GraceKennedy says it will not achieve its original 2020 growth target for Africa.
Grace Kennedy fails to achieve 2020 growth target for Africa
9:29 am, Fri April 21, 2017
The company in 2012 outlined a plan to generate 15 percent of its revenues from the African continent by 2020.
But it says while the African market is showing growth, it is not as fast as first expected.
GraceKennedy entered the African market through Ghana in 2012 and in that year reported $41 million in revenues.
At the end of 2016, those revenues quadrupled to $164 million .
But the it remained a zero point 2 percent of GraceKennedy's overall revenue which amounted to $88 billion last year.
Despite indicating that it will not achieve its original target for Africa by 2020, GraceKennedy said it will continue to introduce more products in Ghana and broaden distribution through new market channels.
It says Africa remains a key growth area for its business and said it is reassessing the business model for Africa to bolster that continent's contribution to total Group revenue.