Government wants more investors to veer into cocoa processing says Oppong Nkrumah

Government is creating a more congenial environment to attract more investors into the processing of cocoa beans into refined products, Information minister designate Kojo Oppong Nkrumah has said.

Speaking at the launch of Cocoa Week Celebration by Cocobod in partnership with Asaase Radio in Accra, Oppong Nkrumah said government is stepping up collaboration with financial firms to support companies in the sector.

“Already government is offering support by working with some of the financial institutions to ensure that some of the processing companies to get their required volume of beans to deliver the value-added products that they require and government intends to do more,” he said.

Oppong added “Let me on this note place a call to all potential investors who are interested in the cocoa industry to freely come forward and receive the necessary support from government to establish, to produce and to sell to the Ghanaian, west Africa and the African market.”

The Information Minister designate who spoke on behalf of the vice president Dr Mahamadu Bawumia said this has become crucial with the wide market created by the African continental Free Trade Area.

“With the current population of west Africa estimated about 400 million, there is adequate opportunity for investors to target the Ghanaian, regional and continental market for finished cocoa product on the back of the African Continental Free Trade Agreement.”

According to him government is on course to achieving its target of increasing the processing of raw cocoa beans from the current 40 to 50 percent.

“Ghana has an ambitious target of raising local consumption of cocoa and cocoa products and even processing a lot more of our own cocoa, we have move that doubt from 25percent to about 40 percent of our beans being processed locally currently and the target is to hit a minimum of 50 percent in the shortest possible time,” he said.

He added “With the numerous health and nutritional benefit of cocoa consumption as well as it associated socio economic benefit, the Akufo-Addo administration has made it a priority to massively promote local processing and consumption of cocoa product of which chocolate is part.”

Oppong Nkrumah is hopeful the activities outlined to mark this year’s celebration will help boost the local consumption of cocoa.

Fred Dzakpata

Gh Extractives is an independent multimedia portal that seeks to provide credible information and news content to readers especially players in the extractive sector in Ghana, Africa and beyond. It also provides a unique platform for players in the energy sector to market their products and reach a wider audience

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