The Twifo Oil Palm Plantations Limited (TOPP), which is 80.46 percent owned by the Ghanaian government, has presented dividend payments totalling GH¢30.89million for the 2021 and 2022 financial years.
The dividend cheque was formally presented at a ceremony attended by government officials including Ken Ofori-Atta, Ghana’s Finance Minister.
TOPP has seen substantial growth in recent years, and is now ranked as one of Ghana’s top-three oil palm companies. The company generated GH¢164million in total revenue for 2022, representing a 27.4 percent increase over 2021’s revenue of GH¢129.1million. Profits also grew significantly from GH¢51.8million in 2021 to GH¢76.2million last year.
The increased profits allowed TOPP to provide generous dividends to shareholders. Government’s 80.46 percent share amounted to GH¢30.89million, which Mr. Ofori-Atta accepted on behalf of the people of Ghana.
In his remarks, Minister Ofori-Atta applauded TOPP’s management for their strong financial stewardship, stating: “This achievement was driven by good management practices, improved controls, favourable global vegetable oil prices and supervision by the Board”.
The finance minister said the dividends align with government’s expectations for state-owned enterprises and joint venture companies. “This is what the state expects from all the entities in which it has an equity stake, be it a Joint Venture Company like TOPP or State-Owned Enterprises. It is a justifiable expectation and one we at this ministry very much insist on,” he said.
Mr. Ofori-Atta acknowledged the challenging economic environment Ghana has faced in recent years, including high inflation and debt obligations. However, he expressed optimism that conditions are improving based on a recent drop in inflation and projection of solid growth.
“Indeed, we have turned the corner and things can only get better,” the finance minister stated. He reiterated government’s commitment to “creating the conducive environment that enables companies like TOPP to thrive”.
TOPP and its manager, Unilever Ghana PLC, have indicated the company is well-positioned for continued strong performance in 2023 across key metrics like profits, revenues and dividends.
Government officials welcomed the positive outlook, emphasising that TOPP’s growth translates into broader economic gains for the country while also allowing for key investments in local communities.
