The Ghanaian government has taken a step to further deepen their ongoing economic diversification programme by launching a project aimed at boosting the country’s Cocoa production. This forms part of the government’s efforts to ensure that it does not fall into the trap of allowing its new found petroleum wealth to lead to the neglect of other sectors, notably agriculture which is labour intensive and will help create employment.
To this end, the government yesterday, entered into a historic loan agreement with three key financial institutions, notably, the African Development Bank, Credit Suisse, Industrial and Commercial Bank of China with the Ghana Cocoa Board to ink $600 million loan agreement to boost cocoa product.
Speaking on the development, the President of African Development Bank, Dr. Akinwumi Adesina said that this is a phenomenal event, the result of hard work of everybody to make this happen. He added that “I want to thank the leadership of President Nana Akufo-Addo for making sure that his country and Africa can get to the top of the value chain in processing cocoa into a wide range of chocolates, among others”.
Read also: African Cocoa Farmers to Benefit Through IFC, Cargill Partnership
Dr. Adesina was speaking against the background of Africa’s disadvantaged position in the global Chocolate chain where Ghana and Cote d’Ivoire account for roughly 65% of global supply of cocoa beans and Africa accounts for 75% of all that, but only accounts for 2% of the $120 billion chocolate market.
Read also: Ghana ‘s Union of Traders Locks Up Over 100 Foreign Retailers’ Shops in Accra
Adesina concluded that “this is a great day, and this is what the Africa Investment Forum is slated for: to make big things happen for Africa. Ghana is bankable. Cocoa is bankable, and of course, Africa is bankable”.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.