IEA Organises Talk On Accra Brewery Limited’s Socio-Economic Impact In Ghana
3 October 2011
Accra, Ghana 27th September, 2011 - The Institute of Economic Affairs (IEA) today organised a one day lecture for officials of various institutions, on Accra Brewery Limited 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 together 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, in his welcome remarks 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, Hon. 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. Accra Brewery is the oldest brewery in West Africa and is currently celebrating 80 years of making an impact in Ghana.
Notes to editors:
About Accra Brewery Limited (A subsidiary of SABMiller plc)
Accra Brewery Limited (ABL), originally known as Overseas Breweries Limited, was established in 1931, becoming the first brewery in the then Gold Coast. In 1975, the locally registered Accra Brewery Limited acquired Overseas Breweries' assets.
Today, the company manufactures markets and distributes beer, sparkling soft drinks and non-alcoholic malt beverages. Its brands are household names across the country: Club Premium Lager, Club Gold Export Lager, Castle Milk Stout, Stone Strong Lager, Chairman Malt Liquor, Club Shandy, Redd's Fruit Fusion, Peroni Nastro Azzurro, Chibuku Shake Shake, Castle Milk Malt, Club Cola, Club Muscatella, Club Orange, Club Soda and Club Quinine Tonic.
ABL's mission is to own and nurture local and international brands that are the first choice of consumers and customers in Ghana.
About SABMiller plc
SABMiller plc is one of the world's largest brewers with brewing interests and distribution agreements across six continents. The group's wide portfolio includes global brands Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch, as well as leading local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller is also one of the world's largest bottlers of Coca-Cola products.
In the year ended 31 March 2011, the group reported US$4,491 million adjusted pre-tax profit and group revenue of US$28,311 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.
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This is a SABMiller subsidiary news release, it was first published in its local market on 27/09/2011.