Innovative business model introduced to benefit oil palm farmers
Wednesday, March 26, 2014
B-BOVID, an agribusiness based on social entrepreneurship principles, is introducing a unique profit-sharing concept to its oil palm enterprise which, will greatly benefit local farmers and their communities.
The company’s new palm oil and kernel mill – which employs the latest technology from Malaysia (the world’s top oil palm producing country) and SAM-EN-TEC (a Ghanaian Oil Mil Engineering Body) – is undergoing test runs and is scheduled to be in full operation by the end of March 2014.
Farmers who sell their palm fruit to B-BOVID will receive an end of year bonus from the business in addition to the market price for their produce. The bonus will be paid out of the profit made by the palm oil mill and will be based on the profit and the quantity supplied by a farmer to the company in that financial year.