BOPP Is To Cash In On Higher Palm Oil Prices

The Benso Oil Palm Plantation (BOPP) is poised to cash in on the rising prices of crude palm oil on the international market to raise its revenue, Mr Ishmael Yamson, Board Chairman of the Company has said.

Speaking at the annual general meeting of the Company at Benso, Mr Yamson said this would enable BOPP to pay higher dividend to its shareholders, adding that the company recorded a profit of 745,000 Ghana cedis in 2007.

Mr Yamson said improvement through increased fertilization, compost application and water management production would be augmented to deliver higher profits. BOPP achieved total fruit bunches production of 84,409 metric tones in 2007, representing a three percent fall from 2006.

He attributed the shortfall in production mainly to adverse weather condition and competition from fruits purchased from outside.  To address the rainfall problem he said the management was constructing moisture conservation pits and closed ended trenches to harvest rainwater for the palm trees.

'The company is also resolving the problem of outside purchased fruits through the signing of a Memorandum of Understanding with out-growers and offering them extension service and finance.'