The Fairtrade Premium Committee of the Golden Exotics Limited (GEL) at Asutuare in the Greater Accra Region has announced a total of €4,420,728 as its overall cash balance which included cash reserve from 2022, premium income received and interests on investments and income generated from its staff bussing project.

The amount, Mr. Richard Wiafe, chairman of the Fairtrade Premium Committee (FPC) stressed was cash available for the implementation of projects for the year 2023.

Speaking during the 10th Annual Delegates Meeting of the Committee at Akuse, its chairman, Mr. Wiafe disclosed that an amount of GHC 249,044 being 20% of the fairtrade premium cash distribution was equitably distributed in April 2023 to all GEL workers in employment as well as those who retired in 2022.

Outlining further breakdown, he said the disbursement of the amount covered other areas including GHC1,050,000 spent on educational and development support, GHC987,464 spent on the provision of educational materials, GHC21,988 on feeding children of the farm's creche facility, with a further GHC5,204,298 expended on financing workers canteen.

Additionally, GHC2,856,574 was spent on the purchase of two staff transport buses and a further GHC1,643,,007 expended on the Dufor and Adakope teachers and nurses bungalows with a further GHC1,892,619 and GHC 2,229,124 on the Lubuse basic school and Osuwem Vocational Training School respectively.

The rest of the pemium was sspent on environment, loan and women environment projects, fairtrade awareness, alternative livelihood, a fairtrade office building, training, a regional fairtrade congress, amongst others.

Guest of honour at the event who is vice president of the Compagnie Fruitiere, Mr. Olivier Chassang said the company's new banana plantation at Torgorme was ongoing and improvements being made in its existing plantation at Kasunya.

Assuring that the company continued to invest in its host community through its corporate social responsibilities, he said various corporate social amenities including hospital and road facilites had been put up.

Speaking on major steps being undertaken to improve on the company's financial inflow, he said, "We continue to aggressively market our conventional and organic bananas to increase our shares in our major market."

Mr. Chassang added that the proportion of organic bananas in the company's fairtrade exports has seen a steady increase and this brings hope that the company can increase its fairtrade sales and improve on its fairtrade receipts which he said had been on the decline lately.

He entreated staff to respect and follow the instructions of the company to maintain the high standards.

Observing that the FPC's premiums had been declining over the years, the vice president of the Compagnie Fruitiere who said the situation could lead to the company's capacity to undertake more projects added that GEL's major customers now want to be part of how the company's fairtrade premium is used.

"There may be signals that the buyers are not satisfied about the way the premium money is used or they do not get enough information on premium use or it does not reflect their own priorities," he noted.
On his part, Managing Director of the Golden Exotics Limited, Mr. Benedict John Rich described the year 2023 as significant with respect to the executions of various projects in its host communities.

Projects he listed included a six unit residential accommodation for teachers and nurses at Duffor and Adakope, a six unit classroom block for the local primary school at Lubuse, a 3 unit technical workshop for the Osuwem Vocational School, two new buses for staff of golden exotics as well as scholarship schemes for 250 workers, their spouses and children to pursue tertiary education.

Other interventions include subsidized lunch for workers, educational support for wards of staff amongst others.

The Managing Director described these interventions as ample testimony of the impact of fairtrade on workers and their immediate families.

Stressing on the challenges facing the banana market in recent times, Mr. Benedict John Rich said, "The banana market is difficult, banana prices have been stable for many years."

The price of the commodity has remained same over the past 37 years while the cost of production continues to surge with demands for higher quality standards by certification bodies, customers and importing countries increasing every year.

According to Mr. Benedict John Rich, the only way to survive in such circumstances is to work efficiently with high productivity.

Another challenge he identified is the tough economic situation in the country which invariably results in the rising cost of major inputs.

Despite the setbacks, the Fairtrade Premium Committee recorded imperessive growth performance accross key indicators of its operations for the year ended, 31st December, 2023.

The delegates approved and adopted all resolutions on the agenda which included among others the FPC annual premium reports, internal and external audit report and work plan and risk assessment financial statement.

A new executive body was also sworn in with the outgoing executives handing over to the new body.


A cross section of the delegates at the ADM


Management and some staff of the Fairtrade Premium Committee of the Golden Exotics Limited


Management of the Golden Exotics Limited during the ADM