Guinness Ghana Breweries Limited, a Diageo business, updated its shareholders on the Company’s financial performance for the year ended 30 June 2016 at its 44th Annual General Meeting held at the Alisa Hotel in Accra.
GGBL, the leading Total Beverage Business in Ghana has the ambition to create the best performing, most trusted and respected consumer products Company in Ghana and is committed to investing in its brands, equipment and employees to guarantee consistent premium quality products to meet consumer needs.
In his Statement, the Chairman of the Board, Simon Harvey outlined a number of macro-economic challenges faced by the business and the wider industry. He said ‘Ghana’s macro-economic performance remains challenged.
Inflation pressures remain elevated in 2016 due to the continuing pass-through effects of the adjustments in utility prices and, to a lesser extent, petroleum prices. The Year on Year inflation as at June 2016 was at 18.4% compared to June 2015 Year on Year inflation rate of 17.1 %. Cost of borrowing continues to be a challenge for businesses. The Bank of Ghana’s Monetary Policy Rate as at June 2015 was at 22% and this moved up to 26% as at June 2016.’
He added that despite these macro-economic challenges, the business continues to focus on investing in strategic areas of growth to bring sustainable value to all stakeholders through innovating great brands such as Orijin Bitters and Orijin Ready to Drink (RtD) and Guinness Africa Special.
He also expressed his confidence in the future prospects of the organisation through growth, productivity and a winning mindset.