Ghana's Poku-Diaby plots a move up the cocoa value chain with support from Afreximbank
Ghanaian entrepreneur Patricia Poku-Diaby is taking on a cocoa industry long dominated by multinationals, building local processing capacity with backing from Afreximbank as Ghana seeks to capture more of the value generated by its most important cash crop.
Ghana's cocoa industry is a key driver of the country's economy, generating $3 billion annually from a $130 billion global chocolate market. However, the country has historically exported raw beans, losing out on the potential value. To change this, Ghanaian industrialist Patricia Poku-Diaby founded Plot Enterprise, which processes cocoa locally with support from the Afreximbank.
This move aims to increase value addition, create more jobs, and boost Ghana's earnings from cocoa. The bank's investment provided Plot Enterprise with the working capital it needed to compete in an industry dominated by multinational companies. The increased capacity and utilisation of Plot's plant led to a 90% increase in 2017.
If more processing occurs, Ghana can gain more manufacturing jobs, demand for local services, tax revenues, and foreign exchange earnings. This virtuous cycle would also encourage farmers to increase production, benefiting the entire cocoa industry. Afreximbank's support for indigenous companies like Plot Enterprise is part of their strategy to promote African industrialisation and provide opportunities for people in cocoa-producing communities.
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