Business News of Monday, 23 January 2017
Ministers designate for Trade & Industry, Alan Kwadwo Kyerematen, has assured the nation that he’ll commit to a 100% local processing of the country’s number export commodity, cocoa, if the private sector will take a leading role.
“Mr. Chairman, for every 100% of cocoa processed, 70% of the revenue goes to the processing factories while 30% goes to the farmers. With this, there is the need to start encouraging local investors to start the processing of our cocoa beans locally,” he noted.
Mr. Kyerematen made this observation, Monday, when he took his turn at the Appointments Committee of Parliament for questioning over issues related to the portfolio he has been designated to by President Nana Addo Dankwa Akufo-Addo.
Liberalization of the cocoa sector has become a topical issue in recent times, especially, looking at the paltry sum of money that goes to the cocoa farmers.
While industry players are of the view to revive state owned processing factories to lead in this transformational drive, others are of the view that it is about time the private sector take over.
Mr. Kyerematen when answering a question posed by a former deputy Minister for Trade and Industry, Mahama Ayariga as to whether he will commit to the liberalization of the cocoa sector responded in the affirmative.
“Mr. Chairman, I am fully committed to a regime where if possible, we can process 100% of our cocoa locally,” he noted.