Cocobod poised to invest more abroad

Accra, July 09, GNA - The Ghana Cocobod said on Monday it was breaking new grounds that would enable Ghana to maximise its cocoa returns through diversification of its markets and investing more in the industry abroad.

At a press briefing in Accra on recent developments, Mr Isaac Osei, Chief Executive of the Board said the move followed current world demand and taste for Ghana's premium quality cocoa bean that some European and Asian countries had shown.

He said countries such as Cuba, Turkey, China and Khagistan had shown great interest to trade on commercial lines with Ghana. Some of them, he said, had placed request for the importation of Ghana's cocoa bean.

"We have to look for opportunities for investment elsewhere and have a stake in what goes on in the world at large.

"Ghana is not making enough money as it should, so we have to move from being a primary producer and start the process of looking outward," the Chief Executive said.

"They will focus more in investing into the tertiary sector where cocoa is converted into powder and chocolate products for maximum returns."

At present, Mr Osei said Cuba, which produced similar quality cocoa beans like Ghana and with a production capacity of only about 200,000 tonnes had placed a request to import about 25,000 tonnes. He said there was the need to closely consider Cuba's request and devise the means of forging links on commercial lines. Mr Osei expressed optimism that Ghana would be able to meet supply targets and even increase its cocoa tonnage production, adding that the one million target in 2010 was attainable.

Last year Ghana's production capacity was 600,000 tonnes and this year it had been projected at 620,000 tonnes by the end of the crop season.

Mr. Osei said in future the Board would research into the artesian production of cocoa (small scale production) in order to improve on quality and increase the processing capacity of the product for maximum gains.

He said some internal control measures being taken to sustain productions levels and maintain quality include investment in nutrient applications, raising of the amount of fertilisers usage and strengthening quality controls.

"Domestically, we have to develop the market for the consumption of cocoa even so for neighbours within the Sub-Regional countries," Mr Osei said.

He said CMB is poised and is determined to make its production process transparent and traceable in order for Ghana to lead and command the premium prices in the world. 09 July, 07