COCOBOD BOSS CALLS FOR PRIVATE INVESTMENT IN GHANA'S COCOA PROCESSING INDUSTRY

Date: 30th July 2024

The Chief Executive of the Ghana Cocoa Board (COCOBOD), Hon Joseph Boahen Aidoo, has urged private investors to venture into Ghana’s cocoa processing subsector. 

He said private investment is essential for the country to maximise its gains from cocoa production, as processing significantly enhances the value of cocoa beyond that of raw beans.

Speaking at the Grand Durbar of the inaugural Cocoa Festival in Akuapem-Mampong on Saturday, July 27, 2024, Hon Boahen Aidoo highlighted the economic potential of these investments for the country. He assured that COCOBOD is committed to supporting and collaborating with private investors to ensure the success of their cocoa processing businesses.

"it is important for the private sector to invest in cocoa processing. This investment can lead to the creation of more job opportunities for our youth and contribute to an increase in export revenue through processed cocoa. By doing so, Ghana can fully realise the benefits of its cocoa production,” Hon Aidoo said.

The Cocoa Festival, which focuses on celebrating and advancing the cocoa industry, also showcases the historical, cultural, and economic importance of cocoa to the Akuapem-Mampong area. The festival also serves as a platform to recognise the crucial contributions of Tetteh Quarshie and Mampong to Ghana's cocoa sector and its history, while also envisioning a more prosperous and self-sufficient future for the industry in the country.

The Akuapem-Mamponghene, Osabarima Kwame Otu Dartey III, emphasized the importance of the Cocoa Festival to the Mampong community and reiterated the community's desire to celebrate and cherish the cocoa bean, a symbol of their cultural and economic identity. 

He called on the government and COCOBOD to invest in development projects within the local community, expressing a desire for the community to benefit from enhanced infrastructure and social amenities essential for sustainable development.

"We urge the government and COCOBOD to prioritize Akuapem-Mampong in their development plans," he said, and added that, "Our community has long been a significant contributor to Ghana’s cocoa industry, and it is time we see the tangible benefits of our hard work."

Speaking on behalf of Oseadeeyo Kwasi Akuffo III, Osuodumgya Otutu Ababio V, Akuapem NIfahene & Chief of Adukrom, highlighted the critical need for value addition in the cocoa sector. He emphasized the need to create more jobs in Akuapem-Mampong by establishing a cocoa processing factory in the community. This, he noted, would not only provide employment opportunities for the youth but also boost the local economy.

Osuodumgya Otutu Ababio V, also noted the need for the creation of a Cocoa Festival Fund aimed at ensuring the sustainability of the festival and funding development projects in the country.