Bebobakery Mission Report September 2014
3.1 Revolving Fund 30-6-20214
3.2 Revolving Fund 31-12-2013
4 Exchange rates
5 Budget planning for M&E
7 Lucy gaat alleen verder
8 Cedi is recovering
9 Reminders from MR April 2014
Main purpose of the mission was
- Follow up on the soy milk production in Bolgatanga – Tamale
- Follow up on Florence bakery
- on SAP at Karneshie (Margaretha Ubels)
- how to cope with increasing inflation in Ghana and devaluation of GHc
- Bebo NGO’s in Ghana on their way to independence from Bebobakery NL
Soy Milk Machines
Bebobakery has bought 5 soy milk machines from COENCO in Belgium
They have been shipped in 2012 to Ghana and in Sept 2014.
The installation of the first machines was done by COENCO in May 2012.
One machine was bought by Mrs Adjoa Boisson in Cape Coast. It has hardly been used there and it was moved first to Kasoa in June this year and later on to Tamale
The second and third machine were lent out to the Seventh Day Adventists schools Scales and McLineus in Kumasi
The one at Scales was not used at all and has been moved to Bolgatanga-Tamale to be operated in combination with a filling machine by Conrad Kaaiwala
Conrad submitted in September 2013 samples of his product to the Food and Drugs Administration in Accra and is now in production Tamale: 3 batches a day= 130 litres with one machine. The machine from Adjoa has not yet been repaired. There needs to be a decision on how the just arrived three machines will be deployed. Conrad has indicated that he can use the machines by making them available for groups of women.
McLineus school has been inspected by FDA in May, but is not yet in production. Theophilus is lending his support to obtain approval from FDA for all SDA schools
Theophilus also expects to be in milk production later on this year at his bakery in Kasoa
Florence Bakery moves to Kasoa
In December 2011 Theo and Florence Mintah bought a plot in Kasoa and started building a bakery there, which has been completed in September 2014.
Was the official opening day of the new bakery
Gordon Sampsons Feed Mill and Pig Farm
Gordon Sampson was raising pigs and had a small mill preparing fishmeal.
In 2008 with a loan of 18 thousand euro he started the construction of a feed mill
Another 8 thousand euro has been invested in a drying machine and increase of working capital
.In 2012 Gordon moved his pig farm a mile away from the feed mill.
Both enterprises, the farm and the feed mill are prospering.
About 15 thousand euro have been repaid in five years.
The outstanding amount will be repaid within the next 3 years. Lucy, as area manager is now ready to handle this with Gordon Samson.
Ebenezer is not yet rady to pay his loans. Lucy does not feel able to resolve this for him and believes it is to be BEBO Netherlands to handle this.
CORDAID loan conditions and independence of Bebo ngo’s in Ghana
- From 1-1-2013 each new loan agreement should include a collateral
- Theophilus Mintah has the official documents specifying his properties in Kasoa as collateral for the loans, including the indenture
- Bebobakery has made a comparative analysis of interest rates on loans provided by various banks and credit institutions.
- There is a positive dialogue between Bebobakery and each Area Manager on how to arrive at an independent Revolving Fund and its management
- Most likely Area Managers will continue in his/ her own way.
- We did not yet succeed in finding a financial expert to advise on and implement adequate checks and balances in Ghana.
How to cope with devaluation of GHc
Inflation is rising in Ghana and exchange rates follow. See annex 3
Area managers have been advised to increase monthly interest rates on outstanding cedi loans from 2.0 to2.3% per 1-5-2014
Interest rates on Bebo loans are now in line with Barclays
Interest rates on loans converted to euro’s remain zero percent
As of sept 23 the exchange rate has fallen back by 20%
Cash flow analyses and monthly repayments have been reviewed and updated
Independence of the first Bebo NGO in Ghana
Lucy Attom, manager of Bebo Foundation in Cape Coast, has emphasized that she in fact operates independently her Revolving Fund of 163 thousand euro without assistance from Bebobakery