Centuries BP 2
Centuries BP 2
Centuries BP 2
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Business Plan
Centuries Cocoa Products
January 2018
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Page
Environmental Analysis 03
Industry Overview 10
Company Background 17
Marketing Strategy 29
Project Overview 34
Human Resource Plan 38
Project Risk Analysis 43
Financial Plan 45
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Environmental
Analysis
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Republic of Ghana
Capital: Accra
Ghana has had a stable political environment since 1992. The country has made appreciable progress in
institutionalizing multiparty democratic governance within the framework of the 1992 constitution. This
followed a period of military interventions after gaining independence in 1957. Attempts were made by
previous regimes to initiate multiparty democracy but was subjected to several military interruptions.
Since 1992, there have been smooth transitions of power from one democratically elected government to the
other. The National Democratic Congress (NDC) was in power from 1992 to 1999, led by Jerry J. Rawlings
and the New Patriotic Party (NPP) led by John A Kuffour was in power from 2000 to 2008. The NDC took over
power again in 2009 and retained it in the 2012 election. In the recent general elections held in December
2016, the NPP took over power from the NDC.
In comparison to the situation in the other West African countries, and even across the entire continent, the
political environment in Ghana can be considered peaceful and significantly stable. The peaceful atmosphere
has led to the influx of a number of businesses in the past. More recently, the successful resolution to the
main opposition party’ challenge of 2012 election results as well as the peaceful 2016 election and change of
government has further reinforced Ghana’s already strong democratic credentials.
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Economic Overview
2014 marked a difficult year for the Ghanaian Macro-Economy. Burdened by a number of growth
impediments including a protracted energy crisis, weak currency and large fiscal deficit, Government
activity over 2015 was thus centered on obtaining inclusive growth, value addition and diversification
through the pursuit of prudent macroeconomic and financial measures.
After obtaining support from the International Monetary Fund (IMF) to provide technical assistance and
Balance of Payments support for the next three years, the outlook for the economy is much brighter.
The fact that Ghana has so far successfully met all performance criteria under the three-year Extended
Credit Facility (ECF) with the IMF provides evidence that tough fiscal consolidation measures initiated over
2015 are yielding positive results and generates some level of confidence in the ruling government’s ability
to manage the economy going forward.
In addition, the emerging oil sector with its associated export and fiscal revenues is likely to further reduce
the risks of macroeconomic instability and provide a substantial boost to growth over the long term.
Gross Domestic Product
The commencement of oil production in December 2010 led to Ghana recording one of the highest growth
rates in the world in 2011 (14.1%).
Since 2011 however, growth has been declining steadily. From 14% in 2011, GDP growth fell to 9.3% in
2012 before dropping to 7.3% in 2013. Real GDP growth further dropped sharply to 4% in 2014, before
decreasing marginally to 3.9% in 2015. According to the supplementary budget, expected GDP growth for
2016 is 4.1%. As at the end of 2016, GDP growth was revised at 3.7%. GDP growth for 2017 is estimated
at 7.9 as a result of the boost in oil production, following delayed Jubilee FPSO Turret Remediation Project,
which would now start in 2018.
3.8 3.7
4
3
2
1
0
2013 2014 2015 2016 2017
50.00
-
2013 2014 2015 2016 2017
10
Crops 5.9 5.7 2.5 2.5 4.3 4.5
5
o.w Cocoa 2.6 4.3 -8 -7 3 4.2
0
-5 Livestock 5.3 5.3 5.3 5.3 5.3 5.5
2013 2014 2015 2016 2017 2018 P
Forestry & Logging 4.6 3.8 1.4 2.5 3.9 3.9
AGRICULTURE INDUSTRY SERVICE
Interest Rate
%
5.00
• Lending rates are very responsive to the pattern of
the monetary policy rate as banks pass on increases -
to customers. Due to the relatively small balance 2013 2014 2015 2016 2017
sheet of Ghanaian banks, it is often difficult to obtain Euro € Dollar $ Pound £
significant credit locally. Most investors are therefore
forced to look to foreign banks for financing. Source: GOG 2018 Budget Statements, BOG Monetary Database
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Ghana’s reputation for political stability remains intact following the December 2012 elections, and the
nation is widely regarded as a safe place to do business.
Key economic indicators show a relatively stable condition, even though exchange rate fluctuations
threaten the gains made so far. Ghana is undergoing a multi-year economic boom, fueled by the burgeoning
oil and gas sector which is attracting a lot of foreign investment.
The current stable macro economic environment, combined with the inflow of foreign investors into the
country, lends credibility to (and ample reason to be optimistic about) the success potential of Ghana’s
numerous significant agricultural projects.
Looking ahead, we expect investment in Ghana to hold up over the medium term given the strong growth
outlook, favorable business environment and wealth of investment opportunities. The Government is
seeking to broaden and deepen private sector investment in agriculture.
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Industry
Overview
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Ghanaian Cocoa Industry
Ghana was until the 1970s the leading world producer of cocoa. According to the Institute of Statistical, Social
and Economic Research, Cocoa was the highest foreign exchange earner for Ghana, contributing as much as
45% of total foreign exchange in the 1960s.
In the 1990s, cocoa’s share of the country’s total export earnings averaged about 35% annually. As at 2015, the
annual percentage share has dropped to about 27%, yet, it remains the most important economic crop for the
nation.
It has been estimated that up to three (3) million people in Ghana are directly and indirect employed by the
cocoa industry, making the commodity an instrumental vehicle for lowering poverty incidence in the cocoa
growing areas and providing employment for a fairly wide range of skilled and unskilled labour.
The cocoa year in Ghana is divided into two distinct periods, with the main season made up of the 33 weeks
between October and June, and the lighter, mid-crop season during the shorter summer months. The mid-crop
season generally accounts for 15% to 20% of the total annual harvest.
The six main cocoa growing regions in Ghana are the Ashanti, Brong-Ahafo, Eastern, Volta, Central and
Western Regions. The Western Region, bordering Côte d’Ivoire, is responsible for more than half of overall
national cocoa output, with production dominated across Ghana by small family-run farms on plots of less than
3 hectares.
• Cocoa
Growing
Location
The structure of the cocoa sector was prior to reform process characterised by complete monopoly. The
market was in the hands of the government which through the CMB (Cocoa Marketing Board) was the only
authorised domestic buyer and exporter of cocoa.
The CMB carried out its activities through its subsidiaries the PBC and the CMC. In addition, its subsidiary the
Quality Control Division (QCD) was responsible for controlling the cocoa quality
The first phase of reform was initiated in 1984/85 and focused on restructuring the CMB. The CMB was made
more streamlined by a reduction of the amount of staff from around and by a cut- down on overlaps in the
organisation. The many operational and institutional changes of the CMB led to it changing its name to Ghana
Cocoa Board (COCOBOD). The second phase, which was implemented in 1993, consisted of a re-introduction
of the multiple buying system and implied that private LBCs were once again allowed to operate on the
domestic market together with the PBC.
The objective of the liberalisation reform was to introduce competition on the internal market and improve the
chain with regard to its operational and financial performance as well as open up for the possibility of paying
higher competitive producer prices.
The cocoa sector, as it is organized today is portrayed in the diagram below. The main players are farmers,
LBCs and COCOBOD. In addition, various government and business groups providing extensions and inputs to
farmers as well as bank and credit facilitators are important actors on the market. Hence the cocoa sector
consists of a chain of economic activities related to production, transportation, quality control and marketing of
cocoa
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Key Participants in Industry
The Ministry of Finance and Economic Oversees Ghana’s economic policies and programs the
Planning national budget and resource allocation
Ghana Cocoa Board (COCOBOD) and Implements government policies and programmes on cocoa
subsidiaries and selected cash crops
License Buying Companies Internal marketing of cocoa purchasing cocoa directly from
the farmers and selling to statutory body
Research Institutions of Ghana (CRIG, Conducts research and development on the cocoa tree and
ISSER, RM&E) farming systems for innovations
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External Marketing of Cocoa
Ghana cocoa beans have long been known for their quality and depth of flavour. According to the International
Cocoa Organization (ICO) Ghana cocoa is richer in Theobromine and Flavonoids which have given the beans the
unique, mild and rounded flavor and as such the quality of Ghana cocoa beans have become the world’s
standard against which all cocoa is measured.
The International Cocoa Standards require cocoa of merchantable quality to be fermented, thoroughly dried,
free from smoky beans, abnormal or foreign odor and free from any evidence of adulteration. It must be
reasonably free from living insects, broken beans, fragments and pieces must be seasonably uniform in size.
Cocoa from Ghana continues to enjoy high premium on the World’s Commodities Markets because of its
unsurpassable high quality and the COCOBOD grading mechanism has done much to ensure it remains so.
Buyers of cocoa pay a premium ranging $50-$100 because of the high quality of the beans. Quality control of
cocoa beans is very rigorous. The high quality of Ghana cocoa beans has been diligently maintained over the
years, through the effective quality control practices and monitoring at the time of purchase by the Quality
Control Division (QCD) of COCOBOD.
As part of their responsibility the Quality Control Division undertakes fumigation and disinfection of beans to
ensure that only insect free cocoa beans are exported; rodent control is also carried out in all cocoa storage
premises to prevent damage to the beans in storage; and inspection, grading and sealing of cocoa for the
international and local markets. Ghana cocoa is subjected to a minimum of three stages of quality inspection
prior to shipment. This gives added assurance and confidence to the customers to buy Ghana Cocoa at all
times. This confidence in Ghanaian Cocoa is reflected in the country’s export levels and earnings
Merchandise Exports
The value of merchandise exports for 2015 was US$ 10,357 million, a decrease of 21.6% compared to the
outturn in 2014.
Falling commodity prices on the international market adversely affected earnings from major exports, notably
oil and gold. Marginal increases were recorded however in the export of cocoa beans and timber while a
marginal decrease was registered in other exports.
The value of exports for cocoa beans and products decreased from US$2,828 million in 2012 to US$2,267.3
million in 2013. The sharp decline was attributed to a fall in prices.
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Developments in Balance of Payment-
2013 2014 2015 2016
US$ million
Current Account (5,704.0) (3,694.5) (2,808.3) (2832)
Merchandise Trade Balance (3,848.3) (1,383.4) (3,928.9) (1773)
Exports (f.o.b) 13,752 13,217 10,357 11,137
Cocoa Beans & Products 2,267 2,613 2,764 2,572
Gold 4,966 4,388 3,213 4,919
Timber & Timber Products 166 185 202 254
Crude Oil 3,885 3,725 1,931 1,345
Other Exports 2,468 2,306 2,247 2,046
Imports (f.o.b) (17,600.2) (14,600.2) (13,465.1) (12,910.2)
Non-Oil (14,049.8) (10,906.3) (11,418.3) (11,085)
Oil (3,550.5) (3,694.0) (2,046.7) (1,825)
Net Exports of Goods under
(820.5)
Merchanting
Source: Bank of Ghana 2015 Annual Report
In 2014 however, cocoa beans exports value increased to US$2,613 million, as a result of a growth in
prices due to strong demand and heavy commercial buying. The average price of cocoa also generally
trended upwards, rising to US$3,003 per tonne from US$2,484.4 in 2013.
Cocoa performed strongly with the market remaining bullish throughout 2015. The price rose to an
average of US$3,082 per tonne in 2015 from US$3,003 per tonne in 2014.
The rally in cocoa prices in 2015 stemmed from supply concerns in major cocoa growing regions.
Ghana’s traditional export earners are Gold and Cocoa Beans. As at the end of 2015, gold and cocoa beans
comprised approximately 31% and 27% of Ghana’s exports respectively.
In spite of a drop in cocoa bean exports figures in 2016, both cocoa production and prices are expected to
rise over the long term, coupled with an expectation for global demand to outgrow global supply amid
increased appetite from the emerging middleclass market. The cocoa market is expected to remain as
one of Ghana’s primary exports going forward.
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Analysis of Industry
Porter’s five forces model has been used to analyse the competitive intensity and the attractiveness of
healthcare industry to potential investors, and this is presented below.
Company
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Background
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Overview
This business plan captures Centuries Cocoa Products Ghana ("Centuries") direction, objectives and
strategies to help achieve its vision of being the leading player in provision of cocoa products in Africa. It also
contains the grounds for the launch of the All Day Natural Cocoa Powder product for the local and
international market.
Background
Ghana was until the 1970s the leading world producer of cocoa. According to the Institute of Statistical,
Social and Economic Research, cocoa’s share of the country’s total export earnings averaged about 35%
annually in the 1990s.
As at 2015, the annual percentage share, dropped to about 27%, yet, Cocoa remains the most important
economic crop for the nation.
It has been estimated that up to three (3) million people in Ghana are directly and indirect employed by the
cocoa industry, making the commodity an instrumental vehicle for lowering poverty incidence in the cocoa
growing areas and providing employment for a fairly wide range of skilled and unskilled labour.
Almost all Ghanaians have tasted cocoa products before and natural cocoa powder is no different. These
individuals have used cocoa powder for different purposes like home pastries and as a beverage.
Against this backdrop, Centuries Cocoa Products plan to strategically introduce ‘All Day Natural Cocoa
Powder ’. A natural cocoa powder for sale on both the local and international market.
Corporate Objectives
Mission
Vision
To be a leading player in providing quality and
affordable cocoa products across Africa and the
world”
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The company aims to operate as a pacesetter, Ing. Benjamin Nathaniel
providing quality and affordable cocoa products Amponsah Dora King Allotey-
across Africa. Fordjuor Annan
To achieve its Mission & Vision, Centuries have
identified the following keys to success:
Chairman
Mr. Fordjour is Centuries Cocoa founder and Chair. He holds a City and Guilds Certificate for
General Course in Engineering, specializing in Electrical Installation as well as an MBA Social
Entrepreneur from the Catholic University of the Sacred Heart in Italy.
Mr. Fordjour brings the following key skills to the Centuries Board- Business
Management and Administration, Project Planning, Marketing and Export management.
Managing Director
Prof. Afoakwa is the Managing Director for Centuries. He is a Professor & Head of Nutrition
and Food Science Department of University of Ghana, Legon. He holds Doctorate degree in
Nutrition and Food Science.
Prof. Afoakwa key role is to develop cocoa and chocolate products, food safety and
regulatory management , compliance of international standard for food, research and
development of new products, selection and training of nutrition and food scientist for
the project. He is also a board member.
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Board Profiles
He possesses 31 years experience, holding a variety of roles such as Production Manager and
Chief Engineer with Cocoa Processing Company Limited
Mr. Danso brings the following key skills to the Centuries Board- Business
Management and Administration, Operations, Production and Plant Engineering
Management.
Nathaniel Allotey-Annan
Director of Finance
Mr. Allotey Annan brings the following key skills to the Centuries Board- Banking &
Finance, Funds Management, Financial Control, Monitoring and Evaluation of cash
inflow & outflow, salaries of staff.
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Board Profiles
Ms Ankoma-Danso brings the following key skills to the Centuries Board- Corporate
Affairs, Human Resource Development and Management, Property management,
security and Safety Management.
Dora King
Company Secretary/Director
Ms. King is the Company Secretary. She holds a DIP in Information and Communication
Technology and possesses 16 years experience in the areas of office administration and
management as well as data handling,
Ms.King brings the following key skills to the Centuries Board- ICT & Data
Management, Stock Administration. Word processing and office staff management
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Based on existing information made available, the company’s project’s strengths, weaknesses,
opportunities and threats. Below is a summary of the assessment.
Strengths Weaknesses
• Strong team of directors with varied useful • Initial investment into expanding the company
experience is large.
• Directors of Centuries have good social
standing in Ghana
• Centuries Cocoa Festival has documented
success of generating interest in cocoa
related products, providing a good marketing
platform for Centuries products.
Opportunities Threats
Magena Trade and Commerce Limited established in 1988 as a professional marketing and
transport development company to promote transporting of logistics and corporate staff ,
commercial marketing of made in Ghana innovative products.
Centuries Speciality Paper Industries Limited established in 2008 to manufacture graded and
branded paper disposable cups for cocoa consumption programme and export, toilet and
pocket tissues, specialize paper bags for powdered products packaging materials for
agricultural produce and nursing of seeds.
Centuries Industrial Company Limited established in 1990 to manufacture carton boxes, pulp
and paper products, exercise books, paper converting, etc.
Centuries International Cocoa Chocolate Festival Organization established in 2009 to create and
develop the concept for the nation wide natural cocoa beverage consumption and products
promotion, research and source for buyers and traders for micro marketing of cocoa beverage
consumption and finished products
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Operational Analysis
Business Flow
BisaWorld’s business flow involves seven primary • Packaging: Packaging will be done in 200-
elements which are captured in the diagram below. gram and 400-gram aluminum foils sachets,
The diagram highlights the reliance of each stage of after which they are labelled and packed in
boxes.
the process on the others, such that a defect or
mistake in one stage of the process could easily • Weighing: The packaged products are
affect the other stages and bring the process to a weighed to ensure the right quantities are
halt. obtained before the boxes are sealed.
• Storage: The finished products are kept in
Centuries finished goods warehouse for
dispatch.
Cocoa received
Sorting Processing
from farm • Dispatch: Centuries works with distributors
who pick up the product from the factory.
Storage in
Packaging Weighing finished goods
warehouse
Dispatch
Overview
Centuries internal control structures are critical to its operational performance, protecting the Company’s
resources from fraud, suspicious transactions and mismanagement, and ensuring its compliance with laws,
regulations, and its own internal policies. The control environment is composed of the following:
The key internal control structures that Centuries has established include, among other things, the following:
1. Governance
The Company’s overall business is governed by its board of directors, with the support of management. The
board is responsible for promoting high standards of integrity and ethics, and for fostering a culture within the
organisation that emphasises and demonstrates to all levels of personnel the importance of internal controls.
The board ultimately is responsible for ensuring that an excellent and effective system of internal controls is
established and maintained.
The management team is responsible for implementing strategies and policies approved by the board;
developing processes that identify, measure, monitor and control risks incurred by the Company; and
maintaining an organisational structure that clearly assigns responsibility, authority and reporting relationships.
Quality control activities are instituted at various levels within the packaging and distribution levels to ensure
that Centuries All Day products are of the highest quality and are safe for consumption. For example, the
Company has instituted procedures that ensure product safety is addressed through the analysis and control
of biological, chemical and physical hazards.
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Marketing Strategy
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Marketing Strategy
Centuries has adopted strategies to sell on both the local and the international markets. The Company
also intends to explore other opportunities to increase its market share and boost exports.
Strategy in the Local Market
Centuries’ local market is categorized into three(3) entities namely individual customers, industries and
the commercial cocoa products traders as micro retailers.
Individual customers: Almost all Ghanaians have tasted cocoa products before and natural cocoa powder
is no different. These individuals have used cocoa powder for different purposes like home pastries and
as a beverage but, only few individuals know about the health benefits of the cocoa powder.
Centuries Cocoa Products Ghana is going for individuals who want to live healthy life and longevity and
also prevent ailments and diseases by drinking natural cocoa powder all day
Industries: These industries include the beverage companies, Cosmetics Company and baking
companies have a ready market there for our brand of raw material (cocoa powder) as their priority .
Their demand is also all year round which will help balance the irregular request of the individuals, there
will also be a long term contract to help in the stability of our relationship.
Commercial Cocoa Products Traders :The members of this association will each operate and own a
commercial registered enterprise to sell direct throughout the ten (10) regions to ensure individuals ,
secondary schools and other tertiary and corporate institutions in the district capitals buy direct at
source . Magena Trade and Commerce will supply exclusively our brands to the members at the
Regional capitals.
For the past year, there have been campaigns in 16 Metropolitan, Municipal And District Assemblies
(MMDAs) in the Greater Accra Region after which 16 micro trading depots will be opened as
permanent marketing units in each of the district.
The campaign will also continue to the major cities in the country namely, Kumasi, Takoradi and Tamale
with awareness talk and walking on the health benefits of natural cocoa powder beverage consumption
and products promotion.
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Distribution Channels
Distributors
Dispatched to trading depots
• Centuries will establish trading depots in the major regional cities
and districts of the country who will be supplied with its product in
bulk.
Whole sellers
Sold to micro retailers
• Centuries will establish 500 micro-retailers within the districts to
supply products to individuals and industries.
Sold to individuals
Individuals • Individuals shop at retail stores (e.g., supermarkets and shopping
malls), and purchase Centuries’ product.
Centuries International Cocoa Chocolate Festival Organization, a promotion and cocoa consumption
research and products marketing development company, will create and develop the product marketing
concept through a series of events and activities throughout the major cities in the regions of Ghana.
Centuries intends to begin exporting All Day Natural Cocoa Powder by employing the following strategies:
Establish connections with the European Embassies here in Ghana to market our products.
• Establish agreements with leading super markets and restaurants in the West African sub-region and
European market to supply All Day Natural Cocoa Powder.
• Participate in international food fairs.
• Diversify its product to meet the needs of its international consumers (diversification could be in size,
packaging material etc.)
• Target the exportation of Cocoa powder to the European cocoa powder market.
Centuries Cocoa conducted a market survey to analyse the potential market size of powdered
cocoa in Ghana and the West African sub-region.
The survey was conducted on 2,500 respondents, out of which 500 indicated that they would
readily retail Centuries Cocoa Powder.
With regards to international export, a number of private companies in Korea and Dubai
expressed interest in purchasing All Day Cocoa These results indicate that a very high demand
for Ghanaian Cocoa Powder exists,
Centuries Cocoa has a large potential market size if it positions itself to supply internationally
International targets for All Day Cocoa Powder as well as target demand for countries
approached are outlined below
Netherlands N/A
Estonia N/A
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The management of Centuries have identified priority areas for the distribution and sale of the All
Day Cocoa products to the local market for the first year of operations.
Centuries has targeted 16 Metropolitan, Municipal and District Assembly(MMDAs) within the
Greater Accra Region.
METROPOLITAN ASSEMBLIES
1. AMA (Accra Metropolitan Assembly) Capital, Accra
2. TEMA (Tema Metropolitan Assembly) Capital, Tema
DISTRICT ASSEMBLIES
12. Ada West, Capital Sege
13. Ada East, Capital Ada-Foah
14. Kpone – Kantamanso, Capital Kpone
15. Ningo – Prampram, Capital Prampram
16. Shai – Osudoku, Capital Dodowa
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Project
Overview
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Project Concept
Centuries Cocoa Product, Ghana Limited processes cocoa beans as raw materials into semi-finished and
finished cocoa products. The Company intends to pursue its goal and intends to embark on a number of
projects which are programed to be implemented in nine (9) phases spanning from 2016 to 2022.
This business plan however focuses on the first phase of activities of Centuries which is the production of
the two main types of natural cocoa powder with the brand name ‘All Day Natural Cocoa Powder’, for the
local market and export.
The company in partnership with Cargill Ghana Limited and Cocoa Processing intends to produce and supply
cocoa Powder for packaging into plastic jars and sachets for the local and export market.
Centuries Cocoa Products Ghana Limited will produce two main types of natural cocoa powder products for
the life span of the industry for local consumption and for export. These are:
• Alkalized natural Cocoa Powder in 45kg two ply paper bags and 25kg in paper cartons respectively.
• Non – alkalized natural cocoa powder pack in 400g and 200g plastic jars and sachets.
Farms
Receiving Weighing Packaging Local
Cocoa &
beans
Export
from
farmers Storage in
Sorting Milling finished goods Market
warehouse
Key Drivers
Motivation
Centuries believes in sustainable agriculture, which is the production of food, plant or animal products using
farming techniques that protect the environment, public health, human communities, and animal welfare.
Some of the health benefits of natural cocoa products include; the prevention of stroke, hypertension,
diabetes T2, Cancers, Migraine, Cardiovascular diseases, Menstrual disorder, it also enhance the immune
system of the body and it is an energy booster to mention a few.
Company Challenges
Centuries is making solid strides toward attaining its corporate objectives, although the Company continues
to face challenges. Some of these challenges are listed in the table below.
Bottleneck Impact
Inadequate supply of Low yield by farmers due to poor farming practices and rain fed farming causes shortages
cocoa for processing of cocoa, especially in the lean season. As a result, Centuries will be unable to purchase
adequate amounts of cocoa for processing. This reduces productivity and the Company
produces at a loss due to high operating costs and because it is unable to take advantage
of economies of scale.
High prices of cocoa Due to the shortage of cocoa from farms. This increases the input cost for the Company.
Power Fluctuations Power fluctuation has a highly negative impact on production. The power fluctuations
present inefficiencies in the form of an inadequate power supply and low productivity
during power outages.
Inefficient machines Centuries has in adequate machines and packaging materials, which prevents production
and packaging in large volumes.
materials
Centuries is confident that with the right capital injection, the Company’s production system will improve
significantly and will enable it to attain and consolidate a commanding commercial market advantage.
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Social Impact
Enhance cocoa
businesses in Employment
the community
Good
accounting
practices by
SME
-To Sponsor Wasa of the Ghana Armed Forces and other -Centuries are registration ongoing 3,500 Ghanaian
events of Government security services agents. entrepreneurs for each to own operate one registered (1)
-The annual festival of arts and culture of Ghana Education (SME ) small and medium enterprise with one (1) brand new
service two to 4 bowl beverage vendor machine (coffee machine) to
dispense cocoa beverage in schools, hospitals and the premises
-The annual health programmes of Ghana health Service .
of corporate organizations and strategic places of Accra and
-To participate and organize joint programmes with all major Tema cities and other MMDA’S within the districts of Ghana as
hospitals , orphan homes, traditional festivals as a benefit job creation .
within the regions and district capitals for individuals to
SMALL AND MEDIUM ENTERPRISE (SME’S) ACCOUNTS:
understand the need to promote sales and marketing of
made in Ghana cocoa brands, promote and organize good -Centuries finance and banking division will ensure all SME
health walk clubs, create health benefit awareness for all day owners open and operate regular accounts with our bankers
cocoa consumption, develop and implement a strategy to set GCB Bank Limited to enable our marketing team deliver supply
up and register marketing outlets and search for retailers of branded “ALL DAY COCOA AND CHOCOLATE PRODUCTS”
during programme of activities . including graded and branded paper disposable cups to their
shops.
-To jointly organize annual nutrition and health benefit
seminar
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Human
Resource
Plan
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Organisational Structure
BOD
Co Sec. / Director
ICT /Bilingual
CEO / MD Office Secretary
Admin, Planning
ICT Data & Stock
Marketing
DMD
Production / OPS Eng.
(3)
The design of the proposed organisational structure for Centuries takes into consideration the need for the
structure to be:
relatively flat to eliminate positions that could be considered superfluous;
In this regard, all key services and operational departments which are characteristic of a well-managed and
efficient agro-processing company will be provided to facilitate the discharge of the operational and financial
control functions.
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Board, Management and Personnel
Board of Directors
Centuries is currently governed by a five-member board of directors which consists of a chairman and three
other members (one of whom serves as the secretary to the board). The board members have been chosen on
the basis of professional experience in the corporate setup, and success in managing their own business affairs
as well as in handling international assignments and duties.
Board Meetings
The board will meet quarterly to review the operational and financial decisions and direction of the Company. In
its sittings, the board will review, among other things, the following documents:
Operations Report;
In addition to its quarterly sittings, the board’s members also will adopt technological means of communicating
to deliberate on important and time-sensitive issues as and when they arise. This will enhance the speed and
efficiency of critical decision-making.
Management
Centuries is managed by a team of highly experienced management personnel, and this is expected to continue
going forward. Some of these personnel have been involved with the agro-processing industry for several years,
and in various capacities.
To maintain a high standard of job proficiency, management will institute a continuous training programme for all
employees to keep them abreast of the dynamics and best practices of the industry.
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Recruitment Plan
Centuries has drawn up a plan to recruit qualified and experienced staff to fill the positions that are critical
for operational success. The recruitment plan, which will be implemented over the next four years of
operations, is reflected in the adjacent table. The number of personnel is expected to change when the
business expands.
Actual selection will be based on interviews with applicants. This will be to ascertain whether they have the
knowledge and experience required for the positions they seek to occupy.
Measures will be instituted to ensure work satisfaction and employee retention. The Company will provide a
healthy and safe working environment that is conducive to, and encourages, efficient on-the-job delivery.
The Company will outsource its marketing function to the Ghana Institute of Management and Public
Accounts (GIMPA. A team of 35, including one supervisor would be made available to exclusively market
Centuries Cocoa products across all 10 regions
Centuries will also provide staff with continuous training to keep its employees abreast of changes in the
agro-processing industry, while ensuring that staff remuneration is highly competitive by industry standards.
. YEAR 1 YEAR 2
CEO/ Managing Director 1 1
Deputy Managing Director 1 1
Company Secretary/Director 1 1
Director Finance 1 1
Director HR/Corp Affairs 1 1
Manager Sales and marketing management / business Admin 1 1
Sales and Marketing Supervisor 1 1
Q/C Officer 1 1
Transport Officer 1 1
Office Secretaries 2 2
Quality control/ R&D administrative Manager 1 1
Assistant Supervisor 1 1
Procurement/General Services
Security Officer 1 1
Finance/Accounts Officers 2 2
Commercial Drivers 1 2
Cleaner/messenger 1 2
TOTAL 19 20
DRAFT
Staff Training
As mentioned earlier, Centuries will invest in the growth and advancement of its employees in order to
boost their productivity. The Company will align its training programmes with those of leading organisations
in the industry. The training programmes that will be organised for its staff include:
Conclusion
Due to the dynamics of the agro-processing industry and its associated risks, Centuries has assembled a
team of highly competent, accomplished, and experienced professionals to make policy decisions on its
operations. Employees will be hired based on a careful analysis of their background, qualifications,
professional experience and other personal characteristics required to operate successfully in such an
environment. Centuries plans to recruit and hire additional qualified and competent personnel as its scale of
operations increases.
DRAFT
DRAFT
Project Risk
Analysis
DRAFT
Project Risks and Mitigation
Political instability –
this relates to the
possibility of political The risk of any political unrest is
• Even though the risk of
political instability is low,
unrest in the country low. Ghana has traversed a
appropriate insurance
Political Risk that may interrupt Low number of general elections and
measures will be
the project, it is seen as a stable
undertaken to provide
compromise democracy.
cover.
operations, and/or
impact cash flow.
Exchange rate
fluctuation – this risk
may occur as a result
The domestic currency has • The Company also will
seen a downward trend against engage in exports to ensure
of the high demand
Financial Risks the major international inflow of the dollar to help
for international High
currencies. This is expected to reduce the impact of
currencies resulting
have a significant impact in exchange losses on its
in the gradual
terms of exchange losses. operations.
depreciation of the
domestic currency.
Financial Plan
Overview
DRAFT
This section provides a brief analysis of revenues and costs. It also provides cash flow estimates for
Centuries over the first year of operations, where products are intended to be distributed and sold locally.
Analysis of Cost
Our analysis of cost is divided into two categories: initial investment cost and operating cost. Based on
estimates obtained by management, a total of GH¢8,000,000 will be sufficient for both initiating production
and managing day-to-day expenses over the first year.
Operating Cost
These comprise estimated costs for conducting day to day business activities. Total Operating costs were
estimated at roughly ¢1.5 million. Based on market research conducted and an appreciation of prevailing
conditions amongst industry participants, the following assumptions were made