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30.09.2011 Business & Finance

IEA assesses the usefulness of ABL

30.09.2011 LISTEN
By Masahudu Ankiilu Kunateh - Ghanaian Chronicle

By : Masahudu Ankiilu Kunateh
The Institute of Economic Affairs (IEA) yesterday organised a one day lecture for officials of various institutions, on Accra Brewery Limited (ABL) and Voltic Ghana Limited's contribution to Ghana's socio-economic development.  

The lecture was based on a socio-economic impact assessment study undertaken by Professor Ethan Kapstein of the INSEAD Business School (France), and the consulting firm Steward Redqueen (Netherlands).

The Steward Redqueen team was headed by Dr. René Kim, the main speaker for the event. He has worked with many multinational companies and private equity funds in both developed and emerging markets, including several mandates in Africa.

The attending organisations included the Ministries of Finance; Trade and Industry; Food and Agriculture; and Health, as well as the diplomatic community, members of the business community, academia and the media.

The lecture focused on the need for companies to determine their economic impact and why it is important for companies to look at their role in development.

Using ABL and Voltic as case studies, Dr. Kim demonstrated both companies role in job creation as they are responsible for providing 17,600 jobs and support initiatives to benefit the communities in which they operate.

The Senior Economist, IEA, Dr. John Kwakye, noted the substantial economic growth the country is witnessing and added that, 'IEA is happy to have partnered with ABL and we will continue to give them all the support they need to grow.'

The Minister for Employment and Social Welfare, Mr E.T. Mensah, who chaired the event said 'I congratulate all leading economists most especially the IEA for supporting this lecture, which will serve as a standard for similar studies.

'I also congratulate ABL and Voltic, who have taken the lead, and I will encourage all other industries and local economies to learn from them.'

Greg Metcalf, the Managing Director of ABL, stated in his address that 'Our commitment to Ghana is unwavering.  Accra Brewery is committed to building a sustainable business whilst simultaneously creating value for our shareholders, supporting our customers and contributing to the communities in which we live and work.'

During his presentation, Dr. Kim advocated a continued drive by the government to foster a business environment conducive to private investment.  He also suggested that, the government makes available the necessary mechanics to manage the influx of the revenue it generates from industries and the country's natural resources.

ABL and Voltic, both subsidiaries of SABMiller Plc, are significant contributors to the Ghanaian economy through tax contributions.  Direct contributions of US$117m equate to 0.4% of total tax income and economy-wide contributions of US$46m represent 1.1% of the country's total tax income. The company is the oldest brewery in West Africa and is currently celebrating 80 years of making an impact in Ghana.

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