Ghana Cocoa Board, Cocobod, in a bid
to meet its target of a million tonnes by 2020 and expand its processing
capacity has turned to the China Eximbank for financing up to the tune of
1.5 billion dollars.
to meet its target of a million tonnes by 2020 and expand its processing
capacity has turned to the China Eximbank for financing up to the tune of
1.5 billion dollars.
The
Chief Executive Officer of Cocobod, Joseph Aidoo, revealed on Wednesday that
the board was seeking $1.5 billion from China’s Eximbank to improve its cocoa
farms and fix irrigation systems and other projects to aid cocoa production.
This is apart from the current funding of $35 billion from the Chinese bank to
finance a 40, 000-tonnes cocoa processing plant.
Chief Executive Officer of Cocobod, Joseph Aidoo, revealed on Wednesday that
the board was seeking $1.5 billion from China’s Eximbank to improve its cocoa
farms and fix irrigation systems and other projects to aid cocoa production.
This is apart from the current funding of $35 billion from the Chinese bank to
finance a 40, 000-tonnes cocoa processing plant.
“We
have been in discussions since last year to secure $1.5 billion to finance our
plans, mainly to replant diseased and aged trees, build warehouses and cocoa
roads to improve farmers’ income, and also to provide irrigations in the face
of changing climate conditions,” said Aidoo.
have been in discussions since last year to secure $1.5 billion to finance our
plans, mainly to replant diseased and aged trees, build warehouses and cocoa
roads to improve farmers’ income, and also to provide irrigations in the face
of changing climate conditions,” said Aidoo.
Africa’s
second largest producer of Cocoa has been seeking different ways to improve
production and processing of cocoa in the country in order to reap the full
benefits of the global cocoa market.
second largest producer of Cocoa has been seeking different ways to improve
production and processing of cocoa in the country in order to reap the full
benefits of the global cocoa market.
As
the world’s second-largest cocoa exporter after Ivory Coast, it produces an
average of 800,000 tonnes of beans per year, with plans to reach 1 million
tonnes by 2020. But the country presently only processes about 250,000 tonnes,
Aidoo said.
the world’s second-largest cocoa exporter after Ivory Coast, it produces an
average of 800,000 tonnes of beans per year, with plans to reach 1 million
tonnes by 2020. But the country presently only processes about 250,000 tonnes,
Aidoo said.
The
Food and Agriculture Minister, Dr Owusu Afriyie Akoto, had disclosed earlier
this year at an investors forum that Ghana only earns about $ 2.5 billion from
cocoa annually even though the global market is worth over $100 billion.
Food and Agriculture Minister, Dr Owusu Afriyie Akoto, had disclosed earlier
this year at an investors forum that Ghana only earns about $ 2.5 billion from
cocoa annually even though the global market is worth over $100 billion.
Thus,
in order to earn more from the global market, the West African country is
locking its focus on processing the cocoa it produces in order to tap into the market
of the derivatives from cocoa — the market for chocolate is as big as the
market for cocoa beans. The 40, 000 tonnes processing plant is a step in the
right direction, as the factory “will run through the entire course of
producing butter, cake, liquor, cake and then chocolate bars,” the CEO of
Cocobod explained.
in order to earn more from the global market, the West African country is
locking its focus on processing the cocoa it produces in order to tap into the market
of the derivatives from cocoa — the market for chocolate is as big as the
market for cocoa beans. The 40, 000 tonnes processing plant is a step in the
right direction, as the factory “will run through the entire course of
producing butter, cake, liquor, cake and then chocolate bars,” the CEO of
Cocobod explained.
“We
have been looking out for a market for the consumption of cocoa. With the
conventional market becoming stagnant, adding value to our cocoa will broaden
our market space,’’ he added.
have been looking out for a market for the consumption of cocoa. With the
conventional market becoming stagnant, adding value to our cocoa will broaden
our market space,’’ he added.
Also,
to exert more control on the prices of cocoa on the global market the West
Africa country signed an agreement, Abidjan Declaration, with Ivory
Coast, the world’s largest producer of cocoa, to embark on a common strategy
and a sustainable solution for the improvement of prices for cocoa producers
and align marketing policies.
to exert more control on the prices of cocoa on the global market the West
Africa country signed an agreement, Abidjan Declaration, with Ivory
Coast, the world’s largest producer of cocoa, to embark on a common strategy
and a sustainable solution for the improvement of prices for cocoa producers
and align marketing policies.
Aidoo
said the new processing plant, which is estimated to cost $60 million will be
built in the western region of Sefwi-Wiawso with the Ghanian government
absorbing the remaining cost after China’s Eximbank pumps $35 million in
funds.
said the new processing plant, which is estimated to cost $60 million will be
built in the western region of Sefwi-Wiawso with the Ghanian government
absorbing the remaining cost after China’s Eximbank pumps $35 million in
funds.
The
Eximbank is one of three institutional banks in China to implement its policies
in industry, foreign trade, diplomacy, economy, and provide
policy financial support so as to promote the export of Chinese products and
services. China also uses the Eximbank to support other developing countries
with concessional funding for major projects. An important channel through
which China increases its influence on the African continent.
Eximbank is one of three institutional banks in China to implement its policies
in industry, foreign trade, diplomacy, economy, and provide
policy financial support so as to promote the export of Chinese products and
services. China also uses the Eximbank to support other developing countries
with concessional funding for major projects. An important channel through
which China increases its influence on the African continent.
Over the last year, the total volume
of import and export between Ghana and China was $6.6 billion with China’s
export at $4.8 billion and the import from Ghana at around $1.8 billion.
of import and export between Ghana and China was $6.6 billion with China’s
export at $4.8 billion and the import from Ghana at around $1.8 billion.
Culled from Ventures Africa
