2.2 C
London
Tuesday, January 25, 2022

COCOBOD projects US$50bn value-added revenue

Chief Executive of COCOBOD, Joseph Boahen Aidoo Chief Executive of COCOBOD, Joseph Boahen Aidoo

Ghana gains only US$3billion from exporting raw beans

Manufacturing industry urged to tap into cocoa sector opportunities for job creation

Africa produces nearly 75% of the world’s cocoa

Chief Executive of COCOBOD, Joseph Boahen Aidoo, has reiterated COCOBOD’s vision to move from exporting raw beans to exporting value-added cocoa products for Ghana to be a beneficiary of the over-US$100billion global chocolate value chain.

- Advertisement -

The global chocolate value chain, which is currently estimated at US$130billion, only brings some US$3billion in foreign exchange to Ghana as a result of the exportation of raw beans, according to COCOBOD.

“COCOBOD remains determined to facilitate adequate production and reliable supply of cocoa beans, as well as supporting the private sector to push Ghana into becoming the chocolate and confectionery hub of Africa within the next decade,” Mr Boahen Aidoo indicated.

He also underscored the need to create job opportunities by equipping the manufacturing and processing industries to tap into the various opportunities in the cocoa sector to create job opportunities as well.

“We urge processing, manufacturing, packaging, distribution and allied companies to consider the numerous investment opportunities in the cocoa sector and channel their resources to such areas. We ask brand owners to take advantage of this to promote their brands; COCOBOD is ready to give all necessary support,” he added.

COCOBOD is projecting an ambitious target of raking in US$50billion in annual revenues from processing cocoa into other value-added products by the year 2030.

Data from COCOBOD indicate that some progress has been made in value addition to cocoa, with the volume of cocoa value addition moving from 25 per cent in 2018 to a current 40 per cent and constituting about-327,000 tonnage of processing.

Joseph Boahen Aidoo told the B&FT at the recently held Ghana Cocoa Awards in Accra that the organization’s priority is to ensure increased cocoa production is matched by an increase in domestic processing – with an objective to reach 50 per cent local processing by 2024.

The Ghana Cocoa Board recorded an increase in cocoa production in 2021. Domestic cocoa processing installed capacity has significantly progressed from 64,500 metric tonnes to a national installed capacity of 544,000 tonnes, indicating underutilization in some factories.

COCOBOD has supported local cocoa processors – Cargill and Barry Callebaut, Olam, among others – to expand their processing capacities due to the projected value addition agenda. Other processors, including Cocoa Processing Company (CPC), West African Mills Company Ltd. (WAMCO), Niche Cocoa, Touton, Plot Enterprise, Chocomac and Nutcao, have expanded their capacities to meet expected demands.

Africa produces nearly 75 per cent of cocoa, with Ghana and Ivory Coast controlling more than 60 per cent of the commodity. Ironically, all five of the continent’s biggest economies – Nigeria, Egypt, South Africa, Algeria and Morocco – heavily import chocolate from western countries that source their raw cocoa from Africa.

Latest news
Related news