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Business News of Friday, 28 May 2021


Cocoa export: China’s entry not a threat to Ghana – COCOBOD boss

Joseph Boahen Aidoo, Chief Executive Officer of the Ghana Cocoa Board Joseph Boahen Aidoo, Chief Executive Officer of the Ghana Cocoa Board

The Chief Executive Officer of the Ghana Cocoa Board, Joseph Boahen Aidoo has urged Ghanaian cocoa farmers not to panic over the Chinese entry into the cocoa industry.

The assurance follows reports that some local cocoa farmers are panicking over China’s exportation of cocoa beans to Belgium.

According to the China Daily, the first batch of 500 kg of cocoa beans worth 3,044 euros (about $3,600), was produced in Xinglong, a township of Hainan with a tropical climate,

The development according the former Member of Parliament for Amenfi East Constituency, Joseph Boahen Aidoo poses no threat to the Ghanaian cocoa market, but “good news to Ghana”.

Speaking with journalists on the sidelines of the 2021 Cocoa Value Chain Investment Meeting in Accra, the COCOBOD boss explained that, China has a huge population with majority being middle income earners and their new taste for cocoa will rather increase the world market for cocoa products, therefore “let’s take advantage of this by investing into packaging and branding.”

Cocoa continues to play an important role in Ghana’s economy, serving as a major contributor to government’s revenue by generating about US$2 billion annually in foreign exchange. The industry employs about 800,000 farm families and has grossly expanded economic activities in rural communities.

The Cocoa Value Chain Investment Meeting is an initiative of the Ghana Investment Promotion Center and this year, the Center partnered South Africa.

The CEO of GIPC, Yoofi Grant, urged investors to invest in the cocoa sector as the sector keeps boosting at a faster rate.

The South African High Commissioner to Ghana, H.E Grace Jeanet Mason also admonished that investment is extended beyond Accra to the rural areas.

The 2021 Cocoa Value Chain Investment Meeting aims at highlighting the opportunities along the cocoa value chain that can be leveraged by investors, as well as sensitize industry players on valuable commercial opportunities offered by the African Continental Free Trade Agreement (AfCFTA).