‘Come and buy our cocoa beans, but add value here in Ghana’ – Forson
Finance Minister Dr Cassiel Ato Forson has urged international cocoa buyers to process beans in Ghana, as the government pursues plans to increase local processing to 50% by 2028 and 100% by 2030.
Finance Minister Dr Cassiel Ato Forson has called on international cocoa buyers to process Ghanaian beans domestically. Speaking after presenting the 2027 Budget to Parliament, he emphasized the need to shift away from exporting raw beans for processing in foreign countries. "We are not saying don’t come and buy our cocoa beans, but if you are a company out there, come and buy our cocoa beans, but add value here in Ghana," he urged.
Dr Forson argued that Ghana's traditional financing model has encouraged the purchase and shipment of beans abroad, allowing other nations to reap the benefits of processing. He cited a recent visit to Bangkok for the World Bank–IMF Annual Meetings as a reminder of the potential in cocoa value addition, noting the range of products produced from cocoa, including chocolate and cocoa cognac.
When asked if the government would enforce local processing through legislation, the minister confirmed that the new Cocoa Board Act already includes the requirement and has been presented to Parliament. A Legislative Instrument will detail the timeline for achieving full local processing, with a goal of moving from 50% to 100% by 2030.
Dr Forson also discussed potential processing capacity, mentioning discussions around a proposal involving 500,000 metric tonnes of cocoa for local value addition, with Dangote identified as an interested investor. He highlighted Ghana's agricultural potential, stating that the country has the necessary land, water resources, and a youthful population to support a stronger agricultural sector.
Currently, Ghana spends about US$3.5 billion annually on food imports, including items like palm oil, sugar, rice, chicken, and vegetables, and questioned why more land could not be utilized to grow soybean and maize to support the poultry industry. For Dr Forson, investing in commercial agriculture and local processing presents an opportunity to better utilize Ghana's resources while retaining more value within the economy.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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