Minister of Information, Kojo Oppong Nkrumah has recommended for more cocoa processing and consumption in Ghana to help the sector.
Mr. Nkrumah, who delivered the keynote address at the launch of this year’s National Chocolate Week Celebrations in Accra on Tuesday 7th February 2023, said that while efforts to boost domestic cocoa production must continue, it is critical to use this year’s celebration to step up efforts to increase cocoa processing locally.
“One of the ways to do this is to guarantee the light crop for the local producers so that they do not have to buy the main crop for domestic processing. As we know, the main crop is comparatively more expensive. If we are serious about boosting local production, then we must move quickly to ensure that local processors are able to fully meet their bean needs from the light crop” he said.
Mr. Nkrumah directed COCOBOD to use policy instruments to ensure that domestic processors receive financing assistance. “The financial sector should be incentivized to provide financing for the domestic processors using the cocoa beans as security and escrowing into an account of the off-takers. “Through this channel, the challenge of financing domestic processors will be alleviated,” he added.
He stated that despite being attractive enough to draw in more domestic processors, the incentives provided by the Ghana Free Zones Authority aren’t widely known. To encourage more processors to establish themselves in the free zones area and then process there, the free zones Authority and COCOBOD should emphasize these incentives more.
Mr. Nkrumah made the following suggestions to increase domestic consumption of cocoa products:
“We need to promote more chocolatiers to join the value chain. The more domestic chocolatiers and nuanced products there are on the local market, the better our chances of deepening the local taste and demand. The red carpet of incentives as we would give a foreign direct investor should be rolled out for local chocolatiers as well.”
“Secondly, the thirty-five percent (35%) tax on butter and liquor (raw materials for chocolatiers) should be re-considered. This will make it less expensive to finance operations. It will also make the final products more affordable on the market.”
“And finally, we should support initiatives across Africa to stimulate consumption among school children. Sectors of our economy making super profits can be encouraged to finance such initiatives which will serve as an investment for the growth of a future market in Africa for our cocoa.”
The primary objective of the Chocolate Week Celebration is to encourage local consumers to consume chocolate and other products made of cocoa, among other things.
The MP for Ofoase Ayirebi and the Minister of Information praised all parties involved in the cocoa value chain for their contributions to the development of a strong cocoa industry.
The National Chocolate Day Celebration was established in 2005 to coincide with Valentine’s Day, which falls on February 14 each year. Its goal is to increase domestic consumption of Ghanaian chocolate and other products made from cocoa, among other things. Due to the many advantages the nation stands to gain if the cocoa industry is nationally promoted, what was once a day-long celebration was changed to a week-long celebration in 2022.
