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 volume of cocoa value addition moving from 25 percent in 2018 to a current 40 percent and constituting an about-327,000 tonnage of processing.
Chief Executive of COCOBOD, Joseph Boahen Aidoo, told the B&FT at the recently held Ghana Cocoa Awards in Accra that the organisation’s priority is to ensure increased cocoa production is matched by an increase in domestic processing – with an objective to reach 50 percent local processing by 2024.
Domestic cocoa processing installed capacity has significantly progressed from 64,500 metric tonnes to a national installed capacity of 544,000 tonnes, indicating underutilisation in some factories.
Indeed, the call for value addition has enabled COCOBOD to support local cocoa processors – Cargill and Barry Callebaut, Olam among others – to expand their processing capacities. Other processors including Cocoa Processing Company (CPC), West African Mills Company Ltd. (WAMCO), Niche Cocoa, Touton, Plot Enterprise, Chocomac and Nutcao have all expanded their capacities to meet expected demands.
Africa produces nearly 75 percent of cocoa, with Ghana and Ivory Coast controlling more than 60 percent 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.
But Mr. Boahen Aidoo reiterated that COCOBOD is focused on moving the narrative from exports of raw beans to exporting value-added cocoa products which will make Ghana a beneficiary of the over-US$100billion global chocolate value chain.
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 it exporting the 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 through enhancing the value chain into processing in order to create employment for the teeming African youth.
“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.
B&FT