming at a time when the practices that go against our local industries. President of the nation is vigorously pursuing the policy of making Ghanaians to patronise The CIMG is ready to collaborate with the AGI our local products and services is very in promoting measures that will guarantee appropriate and timely. the building of a strong industrial base for Ghana. As a professional marketing organisation, the CIMG has over the years identified and The CIMG wishes the AGI a successful AGM aligned with this line of thought, through and business enterprise in the years to come. our advocacy programmes which seek to encourage our people and officialdom to promote products and services we develop and produce here in Ghana.
It is in pursuant of this line of thought that we are seeking to develop a home grown professional examination that seeks to answer some of our teething and perennial problems we have as a developing nation.
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Solidarity message from the Ghana National Chamber Of Commerce (GNCC)
The Ghana National Chamber of Commerce expanding market share both at the local and is honoured to deliver a solidarity message international level. In this regard, growing to the Association of Ghana Industries local industries is fundamental to export (AGI) on its 56th Annual General Meeting development towards the attainment of (AGM) on the theme: Growing Local international competitiveness. Industry for Export Development and Job Creation. The theme has come at an In the light of the above, the Ghana National opportune time when local industries Chamber of Commerce will continue to are faced with intense competition in collaborate with key stakeholders like the AGI the midst of unfavourable business to provide evidence-based advocacy that will environment. The AGI together with other compel government to create the enabling business associations like the Ghana environment necessary for the growth of local National Chamber of Commerce have a industries. long standing tradition of advocating for an enabling business environment that It is our fervent hope that this AGM will ensures the growth and prosperity of enable the AGI come up with innovative ways businesses in Ghana. It is in this regard of consolidating their gains made towards that the Chamber is appreciative of the the growth and development of industries in AGI’s commitment towards a competitive Ghana as well as creating a supportive and local industry. competitive business climate.
At the core of development of every nation is God bless the AGI, God bless Ghana! the creation of decent jobs which acknowledges freedom, equity, security, and human dignity. Nana Dr. Appiagyei Dankawoso I Strengthening the capacities of the industrial President, Ghana National Chamber of base of a country is essential for employment Commerce creation and these have enabled advanced countries to attain significant levels of economic growth and development.
Over the years, global markets have witnessed intense competition from different market players suggesting the need to support local industries to grow and effectively compete in international markets. In response to this, the government of Ghana has developed a number of policies including, but not limited to, the Ghana Industrial Policy and the Made in Ghana Policy with the aim of transforming Ghana into an industry-driven economy. However, the impact thereof has not been fully achieved. The resolute implementation of these policies are critical in empowering local industries to grow and effectively enagage in competitive trade and investment towards retaining and
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Solidarity Message From Ghana Standards Authority (GSA)
Mr. Chairman, end, the Authority ensures the dissemination of Distinguished Ladies and Gentlemen, information on standardisation in industries and On the occasion of the 56th National commerce, promotion of industrial efficiency Annual General Meeting, the Ghana and development as well as encourage the Standards Authority is very happy to be output of quality goods produced in Ghana, associated with this wonderful occasion whether for local consumption or for export. taking place under the theme “Growing Local Industry for Export Development Our activities on standardisation are vital and Job Creation”. As a National Standards for the socio-economical development of the Body, the GSA is concerned with encouraging country as a whole and this explains why all the use of standards by manufacturers and stakeholders need to understand and embrace business organizations, whether large scale or standardisation as a tool that can help address as small scale entities. This is in line with the the key challenges of the 21st century. passionate voice of the AGI which is dedicated to advocating policies that advance the growth In the light of this, the GSA is very happy to be and development of industries in the country. associated with this National Annual General Meeting which is aimed at sharing ideas and Standards developed by the GSA for the experiences of stakeholders so as to ensure country ensures that products and services continual improvement in our day-to-day are safe, reliable and are of good quality. This business activities. makes standards essential tools for growth of various types of businesses in the country. We wish you well and salute you on this Indeed, standards serve as strategic tools that occasion, calling for greater collaboration with reduce costs by minimizing waste and errors you at all times with a view to encouraging and also increasing productivity. In the highly quality output of goods and services in the competitive global world of today, standards country. help companies to access or break into new markets, thereby, facilitating free and fair global May God bless you all. Thank you very much. trade. The main focus of the GSA is to uphold the application of standards at all fronts in the various sectors of the country. Towards this
www.agighana.org 31 Annual Report and Financial Statements 2015
Solidarity message from the Ghana Chamber of Mines
Mr Chairman industry involuntarily cross-subsidizes the President and Executives of AGI consumption of electricity by households. Hon. Minister of Trade and Industries Respected Traditional Leaders Proponents of the inverted tariff regime argue Representatives of Government Agencies that electricity is a social good and the state has Captains of Industries a basic function to make it available to every Venerable Press Corps household. Although this proposition is morally Distinguished Ladies and Gentlemen acceptable, the dynamics of population growth and its corresponding demand for energy have On behalf of the Ghana Chamber of Mines, shepherded the country into an epoch where we I wish to add my voice to the chorus of need to reconsider this strand of thought. Over congratulatory messages to the AGI on the the years, government’s inability to defray the occasion of its 55th Annual General Meeting. It debt created by the gap between production, is without doubt that the Association personifies transmission and distribution cost and tariff the enduring national aspiration to transform of electricity to households has culminated in our so called “Adam and Eve” economy to one obsolescence of electricity infrastructure. This driven by value addition. situation is evidently manifest in the perennial power curtailment that has been associated Ladies and gentlemen, the narrative on the with every government since independence. economic history of our country is usually recounted with the industrial sector as the Indeed, the severity of the infamous load lever of development. While this recognition shedding, which is popularly referred to as is critical in our quest to accelerate quantum “Dum-Sor”, presents a silver-line for reforms gains in the welfare of the citizens, the in the all-important electricity market. Firstly, panacea, to a large extent, resides in the it is abundantly patent that the state has to state of the business climate. On the other claw back on subsiding the consumption of hand, a congenial business environment is electricity by households on account of the predicated on the totality of policies enacted by colossal arrears to utility companies. Each government and implemented by its agencies. consumer of electricity should be persuaded to Arguably, convergence in the statutory and pay a fair price for electricity. Of course, some administrative rules of the various parastatals interventions can be designed for households have a long term influence on the outcome of that have been identified as vulnerable. Such industrialization in Ghana. a measure will not only free up government resources to develop other segments of the Admittedly, successive post-independence economy but also attract capital into the governments have attempted to promote energy market. In the long run, the country industrialization. However, these laudable could become self-sufficient in electricity and aspirational efforts were and continue production and a cost competitive destination to be diluted by incoherent sectoral policies. for investment capital. For instance, a common enduring problem to the mining sector and other manufacturing Mr. Chairman, the theme for this convocation, industries is the access to competitively “Promoting Made-In-Ghana Goods to Build priced and unfettered supply of electricity. It Strong Industries”, mirrors the Chamber’s is well known that the cost of generating and unrelenting effort to spur industrialization on wheeling electricity to industrial consumers is the back of the minerals sector. As you may be relatively lower than residential consumers. aware, the pulse of the mining sector largely The paradox, however, is that the market resonates the mood of the economy on account recommended tariff diverges from the of its preponderance contribution to fiscal and administratively determined tariff by the Public forex revenue, as well as its domino effect on Utility Regulatory Commission. In essence, other productive sectors of the economy. For
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Solidarity message from the Ghana Chamber of Mines continued
instance, in the first eight (8) months of 2015, While it is expected that the range of items statistics from the Bank of Ghana shows that will be expanded over time, the Chamber mineral exports accounted for 31% of total continues to collate and publish data on other merchandize export revenue. inputs that can be produced competitively in the country such as caustic soda and activated In recent years, the Chamber has vigorously carbon. From 2009-2013, member-companies pursued programs and activities that will of the Chamber, for instance, imported activated enhance the meaningful participation of local carbon worth US$27.3 million. This critical input companies in the mining sector. A research which is produced from coconut shell and has report by Steward Redqueen and African useful applications in other industries could Center for Economic Transformation suggests be produced in Ghana. When this is done, that nearly half of all mining companies’ this would economize on the foreign exchange expenditure occurs in-country, of which 50% reserves of the country and ultimately mitigate is spent on local procurement. Based on a the pronounced volatility in the exchange rate. robust simulation, the report also indicates that It is in realization of such pro-growth objectives increasing local procurement by 25% could lead that the Ghana Chamber of Mines continues to to value addition opportunities that is worth dedicate resources to exploring partnerships, US$50 million annually. In recognition of this such as the AGI, in energizing industrialization. potent window, the Chamber liaised with the International Finance Corporation (IFC) and On the whole, the Chamber has found the AGI as Minerals Commission to identify inputs in the a valuable partner in its endeavour to integrate mining industry that can be substituted through the mining sector into the non-mineral economy local production. Following the scoping exercise, to catalyze development. We are confident the parties identified a preliminary list of items that the unalloyed cooperation between our that include the following: institutions will be deepened in the successive • Cement and cement products years for our mutual benefit. Once again, we • Quicklime and Hydrated Lime say “Ayekoo” for chalking this milestone in your evolution. • Explosives and Emulsion • HDPE and PVC Pipes I am profusely grateful for giving me your ears • Heavy Duty Electric Cables and bid you a very fruitful meeting. Thanks. • Tyre retreading • Grinding Media • General Lubricants
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www.mantracghana.com Annual Report and Financial Statements 2015
Highlights of Major Activities in 2015
National Council Meeting Awards Technical Committee The 2016 National Council Workshop was held at the The Ghana Industry Awards has been instituted by Aqua Safari Resort at Ada Foah, from 29th January - the Association, in collaboration with the Ministry of 30th January 2016. The President, Mr. James Asare- Trade & Industry, to reward and honour companies Adjei opened the National Council Workshop. The that have achieved outstanding success in various Workshop focused on the following strategic issues; categories of industry and innovations. Over twenty Overview of 2015 Activities; 2016 Work Plan; outstanding companies will be presented with AGI 2016 Annual Budget; Regional Workplan; Awards in various categories. Strategic Plan; PEF Membership. The Report has The Technical Committee has been meeting to been finalised and circulated to Council members. review the 2015 Awards and to discuss the work In the second quarter, meeting of the National Council plan for 2016. Two new award categories have was held on 21st April 2016 and deliberated on the been added being the Social Enterprise Award and following issues: Review of the Draft AGI Strategic Best Polytechnic Industrial Innovation Award (by the Plan; Presentation by the AGI Bank Committee; Polytechnics. This year’s Awards will be held under Presentation by Regional Chairpersons. The the theme “Growing Local Industry for Export meeting also discussed issues relating to members Development & Job Creation”. on Boards and Corporations, Common External Tariff, Taxes by the GRA and high utility tariffs on Strategic Implementation Committee industries. The National Council constituted a Strategic Implementation Committee to spearhead the NEC Meeting completion of the 5-Year Strategic Report with initial The NEC met five times during the year. Major Issues support from PwC. The Committee has completed its discussed included: Utility Tariff; Increase; PwC work and submitted a draft document to the National Report/Strategic Implementation Committee; Issues Council for further review and launching thereafter. Relating to PEF; AGI Industrial Bank; Renovation of Areas covered in the report includes Membership, AGI President’s Office among others. Financial Sustainability, Effective Advocacy and Secretariat Restructuring. Joint NEC/FAC Meeting The first Joint Meeting of the NEC/FAC and the Meeting of the Working Group on AGI Strategic Plan Committee was held on 7th June Representation on Boards/Committees 2016. Issues discussed were: 5-Year Strategic Plan; A meeting of AGI Representation on Boards and Progress Report on the Industrial Development Committees was held on 2nd December 2015. A Fund/AGI Bank; Update on AGI Investments and Working Group was constituted to draft Terms of Subscription Collection updates. Reference and a Reporting Format to guide activities of the Representatives. The process was ongoing. FAC Committee AGI Communication and Marketing Committee The FAC met regularly to execute its function as the AGI Communication and Marketing Committee administrative committee of the Association, Among Inaugural Meeting was held on 5th April 2016. Key the key activities undertaken during the year were; objectives of the committee include Re-branding of supervision of budget development, subscription AGI, Oversee the operations of the Communications collection, management of AGI Investment Funds, and the Public Relations Unit, Evolve and review staff development and office renovation works. policies for publicizing and marketing activities of AGI, Initiate Effective communication Strategies.
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Highlights of Major Activities in 2015 continued
ADVOCACY AND LOBBYING – survey identifies key indicators and establishes a POLICY DIVISION country’s performance in each year. Electricity Tariffs Members complained about the high utility tariffs BUSAC Projects and petitioned AGI to intervene. AGI Executives held The following projects funded by BUSAC were meetings with Minister of Power on the resolution undertaken: of the issue. Subsequent Fora held with the PURC, 1. Ensuring the Effective Implementation of ECG and Ghana Water led to the review of the electric Policies meters being supplied by the ECG to consumers. 2. Energy Supply to Industry AGI continues to advocate for downward review of 3. Competitiveness Forum the electricity tariff for industry. 4. Advocacy on Tax Stamp 5. Forum on plastics waste management Duty Drawback 6. Regulatory guillotine on taxes/duties The Policy Unit, with support from BUSAC sponsored 7. Advocacy training for AGI executives a forum for discussion on findings of research on the Duty Draw Back as carried out by GCCI. AGI updated Revenue Administration Bill participants on its efforts at getting Government to The Unit partook in the Revenue Administration Bill speed up duty refund owed manufacturers. review workshop held at the Oak Plaza Hotel. The views presented by the PwC and WTC addressed of Plastic Forum participants’ concerns. Government intends to ban the manufacturing of AGI participated in the Ghana International Trade flexible plastic below 20 microns due to environmental Commission Bill review. AGI members present pollution of the material. made a strong case against the composition of the AGI has been in the forefront advocating on the issue Governing Board and recommended private sector with government and stakeholders. A Committee of representation on the Board. Before then, the CEO experts both foreign and locally has been put in place and Vice President had also participated in special to come out with a solution on the issue. workshops discussing the content of the Bill.
Corporate Forum Passing of International Trade Commission Bill A Corporate Forum has been instituted to engage AGI was actively involved in the entire process key companies to assist AGI in its advocacy policy leading to the passing of the International Trade direction. The last meeting of the Forum was Commission Bill. The purpose of the bill is to protect attended by the Minister of Finance Mr. Seth Terkper local industries from unfair trading on imported goods. who briefed Members on the state of the Ghanaian The commission is currently being constituted and economy and efforts being made by the government members will be advised to take advantage of it. in resolving the challenges. Workshop on National Quality Policy ITC Survey The consultative stakeholder workshop on the The ITC survey is a competitiveness survey on National Quality Policy discussed the National Draft SMEs sponsored by International Trade Centre in Quality Policy. Stakeholders, including AGI made Geveva. A report on the survey has been compiled significant inputs and the draft policy would be and launched. revised to capture the revisions.
WEF Competitiveness Survey Policy Development on the Automotive Industry AGI has over the years been collecting data for the A meeting on waiver of Import Duties and levies for WEF Global Competitiveness Index Survey. This the Automotive Industry was held on 8th March 2016
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Highlights of Major Activities in 2015 continued at the Ministry of Trade and Industry Conference to discuss the increasing trend of illicit trade and Room. The meeting discussed how to regulate the fashion out means of fighting this menace. AGI sector which has great prospects. had championed a similar initiative in 2015 with the support of companies within the FMCG and crowned Workshop on Competition Policy it with a workshop to commemorate World Anti- A National Workshop on Competition Policy was Counterfeit day in June. held at the Coconut Groove Regency Hotel on 15th March 2016. The meeting deliberated on issues of ECOWAS WAMI WAMA delegation visit AGI competitiveness and the development of a national A high profile joint delegation from WAMA, WAMI and competition policy. A committee was constituted and ECOWAS Commission visited AGI to discuss issues mandated to draw a draft policy for the sector. relating to macroeconomic performance, financial sector issues and trade integration among others. ILO Impact study team This formed part of the annual fact finding visit by The meeting with the ILO impact study team on 18th the ECOWAS delegation. The meeting focused on April 2016 was to ascertain the impact of the ILO the state of the manufacturing environment in 2015, SCORE Project which had trained 120 companies in update on energy and infrastructural challenges, different sectors including Pharmaceuticals, Metals, SMEs and sub-regional trade. Food Processing etc. The impact assessment was also to learn lessons which would be useful for AGI Statement on Single Window deepening the gains made through the SCORE AGI developed a statement on the Single Window Training Programme. for publication in the Single Window brochure. This follows the collaboration and recognition of AGI as a key stakeholder by Managers of the Single Intellectual Property discussions Window system West Blue, in Ghana. Prior to this, AGI members participated in an Intellectual Property AGI partook in the stakeholder forum on the Single meeting held at the AGI Conference Room on 25th Window system which sought to update Industry on April 2016. The purpose of the training is to provide progress so far with the project. members with the basic knowledge in intellectual property which will assist in the protection of their Advocacy on Unclaimed Dividends competitive advantages, products or services and A meeting of companies listed on the Ghana Stock to fight against counterfeiting of their products. Exchange was called by the AGI on 6th May 2016. The training is aimed at sustaining business The meeting discussed the directive given by the competitiveness of companies through the strategic Securities and Regulatory Commission to the effect use of intellectual property. that all unclaimed dividends should be paid to the Commission. The meeting agreed that a letter is sent Ghana Labour Market Information System by AGI on behalf of the companies to SEC to further Technical Committee Meetings explain their directive and the law that mandates The Ministry of Employment and Labour Relations them to keep companies’ unclaimed dividends. The inaugurated the Steering and Technical Committees AGI was also to commence engagements with the of the Ghana Labour Market Information System Parliamentary Select Committee working on a new (GLMIS) which AGI participated. The GLIMS is to company’s bill for discussions on these aspects that enhance the coordination and management of labour are contained in the bill. The meeting also agreed market information for use by stakeholders. that a working committee of diverse experts should start working on the issue for dialogue with the Anti-Counterfeit programme to protect industry Parliamentary Select Committee. It was also agreed AGI in collaboration with the Ministry of Trade & that AB & David Law firm will be engaged to study the Industry organised an anti-counterfeit meeting Company’s Bill and advice on the matter. www.agighana.org 39 Annual Report and Financial Statements 2015
Highlights of Major Activities in 2015 continued
Inauguration of AGI Export Sector IBES Phase 1 Report Launch An inaugural meeting of the Export Sector of AGI was Reports of the Integrated Business Establishment held on 23rd May 2016 at the AGI Conference Room. Survey (IBES) phase 1 were launched at the La The meeting discussed export development and how Palm Beach Hotel. IBES captures all non-household it can play a bigger role in the economy of Ghana establishments in Ghana. The IBES which was carried and why government should give exports the much out in collaboration with AGI being part of the Technical needed attention. The Chairman of the Export Sector Committee, and other stakeholders produced three is Mr Charles Mensah, Chairman of Myroc Group of reports, namely the National Employment, Job Companies. Creation, and IBES summary reports. The IBES national database was also launched. BEEP Project The Policy Unit represented AGI at the Business New Governor of BoG meets with Economic Enabling Environment Project (BEEP) IATT Technical Affairs Committee of AGI and NEC Meeting held at Capital View Hotel in Koforidua on the On assumption of office as Governor of the Central 26th and 27th May 2016. The meeting discussed the bank, Dr. Abdul-Nashiru Issahaku led a high mapping and audit of the current Business Operating powered delegation to AGI on working visit in a Permits (BOP) and Business Development Permits bid to strengthen the institutional collaboration and (BDP) processes and planned reforms. There was to update himself of some of the developments in also a discussion on the permit granting process of the Industry. Discussions centered on the need for a AMA, TMA, Town and Country Planning Department stable and predictable macroeconomic situation and (TCPD) and the Environmental Protection Agency. the inflation targeting model among others. Captains The meeting proposed reforms in the permit process of Industry expressed concern on the how BoG will of the above mentioned institutions which has a maintain business confidence for the rest of the year, bearing on the cost of doing business in Ghana. the high lending rates and the need to put a cap on Government borrowing particularly in an election year. Forum on GSA Certification Mark The Governor expressed his commitment to keeping AGI organized a meeting of local manufacturers exchange rate volatility modest while supporting and the GSA on the Mandatory Use of the Ghana export development to strengthen the cedi. He Standards Certification Mark. The meeting discussed was of the view that further fiscal consolidation will the modalities of using the certification mark. GSA help secure relative stability as experienced from clarified the fact the repetition of tests between GSA beginning of the year. He hinted that further tightening and FDA had been streamlined and either institution of inflation will present a big risk to outlook for rest of would accept tests conducted by the other. the year. AGI requested for a structured dialogue with AGI meets with NPP Trade and Industry Committee BoG from time to time. The 3-man NPP Trade and Industry sector Committee led by Mr. Allan Kyeremanteng met with the EAC and Terminal Handling Charges Abolished in Ghana the NEC of AGI. The Committee discussed some of In the month of July this year, Shippers (importers its plans of launching a 5-year Accelerated Industrial and exporters) were confronted with a fee referred Development programme and the key thematic areas to as the Terminal Handling Charges (THC) by the to tackle if the party is given the mandate in the next Shipping Lines operating in Ghana. elections. The meeting was quite interactive as AGI The THC has been abolished through a strong impressed upon the Committee to consider structured coalition of eleven Business Associations led by AGI. dialogues with Industry subsequent Administrations The Coalition held several meetings and put out a and the need for continuity of projects in the event of barrage of press statements in the media in protest a change of Government. against the THC. During a forum organized by the West Blue Ltd, the AGI led Coalition brought the
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Annual Report and Financial Statements 2015
Highlights of Major Activities in 2015 continued matter to the attention of H.E The President of the seed capital made available by AGI. The Board Republic of Ghana, John Mahama who gave a final is working on mobilising more resources into the directive which ended the matter. Fund. A consultant has been engaged to see to the operationlisation of the Fund. Introductory Training Programme on Regulatory Impact Assessment (RIA) A draft business plan is being developed for the Fund. The training is part of the Business Enabling A list of development partners is being proposed to Environment Programme (BEEP) which seeks meet AGI to discuss the Fund. Meetings have been to create conducive environment for business held with the Delegation of the European Union, operations. Since regulations and the cost of USAID, FinGAP and World Bank, Peter Iliasu and regulatory compliance forms part of the cost to Alltime Capital. businesses, the training was organised in RIA to train stakeholders in adopt good regulatory practices Application for Provisional BoG License for AGI through the enactment of good laws which are not Industry Bank costly to business operations. The training programme The AGI has sent an application for provisional license was a four day programme with certificates awarded from the Bank of Ghana (BOG). In response BOG to all participants. outlined a number of issues that needed attention for the application to be given due consideration. The BUSINESS DEVELOPMENT CENTRE process is ongoing. Training and Capacity Building The following training programmes were undertaken Switch Africa Green Project by the BDC. The meeting was informed that AGI has secured » Planning training on Effective Management funding from the SWITCH Africa Green, an EU in Challenging Economic Times for members funded programme, implemented by the United is in progress. Nations Environment Programe (UNEP) and the » Training on Ghana Design Network capacity United Nations Development Programme (UNDPS) building on how good branding can improve to promote Sustainable Consumption and Production profits is being planned. Practices and Eco-entrepreneurship » Training on Effective Management in The project consists of three major components Challenging Economic Times ie. gari and fish processing and pito brewing. The » Ghana Design Network Training project work has since commence in earnest in the three Regional of Volta, Central and Northern. Exhibitions and Fairs The following fairs and exhibitions were organized by Local Content and Investment Summit AGI The Local Content and Investment Summit is » Made-in-Ghana Fair in Burkina Faso scheduled to take place between the 26th-27th for April 2016 October 2016. Sectors covered under the Local » GUBA Expo in the UK Content and Investment Summit include Oil and » SME Business Fair Gas, Mining, Power and Energy and Building and » ECOWAS Industries Summit Construction.
Development Fund for Industry UK High Commission Roundtable on Capital SME The Industrial Development Fund has been Capital SME is aimed at boosting capital market established, after registration at Registrar General, activity in Ghana by encouraging businesses to list Board constituted, Bank Account opened, and on the Ghana Alternative Market (GAX). Our target
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Highlights of Major Activities in 2015 continued audience are small and medium size enterprises 1. Chocho Industries (SMEs) operating in Ghana. We aim to provide these 2. Africa Investment Co.ltd SMEs with access to information on how capital 3. Agyapiah Bitters Co. Ltd. markets work; how the GAX works; stories about 4. K.K Peprah Co. Ltd SMEs in Ghana who have already listed and links to 5. Ankod Co.Ltd partner organisations that can help SMEs decide if 6. Rocksters Roofing Systems they are ready to list on the GAX. 7. Metalex 8. Alisa Hotel MEMBERSHIP DEVELOPMENT SERVICES 9. Promasidor Ghana ltd Sector Meetings 10. Digicut Production The following sector meetings were held in the course 11. Coconut Grove Hotel of the year: 12. Blue Skies Co. Ltd. » Food » Beverage Membership Recruitment » Metal, Building & Construction 51 New Members were recruited as at the end of the » Rubber & Plastics third quarter. » Agric Business » Chemicals Reconstituted AGI Membership Committee » Garment, Textiles & Leather The AGI Membership Committee was reconstituted » Energy with the mandate to clean up the AGI database » Hospitality and Tourism and liaising with other institutions for courtesy » Printing and Stationery calls amongst other duties as may be mandated » Agribusiness by the National Council. The Committee since its reconstitution has paid courtesy calls on Ghana Sector Orientation Investment Promotion Centre; Registrar Generals A Sector Workshop was held for all the Sector Department; Ghana Free zone Board; GC Net and Chairpersons on 3rd February 2016. Eighteen West Blue. (18) out of twenty–one (21) Sector Chairpersons attended. The Sector Chairpersons met to deliberate INFORMATION, COMMUNICATION AND on: Organization and Growth of Sectors; Upcoming TECHNOLOGY Sectors and its Executive Conference; Ensuring active The AGI has developed a new website which is more participation of Sector activities among other things. user friendly and interactive with many features. Sector chairpersons requested that all departments The AGI website spots a new look and contains a and Management staff of AGI fully participate in the lot of information on AGI and Member activities. The Sector meetings. Website also provides opportunities for Member companies to advertise their products as well as getting Membership Recruitment/Visits a link to their company website. The department has The Membership Unit has visited about 25% of also ensured improved data connectivity for both the category 1 to 3 members and has also approached national and regional secretariats. 15 potential companies requesting them to become Members of AGI. REGIONAL REPORTS ASHANTI/BRONG AHAFO REGIONS Membership Visits The following companies were visited purposely to Regional Executive Activities have discussions regarding their businesses in terms The regional executive meeting was held on Thursday, of challenges facing them. January 14, 2016 and 18th March, 2016 respectively. www.agighana.org 43 Annual Report and Financial Statements 2015
Highlights of Major Activities in 2015 continued
Issues discussed were as follows: Chairman’s vision Membership Subscription for the year 2016; Membership drive; Strategies 22 member companies paid arrears, 10 made part for subscription; Preparation towards 1st Quarterly payment of 2016 subscription and 43 have fully for Meeting, 2016. The current executives, elected late this year. last year, had a joint meeting with the past executives Advocacy in January, this year at which the 2015 performance The Region undertook the following advocacy was reviewed and plans for 2016 were discussed. involving the Resolution of advertisement tax Partnership/collaboration with organisations and imposed by the Ejisu-Juaben Municipal Assembly on institutions for business and technical assistance for Coca Cola and Seminar on high utility rates. AGI members. Industrial Visits The new Regional Manager embarked on industrial Sector Meetings visits to a number of members to acquaint himself The first sector meeting took place at the first with members’ locations and activities. A number of quarterly regional meeting where 9 sectors members both in Ashanti and Brong Ahafo regions participated. There was very active participation were visited. and members contributed with passion. At the plenary, a number of sectors presented their reports WESTERN/CENTRAL REGIONS for discussion. Key challenges that run through Engagement with Key Stakeholders all the reports included:High cost of electricity and » Courtesy calls on the Western Regional inadequate electricity supply; High vehicle insurance Minister and the Metropolitan Chief fees; Frustration in clearing goods at the ports; High Executive and discuss issues Taxes/tariffs by MMDAs as property rate, operational of mutual benefit to the business community fees, advertising fees, etc; Influx of cheap and poor and the government. quality foreign goods. » Engagements with the Sekondi Takoradi Metropolitan Assembly Recruitment of New members Recruitment of new members continues. 33 Workshops/Programmes prospective members were register and 12 have The Region participated in the following workshops/ either made full or part payment to become members programmes: as at the end of June 2016. The 12 new members » Workshop on Ghana International Trade who have made payments were as follows: Commission (GITC) 1. Access Freight Solutions » Forum on Verified Container Weight 2. Benson Printing Press Requirement 3. Agyeiwaa Memorial Co. Ltd » Training on intellectual property rights 4. Hotel Angel Limited » Guidelines for exporting vegetables to the 5. Titan Ghana Limited European Union 6. SIMB Fabrics Designing » Training on rules of origin 7. Arthuroy Company Limited » Forum on National Single Window 8. Governor Steel Company Ltd » Sensitization workshop on duty draw back 9. Rodamt Godswill Enterprise 10. Ikson Properties Agency Ltd 13th Regional Annual General Meeting 11. Prefos Limited The 13th Regional Annual General Meeting of the 12. AMI Adcancetek Western/Central Regional Branch of the Association
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of Ghana Industries was organised on 13th October, Membership Visits 2016 at Akroma Plaza Hotel in Takoradi. The well- The AGI paid visits to Members in Tema. Most of attended RAGM, which was organised on the them raised issues with the high utility rates. The theme “Public-Private Sector Collaboration for complaints led to the organisation of a seminar which Development”, saw member- participants and other brought in the public stakeholders to explain the invited business owners and managers from both reason for the high utility rates. Regions. Property Rate Membership/Industrial Visits/Membership The payment of property rate and its high increment Recruitment was key on the agenda. Although the MCE tried all The secretariat continues to pay periodic visits to he could to pursue Members to accept his proposal, member companies. The Regional Executive with Executives were adamant to his request. During the support from the Regional staff undertook these visits discussion he submitted a list of about 25 companies to member companies. These visits largely afforded that complied with the decision that members agreed the Regional team adequate information on how during the 2015 Annual General Meeting. He member companies were doing. Information gleaned expressed his disappointment with AGI for our inability from such visits significantly informed our advocacy to encourage members to honour their obligation. efforts. Several membership registrations are at After a lengthy deliberation both MCE and the AGI various stages. Four companies have completed the Team arrived at 70% increment across board; which process and are now members of the Association. was vehemently rejected at an emergency general The new member companies are; Western Diamond meeting which took place at Hotel Joecarl on the 8th Cement Limited, JC-HR Consult, Jonamass Company July 2016. Members unanimously agreed to pay the Limited and Jonamass Travel and Tour Limited. same figure they paid in 2015.
Advocacy ACCRA REGION The Secretariat in conjunction with Skyy Power FM Regional Executive Activities has begun a business program on air. The program Executives met to discuss the 2016 Work Plan. basically deals with issues that confront businesses Activities in the workplan include: and addresses some of the key policy advocacy » AGI Industrial Tour cases. It airs on Mondays and Wednesdays at » Entrepreneurial Knowledge Forum 01:00 PM to 02:00PM. The branch has significantly » Visiting Embassies, Entrepreneurs and improved its engagement with the local media, with Networking Event the Regional Manager and other Regional Executive. » Founders Day Celebration » Investment Forum TEMA REGIONAL BRANCH » Christmas Carol New Members The following companies have paid to be become full Membership Industrial Tour members of the Association. They are: Accra Executives embarked on a visit to some 1. Indorama Ventures Ltd selected member companies within Accra as part 2. Prima Preforms & Packaging Ltd of efforts to connect with members and serve them 3. Labour Power & Consulting Ltd better. The objectives of the visit are as follows: 4. ACEC Investments Ltd . To improve and strengthen membership relationship and bonding www.agighana.org 45 Annual Report and Financial Statements 2015
Highlights of Major Activities in 2015 continued
» Introduce the newly elected Executive AGI Co Hosted Indian President at a Forum Members of Accra to your company The Association of Ghana Industries co-hosted the » Outline the vision of Accra to your esteemed Indian President, His Excellency Pranab Kulherjee, company with business delegation at a Forum at the Kempinski » Solicit for vital issues and information from Hotel in Accra. The high level forum, which hosted your outfit to guide and inform our advocacy the President of India accompanied by business activities executives from the Confederation of Indian Industries (CII) was a memorable event and the purpose of Accra Business Breakfast Meeting President Pranab MUkherjee’s visit to Ghana was An Executive Breakfast meeting convened for Accra among others to renew and deepen bilateral relations member companies with Fortune Data Management between the two countries, AGI and CII. Services and Partners from the United States of America. A Key partner for Fortune Data visited VOLTA REGIONAL COORDINATION OFFICE Ghana for business investment prospecting in the Membership Drive IT sector and a meeting was arranged between Visits were paid to the Wood Processing Sector at some selected members, including Busyinternet and Hohoe and Kpando. An Agri-Business Forum was Fortune Data Management at the Accra Office. organised at Jasikan and Akatsi to introduce more farmer groups into the Association. In the southern Visiting Embassies, Entrepreneurs and zone, companies visited include: Networking Forum 1. Verdi Pharmaceutical Company Limited The Bridge to Africa Summit 2016 which was on the 2. Lebene Clinic theme “Building Wealth and Creating Opportunities 3. Volla Herbal Centre for Africa” organised by Adepa Africa Investment 4. Sape Agbo Hospital in collaboration with Mount Vernon City Council, 5. All Brothers Pharmaceuticals New York, National Black Chamber of Commerce, 6. Association of the Petroleum Stations Washington DC, National Hispanic Chamber of Commerce, New York and the Association of Ghana NORTHERN/UPPER EAST/UPPER WEST Industries. Regional Executive Activities (6th Feb. 2016) Dinner in Honour of Nana Dr. Owusu-Afari The Regional Executives met to review the The Immediate Past President of the Association of performance and membership status of the branch Ghana Industries, Nana Dr. Owusu-Afari was awarded and develop the 2016 Action and Strategic Plan. The a Doctorate Degree from the Atlantic International Regional Executive Committee discussed, developed University, Hawaii, USA and to commemorate the and the worked on the 2016 Regional Work Plan for achievement, AGI organised a Dinner at the La the year which was based on Palm Beach Hotelin his honour. The dinner was attended by National Council members, including the 1. To recruit new members and strengthen Past Presidents and Executives, members from the partnerships with sister branches 2. To build the capacity of members and academia and the business community. The special making it easy for members to attract Guest was the Honourable Minister of Finance, financing to support business growth Mr Seth Terkper. Nana Dr. Owusu-Afari presented 3. To strengthen local partnerships amongst an extract from his Doctoral Thesis on the topic members to sustain business synergy “Migration of Non-Formal Business to the Formal among local industry players Sector – Cases of Ghanaian SME Non-Formal 4. To attract external investors and investment Operators”. for members and also to leverage the opportunities
46 www.agighana.org Annual Report and Financial Statements 2015
Highlights of Major Activities in 2015 continued
provided by the state through its agencies (SADA, The Executives resolved that AGI collaborate EDAIF, NBSSI) with the Ghana Revenue Authority (GRA), Export Trade, Agriculture and Industrial Development Membership Recruitment Fund (EDAIF) and other financial institutions such The executives admitted that the current membership as GN Bank, Ecobank, Sinapi Aba among others is very weak and tasked themselves to work and to jointly organize a capacity building workshop on bring onboard more members to make AGI strong Taxation and Financing for Micro Small and Medium and vibrant in Northern Ghana. Enterprises (MSME’s) in the Region. Membership Development Membership Recruitment Drive in the Upper West The following companies have been approached to Region become members of AGI: From Tuesday 11th and Wednesday 12th May, 2016, 1. Quality First Limited the Regional Manager embarked on a Subscription 2. Tamale Implements Factory Recovery and Membership Recruitment Drive in Wa, 3. IWAD, Ghana Limited the Upper West Region. The following companies 4. Boabab Financial Services were visited: 5. Baba Tree Limited 1. Antika Company Limited 6. Time Management Travel and Tour 2. 18th July Company Limited 7. Radach Lodge and Conference Centre 3. FOKA Enterprise 8. Terehydro Associates Limited 4. Obroni Enterprise 9. Savannah Diamond Cement Limited 5. Matco Limited 6. Kalagaston Limited Workshop on the Ghana International Trade 7. Upland Hotel Ramacus Limited Commission 8. Takhilla Seeds and Oil Nuts Limited The Regional Chairman and the Regional Manager represented the Association at Workshop on the Ghana International Trade Commission by the Reintegration of Old AGI Members Ministry of Trade and Industry on Monday, 15th Series of meetings were held with old AGI members February 2016 at Gillbit Training Centre, Tamale. who are into Metal works and were very active in the 1990’s. At a meeting on Friday 24th June, 2016 at the Stakeholders Forum on Ghana Sugar Policy Tamale Industrial area it was resolved that a Metal The Regional Chairman and the Regional Manager Works Sector Committee be created. It was also represented the Association at Stakeholders agreed that, the sector Chairman would be part of Consultative Forum on the Ghana Sugar Policy by the regional executives. the Ministry of Trade and Industry at the Radach Lodge and Conference Centre, Tamale. Recruitment of FM and Radio Stations as Membership AGI MOTI Training on Rules of Origin The following Media houses have been contacted On Thursday 16th June, the Regional Manager to become Members of AGI. They are Kesmi FM, represented AGI on a Training programme on the Tawasul FM, Filla FM and Northern Television. Rules of Origin by the Ministry of Trade and Industry Capacity Building Workshops with Ghana Revenue (MOTI) at the Extee Crystal Hotel in Bolgatanga. Authority, EDAIF, Banks on Taxation and financing for SME’s in the Region.
www.agighana.org 47 Annual Report and Financial Statements 2015
Business Barometer 2nd Quarter 2016 - Summary Report
BUSINESS CONFIDENCE DROPS IN Q2, 2016 This does not reflect a predictable business environment, devoid of the perennial challenges as being experienced. Business confidence dropped to an index of 98.5 according to the AGI Business Barometer for Q2, 2016. The improved Since 2014, business confidence index rose above the base business confidence that began the year seemed to have fizzled index (100) on only two occasions as evident in the graph. out, falling below the 100 base index. Even though the survey Q2, 2014 saw the worst dip and deviation from the confidence results for the previous quarter re-affirmed the importance of index trajectory and it is worth noting that the foreign exchange power in boosting business confidence, the current high utility regulations introduced by the central bank in 2014 largely prices seem to have eroded the gains. accounted for such dramatic dip.
Taxes that bear sunset clauses are being maintained. Perhaps it Overall Perception of Business Performance is about time policy makers re-examine the uses to which taxes are put and possibly a review of the current tax regime in order From Figure 2, many more businesses rated Q2 as better not to undermine the competitiveness of local businesses. compared to those who rated it as worse. Further analysis revealed that the business situation in Q2 was much better The cedi remained relatively stable against the dollar in Q2. for the Construction sector than any of the sectors. One in Measures adopted by the Central Bank to reduce the exchange two businesses believes nothing has changed in the business rate swings and volatility ought to be maintained. It is likely environment. Among the 54% who expect an improved that the businesses which reported cedi depreciation as a business climate within the next six months, the Service sector challenge in Q2 have not recovered from previous effects of the is most optimistic while Manufacturers see little prospects of an depreciation. Lending rates continue to be driven by policy rate, improved climate in the coming months. currently kept at 26%.
Businesses expect that Q3 and Q4, 2016 will see much more Fig. 2 Overall Business Performance Q1, 2016 stable macro-economic conditions and commitment to fiscal consolidation to ensure sustainable growth of the economy. Overall Buisness Performance (%)
The AGI BB Indicator (BBI) 54 60 50 The Business Barometer Indicator (BBI) is an AGI proprietary 50 37 tool that measures the level of confidence in the business 40 29 environment and predicts short-term business trend. It is Current 30 21 based on AGI’s assessment of current economic conditions and Expecta�on perceptions and it simply expresses the state of the business 20 9 climate numerically in one figure (index) with 100 as the base 10 index. The index is calculated out of “current” business mood 0 and “expectations” for the future. Be�er Same Worse
The Business Confidence Indices featured in Fig. 1 are adjusted at the Source: Field data end of each year to eliminate seasonal effects associated with time se- ries. Overall Challenges
Fig.1 AGI Business Confidence Index Interestingly, Q2 recorded same bottlenecks as in Q1 in almost the same magnitude. Availability of power to businesses was Business Confidence Index not an issue in Q2. Rather the high cost of utility regarding water and electricity emerged once again as the most press- 120.0 ing issue among all the challenges businesses faced in Q2. The 103.3 101.9 survey revealed widespread agitation over such high electrici- 100.0 ty costs which do not look sustainable, according to the CEOs 98.5 surveyed. 80.0
60.0 Fig. 3 Overall challenges
40.0 High Cost of U�lity (Electricity/Water) 75% 20.0 Cedi Deprecia�on 31% 0.0 Mul�plicity of Taxes 28% 2013Q 3 2014Q 3 2015Q 3 2011Q 3 2014Q 2 2015Q 2 2016Q 2 2011Q 1 2011Q 2 2012Q 1 2012Q 2 2013Q 2 2015Q 1 2016Q 1 2011Q 4 2012Q 4 2013Q 1 2013Q 4 2014Q 1 2014Q 4 2015Q 4 2012Q 3 Source: Field data Access to Credit 24%
Delayed Payments 24% As featured in Figure 1, Q2 2016 recorded a drop in the confidence index from 101.9 in Q1 to 98.5 Business confidence 0 10 20 30 40 50 60 70 80 has generally remained quite unstable over the last three years. The indices show fluctuations over the past twelve months.
48 www.agighana.org Annual Report and Financial Statements 2015
Business Barometer 2nd Quarter 2016 - Summary Report
Access to credit and the Multiplicity of Taxes have assumed Employment Situation entrenched positions among the top challenges that have stifled business for the past six months. Fig. 4 Employment situation
Challenges by size of business Change in Employment
High Cost of Utility once again stood out prominently across 57 all the firms surveyed, and did not only emerge as a common 60 challenge, but also occupied the number one position in order of magnitude. It is worth noting that SMEs are often worst 50 31 affected by the bottlenecks that impact on businesses. Results 40 of the survey confirm the difficulty “Small” size businesses have nt
rc e 30 in assessing credit. The large and African Giants came under e
P 12 pressure from the influx of imported goods which hitherto has 20 not been the case. 10
0 Table 1: Challenges by size Increase Remain same Decrease Size Challenges st nd rd 1 2 3 Source: Field data Small High Cost of Access to Cedi Depreciation Utility credit The employment situation remained the same in Q2 as in Q1. Medium High Cost of Cedi Multiplicity of Taxes While most (57%) businesses feel they will maintain the same Utility Depreciation workforce, few (12%) of them project cutting jobs in the next 6 Large High Cost of Influx of Cedi Depreciation months if the current challenges persist. Utility imported goods Further analysis indicates that the Manufacturing sector will African High Cost of Influx of Cedi Depreciation suffer a lot more job losses than other sectors of about 13.5%. Giants Utility imported In essence 69% are less optimistic about hiring within the next goods six months. The policies and institutions to create incentives Source: Field data to hire job seekers don’t seem to make any difference. Job opportunities will however be coming from about one-third of Challenges by sector employers who said they will hire more workers in the coming months. Table 2: Challenges by sector Sector Challenges Electricity Tariff Increment 1st 2nd 3rd Manufacturing High Cost of Cedi Multiplicity of Contrary to the approved electricity tariff increment of 59.2%, Utility Depreciation Taxes as many a 71% said they experienced increments of over 75% Service High Cost of Cedi Multiplicity of as depicted in Fig. 5 and this possibly explains the agitations for Utility Depreciation Taxes a review of the tariffs. Most of the extreme cases of increments of over 150% came from the Construction sector and the big Construction High Cost of Delayed Access to credit firms referred to as the African Giants. Utility Payments
Source: Field data Fig. 5 Increase in electricity tariffs
It is not surprising that the high cost of utility ran through all the Increase in electricity bill sectors as well. There were however divergent reports on Cedi 29 Depreciation. While majority of the Service and Manufacturing 30 27 sector said exchange rate volatility had been subdued, others said it is too early to rule out depreciation of the cedi. Delayed 25 18 payments remains a major bottle neck to the Construction 20 17 sector as this keeps emerging. nt c e
r 15 e 9 P It is doubtful if the targeted GDP growth rate of 7% for Industry 10 for 2016 is achievable, considering the persistent challenges. 5
0 50%-75% 76%-100% 101%-125% 126%-150% Above 150%
Source: Field data
www.agighana.org 49 Annual Report and Financial Statements 2015
Business Barometer 2nd Quarter 2016 - Summary Report
It was not surprising that the tariff levels precipitated the need Power supply improved in Q2 as reported by nearly 80% of the for transparency and further investigation into the Utilities’ respondents as evident in Figure 6. The frequent power outages billing system in Q2. Even though businesses are hopeful that virtually disappeared. This was not the case previously. But this the correction of the anomaly in the electricity billing software, came at a higher cost. Among those who said there has not been as announced, will reflect in the new bills in Q3, taxes on utility improvement in power supply, Manufacturers dominate probably tariffs summing up to about 27% still remain a major concern. because their operations depended more on electricity. A good Captains of Industry believe Government must seriously re- majority of the 22.6% who had not seen improvement in power consider less expensive sources for power generation if local supply were cases of low voltage and power fluctuations that businesses are to remain competitive. equally disrupt business.
Fig. 6 Power supply situation
Power situa�on
38.2 40 35.4
30 22.6 nt e c 20 Pe r 10 3.6
0 Highly Improved Li�le No Improved improvement improvement
Source: Field data
THANKS TO OUR RESPONDENTS FOR THEIR KIND COOPERATION http://www.agighana.org; +233 302- 779023/4
50 www.agighana.org
2015 Financial Statements Annual Report and Financial Statements 2015
Report of the National Council of AGI on the Financial Statements for the Year Ended 31 December 2015
In accordance with the requirement of section 132 of the Companies Act,1963 (Act 179), we the Members of the National Council of Association of Ghana Industries present the annual report on the state of affairs of the Association for the year ended 31 December 2015.
RESULTS OF OPERATIONS 2015 2014 GH₵ GH₵ Income 2,174,317 1,870,636 Other Income 615,308 528,021 Total Income 2,789,625 2,398,657
General, Administrative Expenses (2,438,250) (2,050,643)
Surplus for the year 351,375 348,014 Which is added to the Accumulated Fund Brought forward from the previous year 1,363,999 1,015,985 To arrive at accumulated fund of 1,715,374 1,363,999
Prior year adjustment 37,444 0 To which is carried forward to the balance sheet 1,752,818 1,363,999
NATURE OF BUSINESS There was no change in the principal activities of the Association.
EVENTS AFTER BALANCE SHEET DATE The National Council confirms that no matters have arisen since 31 December 2015, which materially affect the financial statements.
JAMES ASARE - ADJEI LETICIA OSAFO-ADDO (MRS) PRESIDENT TREASURER
www.agighana.org 53 Annual Report and Financial Statements 2015
Independent Auditor’s Report To the Members of Association of Ghana Industries (AGI)
Report on the Financial Statements We have audited the accompanying financial statements of the Association of Ghana Industries (AGI) which comprise a balance sheet as of 31 December 2015, an income and expenditure account, and a cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory notes.
National Council’s Responsibility for the Financial Statements The National Council is responsible for the preparation and fair presentation of these financial statements in accordance with the manner required by the Companies Act, 1963 (Act 179). This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgements, including the assessments of the risks of material misstatements of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the National Council, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Basis for qualified opinion
The Association’s office complex, valued at GHC 206,130, which has been captured as part of its assets, is situated on a stretch of land that the Association has no legally exclusive right over and interest in. This is premised on the fact that the Association does not have any lease arrangements with its landlords, as required by the Conveyancing Decree 1973 (NRCD 175), Section 2, subsection
54 www.agighana.org Annual Report and Financial Statements 2015
Independent Auditor’s Report cont’d To the Members of Association of Ghana Industries (AGI)
A, to evidence the Association’s exclusive right over that stretch of land. This therefore makes the Association’s ownership claim over the building as well legally unenforceable. The Association, as a result of this subject, has not been able to incorporate the value of the land in question in its records as part of its assets. We draw attention to the fact that the Accounting standards used for the preparation of the financial Statements is the Ghana Accounting Standards and notthe International Financial Reporting Standards (IFRS).
Opinion
In our opinion, except for the effects of the matters discussed in the “basis for qualified opinion”, the financial statements give a true and fair view of the financial position of Association of Ghana Industries as of 31 December 2015 and of its financial performance and its cash flows for the year then ended in accordance with the Companies Act, 1963 (Act 179).
Report on Other Legal and Regulatory Requirements
The Companies Act, 1963 (Act 179) requires that in carrying out our audit we consider and report to you on the following matters. We confirm that
i. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.
ii. In our opinion, proper books of accounts have been kept by the Association, so far as appear from our examination of those books, and
iii. The Association’s Balance Sheet and Income and Expenditure Account for the Association are in agreement with the books of accounts.
Signed by: Frederick Bruce-Tagoe (ICAG/P/1087) For and on behalf of PKF (ICAG/F/2016/039) Chartered Accountants Farrar Avenue Accra.
29th September, 2016
www.agighana.org 55 Annual Report and Financial Statements 2015
Income and Expenditure Account for the Year Ended 31 December 2015
NOTES 2015 2014 GH₵ GH₵ Income 2,174,317 1,870,636
General and Administrative Expenses 2 (2,438,250) (2,050,643)
Net Operating Deficit (263,933) (180,007)
Other Income 3 615,308 528,021 Surplus for the year transferred to Accumulated fund 351,375 348,014
ACCUMULATED FUND YEAR ENDED 31 DECEMBER 2015
Balance as at 1 January 1,363,999 1,015,985 Surplus for the year 351,375 348,014 Prior year Adjustment 37,444 0 Balance as at 31 December 1,752,818 1,363,999
56 www.agighana.org Annual Report and Financial Statements 2015
Balance Sheet as at 31 December 2014
NOTES 2014 2013 GH₵ GH₵
Long Term Investment 4 121,972 0 Property,Plant and Equipment 5 310,972 344,422
432,010 688,844
CURRENT ASSETS Accounts Receivable 6 172,267 123,462 Bank and Cash Balances 7 329,256 134,734 Short Term Investment 8 1,147,478 1,053,430 Software License 9 0 3,150 1,649,001 1,314,776
CURRENT LIABILITIES
Accounts Payable 10 311,302 275,805 NET CURRENT ASSETS 1,337,699 1,038,971 NET ASSETS 1,769,709 1,727,815
REPRESENTED BY:
Accumulated Fund 1,752,818 1,363,999 Property,Plant & Equipment Fund 11 16,891 19,394 1,769,709 1,383,393
Approved by the National Council on 29th September, 2016.
JAMES ASARE - ADJEI LETICIA OSAFO-ADDO (MRS) PRESIDENT TREASURER www.agighana.org 57 Annual Report and Financial Statements 2015
New Members as at 31st October 2015
No. Name Categroy Region Sector Products/Services 1 A.K. Ghana Wood Ltd Accra Wood Processing Dealers in wood products 4
2 ADEPA Africa Investment Ltd Accra Business Promotion & Business Promotion 6 Consultancy Services 3 Dutch & Co Ltd Accra Energy LED lighting systems 5
4 Western Diamond Cement W/C Metal,Building & Constrcution Cement Manufacture 1 Ltd 5 Houston Packaging Co Ltd Accra Printing, Stationery & Producers of Cellotapes 6 Packaging 6 AOS Super Sacks Ltd Tema Garment, Textiles & Leather Manufacturing of pp Woven Fabric 5 Sacks 7 Environmental Services Accra Environment & Sanitation Environmental Services Provision 3 Providers Association 8 Goodies Bebs Ltd 7 Accra Agri-Business cultivation of organic fruits & vegetables 9 Kingdom Beverages Ltd Accra Beverage Manufacturing & Sales of Alcoholic 3 Beverages 10 Access Freight Solutions Ltd Ash/BA Automotic & Transportation Freight and Fowarding services, 6 Services clearing agent etc. 11 Unicom Micro System Ltd Ash/BA ICT Computer Programming, website 6 designing, software development 12 C'n'B Farms Ltd 6 Ash/BA Agri Business Agric products 13 JC-HR Consult W/C Business Promotion & Employee training, human resource 7 Consultancy Services consultancy 14 Jonamass Co Ltd 7 W/C Agri-Business Food processing 15 Jonamass Travel & Tour Ltd 7 W/C Hospitality & Tourism Travel & Tours Events Management 16 Benson Printing Press Ltd Ash/BA Printing, Stationery & Publishing and printing of all kinds 6 Packaging 17 Agyeiwaa Memorial Co Ltd 6 Ash/BA Metals & Building Products Roofing Sheet 18 Hotel Angels Ltd 7 Ash/BA Hospitality & Tourism Hotel services 19 Amayak Company Ltd Accra Toiletries & Cosmetics Production & Sale of shear Butter Raw 7 & Beads 20 Vidols Sleek Wear 7 Accra Garment, Textiles & Leather Design & Sewing - Garment 21 GFY Partners Accra Business Promotion & business advisory services 6 Consultancy Services 22 Titan Ash/BA Metals & Building Products Building Construction/ Events 7 Organiazing 23 Royal Crown Packaging Ltd Accra Printing, Stationery & Corrugated Paper Cartons Plastic 3 Packaging Bootle Caps 24 Mayqueen Jewellery Accra Garment, Textiles & Leather Fashion Beads Necklace Bracelets 7 Earings 25 Fabrimetal Gh Ltd 3 Tema Metal,Building & Constrcution Tmt Bars/Rebars 26 Aytech Power & Cont Accra ICT Industrial Automation Training and 6 Systems Ltd Services 27 Arthuron Ent Ltd Ash/BA Business Promotion & Building Construction, Import & Export 7 Consultancy Services of goods/ Generial merchands 28 AMI Advancetek Ash/BA Agri-Business Agro - Business Foundry, Oil Palm 7 Prod' 29 Charles K. Boateng Accra Toiletries & Cosmetics Soap making, liquid soap making, Shea 6 Enterprise Butter creams
58 www.agighana.org Annual Report and Financial Statements 2015
New Members cont’d as at 31st October 2015
30 Voltic Ghana Ltd Accra Beverage Production and sale of Bottled Naturial 3 Mintral Water 31 FKAD Consult Ltd 7 Accra Energy Energy Lubarication Industrial Eng Services, Energy Auditing, Fuel Station Management 32 Quality First Co Ltd N/R Food Manufacture of Food Products & 5 Beverages 33 Stopover JRA Enterprise Accra Toiletries & Cosmetics Cosmetics & Household Manufacturing 6 Jra Alata Soap 34 Autochill Engineering Ltd Accra Automotic & Transportation Automotive Aircondition Repairs 6 Services 35 Rodamt God's Will Enterprise 6 Ash/BA Metal,Building & Constrcution Producers of Utensils and kitchen tools 36 Ikson Properties Agency Ltd Ash/BA Metal,Building & Constrcution Property sale, Hosting, Acquisition, 6 Mortgage 37 Takhilla Ltd Accra Agri-Business Processing of Sheanuts And Soya 5 Beans into Edible oils 38 Asix Industry Group Gh Ltd Accra Energy Production of Engine, Compressor, 4 Hydraulic and Gear Oils 39 Afri-Word 6 V/E Garment, Textiles & Leather Batik, African wears 40 BB's Design V/E Garment, Textiles & Leather Producers of garment, African wears 6 and fabric designs 41 KIM Farms 7 V/E Agri Business Mushroom Production 42 Verdi Co Ltd 7 V/E Pharmaceutical Pharmaceutical services 43 Enterprise Group Ltd 1 Accra Financial Services Wide Range of Insurance Policies 44 Prixim Consulting Co Ltd Accra Business Promotion & Business development services, 5 Consultancy Services human resource training, recruitment and labour 45 Best Brains Consultancy Ltd Accra Business Promotion & Business Consultancy 7 Consultancy Services 46 Michael Safa & Associates Accra Business Promotion & General Legal practice and business 7 Consultancy Services services 47 ACEC Investment Ltd Tema Metal,Building & Constrcution Industrial Park Construction, Malls 3 Construction, Housing, Warehouses, KFC construction 48 Prefors Ltd Ash/BA Electricals & Electronics Cables, Energy saving bulbs, steel 4 poles, Air Conditioners, Complete Luminaires 49 Teledata ICT Ltd 3 Accra ICT Internet and Telephony Services 50 Boss-Bosson's Collection 7 V/E Garment, Textiles & Leather Design & Sewing - Garment 51 Indorama Ventures Ltd 3 Tema Electricals & Electronics dealers in Electrical products 52 Interworld Products Gh Ltd 3 Accra Rubber and Plastics Manufacturing of Plastic Products 53 Gilson Manufacturing Ltd 6 Accra Metal,Building & Constrcution Manufcaturing of building materials 55 Ensafrica Ghana Ltd Accra Business Promotion & Commercial law, tax, forensics and IP 3 Consultancy Services 56 Blenmich Arts & Signs Ash/BA Printing, Stationery & Producers of books, publications and 7 Packaging other stationaries 57 Tasha Lamptey Law Accra Business Promotion & General Legal practice and business 7 Consultancy Services services 58 Godlad Consult Accra Business Promotion & business advisory services 7 Consultancy Services 59 Prima Preforms Ltd 3 Tema Metal,Building & Constrcution Preforms 60 Safe Lines Ltd Accra ICT Networking services and deployment 5 of telecommunication equipments
www.agighana.org 59 Annual Report and Financial Statements 2015
New Members cont’d as at 31st October 2015
61 Smart Marketing Ash/BA Business Promotion & Marketing promotions and sales 7 Consultancy Services activation 62 Houtman Business Gh Ltd Ash/BA Business Promotion & Business promotion and advisory 5 Consultancy Services services 63 Dangote Cement Gh Ltd 2 Tema Metal,Building & Constrcution Cement Manufacture 64 Unisecurities Ghana Ltd 2 Accra Financial Sector Financial Services 65 Golden Exotics Ltd 1 Accra Agri Business Organic Fruits like Banana, Pineapple 66 Asangod Roofing Systems Ltd Accra Metal,Building & Constrcution Producers of Roofing Sheets, 5 Galvanized sheets and Aluzinc 67 G. General Business & Foods 7 Accra Food Food processing and packaging 68 Appolonia Development Co Accra Metal,Building & Constrcution Estate Developers 2 Ltd 69 Colour Magic Ltd Accra Printing, Stationery & Full colour digital and offset printing 5 Packaging press 70 CBS Supreme Ind Ltd Ash/BA Metal,Building & Constrcution Producers of Roofing Sheets, 7 Galvanized sheets and Aluzinc 71 Meester Media Co Ltd Accra Printing, Stationery & Printing, Stationery & Packaging 6 Packaging 72 K. K. Peperah Co Ltd 5 Accra Metal,Building & Constrcution Roofing sheet 73 Organisation For Strategic Accra Business Promotion & Business promotion, advisory services 6 Development Consultancy Services and capacity development training 74 Ghana Union Assurance Ltd 3 Accra Financial Services Insurance policies 75 HGK Systems Engineering Tema Energy High Voltages, Low Voltages and 5 Ltd Transformer Installation 76 Invest In Africa Accra Business Promotion & Online Business Services, SME 2 Consultancy Services capacity Building
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64 www.agighana.org PROFILE OF
HOMomefoods Processing and Cannery LimitedEFO was started by To create valueODS and wealth for our nation through agriculture, thus Felicia Twumasi on her kitchen table and incorporated on ensure to leave a sustainable legacy for posterity. August 5th 1995 as a limited liability company, with focus to engHage in processing and packaging of various types of ethnic foods VISION for the export market. The company is also engaged in the Our vision is to create, build and establish a quality food chain industry importation of partly processed food items for re-processing and by fusing ? avours and spices from around the world to meet the needs packaging by fusing ? avours and spices from around the world to suit of consumers. both domestic and international markets. MISSION Homefoods has been in business for the past 21 years solely in export Our mission is to focus attention and creativity on basic food of Red Palm Oil and other ethnic foods to Europe, America, South ingredients and services to all and sundry, homes, catering, hotel and Africa, Equatorial Guinea and the Gambia and has been able to keep fast food industries; food products they absolutely need and want, up our business-level strategy; a sustainable competitive advantage in making every meal an experience. discrete and identi? able markets for all these years. In Europe, especially Britain, Homefoods has kept 70% market share in the Red Palm Oil business for 13 years with customised brands; BLUE BAY, Homefoods' quest for innovation and creativity which leads to TROPIGOLD, AFRICA'S FINEST and GHANA BEST. In increase in production while maintaining the highest quality is evident 2009, we embarked on a new business model by adding value to the in our awards. Our consistency on the international market earned us palm oil to vegetable oil and expanded to other food product lines. the following awards; Homefoods has grown over the years exponentially, from the kitchen Felicia Twumasi - Founder / CEO table to the factory ? oor and expanding further to our state of the art factory at Tema freezone enclave in 2017. For more information about our products and services contact us on: · The Otherways, Top Quality Customer Satisfaction Homefoods Processing and Cannery Ltd Aptitude Seal for High Quality P.O.Box 16519 KIA We are a 100% owned Ghanaian company within the FMCG · The Otherways Golden Award for Quality and Business Accra Ghana marketing industry (which is dominated by multi-national Prestige, 2007 Phone: +302 303 914/325 570 companies). We produce and market Palm Oil in Ghana and work · National Export Achievement Award (Silver Award http://homefoodsghana.com with over 5,000 co-operative women and suppliers, hence saving a Winner), 2006 for Palm Oil chunk of foreign exchange for the country, resulting in spillover of · National Export Achievement Award (Gold Award Homefoods Processing & Cannery Limited Homefoods_Ghana wealth within the farming communities, especially for women. Winner), 2007 for Gari and Palm Oil Homefoods is a unique, creative, focused and innovative agro-based · 4th Ghana-Africa Business Award (Silver Award company with a mission to empower women farmers in our community. Winner), 2009 · UNCTAD Nominee for Entrepreneur Woman of the Our core business is linked to improving Nutrition; Health, Agriculture, year, 2009 Productivity and Inventory Management through an effective supply chain concept. · GOLDEN Award for Business Prestige, Geneva, 2009 Our supply chain starts from the FARM GATE with more than 5,000 · Ernst & Young Entrepreneur Finalist for West Africa, women cooperative members and its still growing. 2014 · Millennium Agribusiness Award in London 2014 OBJECTIVES · Made In Ghana Agro-Processing Palm Oil of the To focus attention and creativity on food ingredients for food Year,2015 · African Brand Leadership Merit Awards 2016 industries, homes and individuals and provide products they Winner- African's Best Premium Food Products absolutely want and need through adaptive production, inventory Company of the Year, 2016 management and product design. ENJOY!! Explore our brands
Acknowledgment
PROFILE VOLTIC (GH) LIMITED ‘Prosper’ was launched in London in June 2014. It focuses on: accelerated growth and social development Voltic (GH) Limited, (Voltic) has since in the brewery’s value chains; making beer the natural 1995 refreshed consumers in Ghana choice for the moderate and responsible drinker as well with its Voltic Natural Mineral Water as securing shared water resources for its business and and other non-alcoholic beverages. local communities. As a unique brand that has remained the market leader The rest include creating value through reducing waste for twenty-one years and still counting, Voltic has become and carbon emissions; and supporting responsible, a generic name for mineral and bottled water in Ghana sustainable use of land for brewing crops. In view of through the provision of world-class products known for these shared imperatives, ABL produces Eagle Lager good quality and natural freshness. and Chibuku Shake Shake from locally grown cassava, The company, which has recently become a subsidiary sorghum and maize. This action by ABL has provided of Coca-Cola Beverages Africa (CCBA), is committed to a ready market the Ghanaian farmer and sustainable sustainably growing the economy, its employees and the income for their families.. environment. Over the past few years, ABL has provided equipment Through its water and environmental stewardship including Tuk Tuk/ tricycles with branded containers, projects, Voltic in partnership with other stakeholders has power tiller and motor carts for some of its wholesalers over the years provided mechanised boreholes to schools as well as the 2013 National, Volta and Eastern and communities within and outside of its operational Regional Best cassava farmers. The gesture by Accra areas. It has also supported various deprived schools in Brewery resulted in the Ministry of Food and Agriculture kind and cash towards the provision of basic amenities acknowledging the company’s efforts by presenting it and educational materials. with the Platinum Sponsor of 2013 Farmers’ Day Award and a similar recognition for its 2015 support. In October 2015, Voltic launched a sustainable Poly- ethylene Teraphthalate (PET) Recycling Project, “Evolve”. In 2014, ABL increased its sponsorship package to include The project seeks to measure the feasibility of a recycling the Western Region. In 2015, ABL further topped up the plant in Ghana and to encourage waste segregation package with a furrow solar powered irrigation system amongst consumers. Since the inception of the Evolve and a borehole for the Yikene farming community in the project, more than 4 tonnes of PET waste have been Bolgatanga Municipality in the Upper East Region. collected and recycled in Accra alone. The support package was doubled further in 2016 with Voltic is focused on continuing to lead the market through a GHc 40,000 cash donation; 220 cases of assorted constant reinvestment, innovative manufacturing and products; three solar powered mechanized boreholes and consumer-oriented marketing strategies. furrow irrigation systems for three farming communities in the Western, Volta and Upper East Regions of Ghana. The company employs 390 permanent personnel and about 600 through its value chain with its production Early this year, ABL provided a borehole for the Adodobi plants located in Medie and Akwadum in the Greater farming community of 800 persons in the Fanteakwa Accra and Eastern regions respectively from where it District of the Eastern Region. The residents now have produces Voltic Natural Mineral Water. The company also access to clean potable water. markets Club minerals and Beta Malt produced by Accra Accra Brewery is also involved in supporting local Brewery Limited. entrepreneurs and organisations advance to greater ACCRA BREWERY LIMITED heights by consistently providing sponsorship for their various activities in cash and kind a well as also providing Accra Brewery Limited (ABL) was expertise to train them. Beneficiary organisations established in 1931, becoming the first include The Ghana Journalists Association; Enablis brewery in the then Gold Coast. In 1975, Entrepreneurial Network; and some tertiary institutions the locally registered Accra Brewery Limited acquired such as University of Mines and Technology, Takoradi Overseas’ Breweries assets. Today, ABL is a public Polytechnic are noted beneficiaries. company engaged in the manufacture, marketing and distribution of beer, sparkling soft drinks and non- The Adabraka and Agbogbloshie communities in which alcoholic malt beverages. Our flagship brand is the ABL operates have also benefited from a decade of free iconic Club Premium Lager, which has been a part of health screening programmes. In September this year, every single milestone in Ghana’s history since 1931. ABL once again partnered its next door neighbour, Graphic Our other brands are Eagle Lager Castle Milk Stout, Communications Group Ltd, to offer free health screening Chairman Bitters, Club Shandy Bosoe, Peroni Nastro and registration onto the National Health Insurance Azzurro, Chibuku Shake Shake and Beta Malt. Scheme. In all almost 1500 residents benefited from this exercise. As a subsidiary of SABMiller Plc, ABL understands that its profitability depends on healthy communities, growing The company has always strived to brew its beer with economies and the responsible use of scarce natural less water and also reusing its packaging materials resources. These issues are therefore integrated into (returnable bottles). Accra Brewery’s purpose is to the business through 5 Shared Imperatives dubbed communicate the benefits of ‘Prosper’ and drive these ‘PROSPER’. five Shared Imperatives, through the company’s value chains to improve and find sustainable solutions to social challenges. In February 2015, President John Mahama inaugurated Newrest First Catering in the immediate ABL’s US$100 million expansion project. It consists of past without any disruption and is two new packaging lines for beer soft drinks and malt, committed to providing same if not better a warehouse and gatehouse, brew house upgrades, this time around. effluent treatment plant, power generating plants, FANMILK LIMITED has since its incorporation in 1960 installation of additional unitanks further upgrades on remained the leading manufacturer and marketer of ice the old packaging lines. cream, yoghurt and ice lollies, and is also a significant ABL’s mission is to own and nurture local and international player in the fruit drinks market. The Fan brand of brands that are the first choice of consumers and FanIce, FanYogo, FanChoco, FanDango and FanPop have customers in Ghana. refreshment. In addition, our downstream distribution operations have provided employment to several Our Values thousands of Ghanaians ranging from distributors, Our people are our enduring advantage agents, retailers to bicycle vendors. Accountability is clear and personal ZOOMLION GHANA LIMITED is a We work and win in teams giant in the waste management as well We are customer and consumer focused as environmental sanitation business in Ghana and Africa as whole. The company We do our best for local communities was formed under the company’s Act in Our reputation is indivisible January 2006. It now has a total core staff of 3,000 and manages AQUAFRESH LIMITED about 65,000 workers under various forms of Public Private Partnerships. Zoomlion also operates in other Aquafresh Limited is located at the Motorway African countries such as Nigeria, Sierra Leone and Industrial Area in the premises of Printex Limited opposite Liberia. Zoomlion Ghana Limited is committed to Gardenplast, some few metres to Coca Cola Roundabout. building long-lasting relationships with our private It is a privately owned Ghanaian company established in sector customers, Ministers, Departments and Agencies 1994 with a current workforce of sixty-eight (68), with (MDAs) of central Government, Metropolitan, Municipal Mr Milad Millet as Managing Director. The company is and District Assembly (MMDAs) or local Authorities, involved in the production of fruit juice and milk drinks and the communities we served not excluding even our for local consumption and for export. competitors in the industry, who we would prefer to refer to as partners in the business of keeping Africa and Vision Statement: To be the Market Leader in the Ghana clean, green and healthy and salubrious. production of High Quality Nutritious drinks and edibles in Africa and beyond. ASADTEK INDUSTRIES LIMITED (AIL) is a privately owned Ghanaian company registered originally to Mission Statement: To conscientiously provide safe manufacture aluminium roofing sheets, cookware and drinks and edibles to promote health for our customers. fabricate sliding doors and windows. AIL over the time PRODUCT LIST: has extended its excellence and success in the aluminium wares into real estate and property market. The company Drinks has amended its regulations and also changed the Kalyppo (Apple, Frutimix, Orange, Citrus, Passion, corporate structure into Asadtek Group Limited (AGL) Oranpine, Pineapple & Strawberry. (250ml x 24 pcs per comprising Asadtek Kitchenware Ltd, Asadtek Properties carton) Ltd and Asadtek Roofing Limited. Asadtek produces Milko (Chocolate), (200ml x 24 pcs per carton) products and services that delight its customers in terms of product strength, durability and aesthetic beauty. Juicee: (Cocktail, Orange & Pineapple), (200ml x 24 pcs AGL aims to be a reference point for per carton) quality bench-marking in the roofing Fruity: (Cocktail, Orange, Citrus Punch & Pineapple, (125 and kitchenware industry in the ml x 24 pcs per carton) West African Sub-region. Frutelli: (Cocktail, Mango, Orange, Pineapple, Orange/ Pineapple & Citrus Splash). (1Ltr x 6 pcs per carton) Aquafresh Limited has a variety of clients including the following:
. Various institutions including schools and Hospitals . Restaurants and Hotels . Major supermarkets . Mini markets . Shops . Various Wholesaler and Retailers . Neighboring countries Aquafresh Limited has successfully provided customs to