$70 million cocoa factory underway

Accra, July 19, GNA - The Government's drive towards achieving value addition for Ghana's raw cocoa beans has received a big boost with a 70 million-dollar processing investment by Cargill, a global leader in the cocoa and chocolate supply chain.

The United States Company is building a state-of-the-art plant at the Tema Free Zone Enclave to process 65,000 metric tonnes of cocoa annually into liquor, butter and powder.

President John Agyekum Kufuor, who was on hand to perform the ceremony to mark the start of construction work on the project, said it was a manifestation of the growing confidence in Ghana's economy. "Additionally, it testifies to the success of the Government's policies and measures, which have put the economy on the growth path." The completion of the plant, scheduled for next year, would bring the number of cocoa processing facilities in the country to five. Ghana has projected to process 350,000 tonnes of its cocoa by 2008. The country during the 2005/2006 crop season hit an all time record cocoa production of 740,458 tonnes.

President Kufuor said with Cargill's global headquarters located in the US and its products targeted at the US market, the Company should serve as a vehicle for growing trade between Ghana, Africa and the US. He said like most sub-Saharan African countries, Ghana offered one of the highest returns on investment and invited more foreign investors to take advantage of the environment to promote win-win partnerships with their counterparts in the country.

Dr. Mark Keenum, US Under-Secretary of Agriculture, said Cargill's investment was a clear signal to the global market place that Ghana was the place to invest.

He said the US was proud to be a strong partner in the agricultural trade with Ghana.

Ghana is the second largest supplier of cocoa to the US, which in 2005 imported 1.4 billion dollars of cocoa products. Dr. Keenum called for new and innovative ways to break into the US and other markets.

He praised President Kufuor for upholding the social and economic principles of the Africa Growth and Opportunity Act legislation, citing, the school feeding programme.

Mr. Paul Naar, President of Cargill Food, said the investment was a major step in the company's partnership with the country. Mr. Alan Kyerematen, Minister of Trade and Industry, described it as a fulfilment of the Government's promise of facilitating interventions that would add value to the country's natural resources. He said with almost all the major cocoa processing companies and mining giants now in the country, "Ghana can say it is an investment destination of choice".

Cargill operates in 66 countries and employs 153,000 people.