Ghana’s Macro-Economic Environment
- Inflation remained elevated throughout 2022, driven by a combination of demand and supply pressures.
- Real GDP growth moderated to 3.6% in 2022, driven by the services and agriculture sector.
- The banking sector performance moderated due to rising cost of credit and revaluation-driven balance sheet performance.
- Global commodity prices, such as crude oil and gold, experienced volatility during the year.
- The world market price of Crude Palm Oil (CPO) grew 20% in dollar terms, while Palm Kernel Oil (PKO) decreased 20%.
Financial and Operating Performance
- Revenue growth of 59% YoY and profit after tax of 73.6% YoY.
- Total Palm Fruits processed during the year 124,769 metric tons, 15% below prior year (2021).
- The Company purchased 48,807 metric tons of Fresh Fruit Bunches at a total cost of GH¢53million from Smallholders and Out-grower farmers in surrounding communities.
- Recommendation of a final dividend of GH¢0.9435 per share, in addition to an interim dividend of GH¢1.1308.
- Cumulatively accounting for 45% of profit after tax and a 95% increase over 2021.
- Four major pillars of focus for Company’s CSR Policy: Education, Health, Social Infrastructure and Economic Empowerment/Wealth Creation.
- A total amount of GH¢1.6 million was spent on CSR in 2022.
- Tertiary Scholarship granted to five (5) brilliant but needy Students from the surrounding communities.
- BOPP spent a total of GH¢53 million on its Smallholder and Outgrower operations in the catchment area.
- Retained RSPO certification status.
- Ranked number 20 in the Ghana Club 100 awards.
- IMF report that 2023 is expected to be “tougher” than 2022 due to slow-down in US, EU and China’s economies.
- Domestic economic conditions are expected to remain below potential over the near-term.
- Government of Ghana reached SLA with the IMF to put the economy on the path of fiscal consolidation.
- The 2023 Budget was passed by Parliament and frontloads the consolidation efforts with revenue enhanced measures.
- Significant challenges ahead for businesses in the current economic dispensation.
About Benso Oil Palm Plantation Limited (BOPP.gh)
Benso Oil Palm Plantation Limited is a leading agribusiness based in the heart of Ghana’s oil palm industry. As one of the oldest agricultural firms listed on the Ghana Stock Exchange, Benso has established itself as a reliable source of high-quality palm oil products. The company’s state-of-the-art plantations and projects have led to sustained growth and profitability in recent years. Benso also has a vertically integrated processing facility that provides end-to-end service and the highest product quality on the market. With products marketed worldwide, Benso is unrecognized as the West African leader in quality, productivity, and sustainability. The company has set an example for how agribusiness can drive social and economic progress in regions traditionally considered less developed.
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