AGREEMENT

BETWEEN

KWAME NKRUMAH UNIVERSITY OF SCIENCE & TECHNOLOGY (KNUST)

AND

RICHIE PLANTATIONS LTD.

FOR THE
DEVELOPMENT OF OIL PALM
PLANTATION AT THE KWAME NKRUMAH
UNIVERSITY OF SCIENCE AND TECHNOLOGY
 College of Agriculture and Natural Resources
FACULTY OF AGRICULTURE
DEPARTMENT OF CROP & SOIL SCIENCES
CS/ARS/VOL. 1 21st June, 2019

Senior Assistant Registrar/Legal Officer

The Legal and Welfare Office
KNUST

RE: AGREEMENT BETWEEN KNUST AND RICHIE PLANTATIONS LTD.

With reference to your request on the above-named subject dated 12th June, 2019, find
attached the two (2) original copies of the Agreement duly executed by Richie Plantations Ltd.
Thank you.

Dr. Vincent Logah

Head of Department

cc: Vice-Chancellor
Provost, CANR
Dean, Faculty of Agriculture
THIS AGREEMENT (hereinafter referred to as "the Agreement") is made this 1st day of MAY,
2019 (hereinafter referred to as the "Effective Date"), BETWEEN KWAME NKRUMAH
UNIVERSITY OF SCIENCE AND TECHNOLOGY, University Post Office, Private Mail Bag, Kumasi-
Ghana, an educational institution established by the Kwame Nkrumah University of Science and
Technology Act, 1961 (Act 80) as amended, to provide tertiary education, (hereinafter referred
to as “KNUST" which expression shall whenever the context so admits or requires include its
successors or assigns) represented by its true and lawful attorney, PROFESSOR KWASI OBIRI-
DANSO (Vice-Chancellor, KNUST) of the one part
AND
The Richie Plantations Ltd., a company incorporated under the laws of Ghana with its
headquarters at Kwabenya, Accra (hereinafter referred to as "Richie" which expression shall
whenever the context so admits or requires include its successors or assigns) acting by its
authorized representative, MR RICHARD E. QUANSAH (Chief Executive Officer) of the other
part.
WHEREAS the parties have a common and complementary objectives in the fields of research
into and cultivation of oil palm;
AND WHEREAS the parties herein have agreed to collaborate to expand the cultivation of oil
palm at the Agricultural Research Station of the Department of Crop and Soil Sciences of the
KNUST:
THIS AGREEMENT WITNESSES AS FOLLOWS:
1.0 BACKGROUND
The KNUST Agricultural Research Station at Anwomaso has large acreages of land (1,388 acres)
which have not been fully utilized over the years. Currently, the Station has 180 acres of the
land under oil palm, citrus, teak and cassava cultivation, etc. and also students' research plots.
Twenty-four (24) acres of the land is also being utilized by KNUST for the National Planting for
Food and Jobs Flagship Programme.
In KNUST's bid to put the entire land to productive use and research, the University agreed to a
partnership with the Richie Plantations Ltd Headquartered at Kwabenya, Accra. Richie
Plantations Ltd incorporated in accordance with the Companies Code of Ghana (Act 176; 1963)
on the 28th of February 2005 among other functions, provides seedlings and leadership to
farmers and currently has several active seedlings production field outlets in the Central and
Volta Regions of Ghana.

2.0 PURPOSE/GOAL OF AGREEMENT

This Agreement is to enhance yearly expansion of oil palm cultivation at the Anwomaso
Agricultural Research Station, commencing from 2019 to 2021. One hundred and thirty-five
(135) acres shall be cultivated in 2019 as a start-up and one hundred and thirty-five (135) acres
each in the subsequent years during the period hereby stated. This shall bring the total
acreages cultivated during the three-year period to four hundred and five (405).

3.0 OBLIGATIONS AND RESPONSIBILITIES

The goal outlined in Section 2.0 shall be accomplished by each party undertaking the
following:
3.1 RICHIE PLANTATIONS LTD.
i. Richie Plantations Ltd. shall supply annually the high oil yielding 'Tenera' oil palm variety
to KNUST to cover the annual corresponding acreages indicated under Section 2.0.
ii. Richie Plantations Ltd. shall transport the seedlings to the KNUST Agricultural Research
Station each year at the beginning of the planting season in May. It shall also provide
wire mesh to safeguard the planted seedlings and carry out the treatment of the
seedlings with the appropriate agro-chemicals against insect pests / diseases before
supplying to KNUST.
iii. Richie Plantations Ltd. shall provide any other relevant support to KNUST when
necessary to ensure successful establishment of the palms to maturity in 5 years.
iv. It shall place at the disposal of KNUST any expertise deemed relevant and useful for the
successful implementation of the project.

3.2 KNUST
i. KNUST shall provide land for the purpose of the project.
ii. KNUST shall carry out the planting of the 'Tenera' oil palm seedlings supplied by Richie
Plantations Ltd and perform standard agronomic practices, and may request assistance
from Richie Plantations in this regard.
iii. KNUST shall harvest and annually make available statement of accounts on the sales to
Richie Plantations Ltd.

4.0 SHARING OF PROCEEDS

Sharing of the proceeds arising from the oil palm plantation shall be based on the 'Abusa'
system in which Richie Plantations Ltd. Shall be entitled to one-third (1/3) of the net proceeds
with KNUST claiming two-third (2/3). This shall be done annually from cumulative sales within
each year. KNUST shall dispose of the unproductive palms at the end of the productive phase
but upon prior notice to Richie Plantations Ltd.

5.0 REPORTING
The Head of Department of Crop & Soil Sciences, KNUST shall report annually to the
Management of KNUST and Richie Plantations Ltd. of the performance of the palm plantations.
This shall include statement of sales indicated under Section 3.0. The Head of Department shall
invite Richie Plantations to visit the plantations when necessary.

6.0 DURATION AND VALIDITY

This Agreement may be modified only by mutual consent of authorized officials from the KNUST
and the Richie Plantations Ltd. It shall become effective upon execution by the authorized
officials (i.e. the Vice-Chancellor) from the KNUST and the Richie Plantations Ltd (CEO) and will
remain in effect until modified or terminated at the last harvest and sharing of the proceeds.

7.0 DISPUTE RESOLUTION

Any dispute arising under or in connection with this Agreement shall be submitted for
arbitration in Ghana pursuant to the Alternative Dispute Resolution Act, 2010 (Act 798), or any
statutory modification or re-enactment thereof for the time being in force.

8.0 GOVERNING LAW

This Agreement shall be governed by and construed in accordance with Ghana law and the
parties agree that they subject to the exclusive jurisdiction of the Ghanaian courts.

9.0 CONTACT INFORMATION

Kwame Nkrumah University of Science and Technology
Dean, IPO
PMB, KNUST, Kumasi
Tel:+233 3220 63944
Email: ipo@knust.edu.gh
Richie Plantations Ltd
Mr. Richard E. Quansah
Chief Executive Officer
Plantation Avenue
Kwabenya ,Accra
P.O. BOX CT 6417
Cantoment - Accra
Tel:0208981290/0244101820
Email: richard@richieplantations.com
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives.

SIGNED by
KNUST represented by
Prof. Kwasi Obiri-Danso ………………………………………………..
Tel: +233 3220 60334 Vice-Chancellor
Email: vcoffice@knust.edu.gh
Website: www.knust.edu.gh

In the presence of:

Witness
Name: MR. A. K. BOATENG
Address: PO, PMB, KNUST
Position: REGISTRAR
Signature: ………………………… Date: 11/6/19

SIGNED by
Richie Plantations
Represented by ……………………………………………….……
Mr. Richard E. Quansah CEO

In the presence of:

Witness
Name: Cartheway Appiah
Address: CT 6417, Accra
Position: Logisitic manager
Signature: ………………………… Date: 11/6/19