Unilever Ghana PLC is adding new members to its board, as the multinational company seeks to boost its performance in a competitive market, where imports continue to flood shopping outlets. The company said on Friday that two non-executive directors will step down from its board on September 30, while four new members, including Angela Kyeremanten-Jimoh and Peterson Ekow Afedzie, will take office from October 1, as the consumer goods maker battles falling profits and a tough operating environment.
In a statement, the company said Mr. Philip Sowah and Dr. Mrs. Edith Dankwa will resign from the board, without providing reasons for their decisions. The new appointees, Ms. Angela Kyeremanten-Jimoh, Mrs. Setutsi Goka Ivowi, Mr. Peterson Ekow Afedzie, and Mr. Djabanor Narh, will serve as non-executive directors, expanding the board’s capacity at a time of strategic and financial pressure.
Kyeremanten-Jimoh is a former regional executive at IBM with experience in financial services and digital transformation. Ivowi, the former CEO of the Ghana Commodity Exchange, has worked extensively in marketing and intra-African trade. Afedzie is the immediate past managing director of the Ghana Stock Exchange with more than three decades of capital markets experience. Narh is a senior management consultant with over 30 years in organisational transformation.
Unilever Ghana, a subsidiary of global consumer goods giant Unilever Plc, has come under pressure in recent years. According to the company’s annual report, profit after tax fell sharply to 58 million cedis ($4.5 million) in 2024 from 141 million cedis the year before. Losses in its home care division, where laundry and household brands face stiff competition from cheaper rivals, dragged results despite growth of 6.1% in personal care and 13.7% in nutrition products.
The company has also been hit by the depreciation of the cedi, rising input costs and subdued consumer demand. Still, it maintained a strong cash position and recommended a dividend of 0.60 cedis per share.
Shares of Unilever Ghana PLC, which trade on the Ghana Stock Exchange under the ticker UNIL, closed unchanged at 20.00 cedis on Friday. The stock has traded between 19.50 and 20.50 cedis so far this year, with limited investor activity reflecting subdued earnings prospects.
The new appointments bring a mix of technology, finance, and governance experience to the board.
The new appointments bring a mix of technology, finance and governance experience to the board. The reshuffle raises questions over whether the fresh leadership can help restore growth and sharpen strategy at Unilever Ghana PLC, or if external headwinds such as currency depreciation and stiff competition will continue to weigh on performance.
