Home | Goldstreet Business
Saturday, May 21, 2022
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result
Home Business AgriBusiness

GEPA, COCOBOD negotiate moves to increase chocolate exports

May 9, 2020
in AgriBusiness, Agriculture, Business, News, Top Stories
0
Share on FacebookShare on Twitter

Officials of the Ghana Export Promotion Authority (GEPA) have opened a series of stakeholder discussions with representatives of COCOBOD and key industry players in the cocoa sector to institute policy frameworks that will lead to increasing the quantity of cocoa beans sold to chocolate manufacturing companies to enhance Ghana’s competitiveness and market share in the export of chocolate in the global market.

Currently, the quantity of cocoa beans COCOBOD sells to local processors during the major and minor crop seasons is said to be less than 30 percent of the country’s annual crop production.

RELATED POSTS

Ghana records $4.5bn remittances in 2021, places 2nd in Sub-Saharan Africa – World Bank

Another interest rate hike inevitable next week

Goldstreet Business gathered that most chocolate companies prefer buying the cocoa beans during the minor crop season as against the main season. This is because the minor season crop beans are sold at a certain discounted price which also comes with other additional benefits to the companies with the result that a number of such companies buy less of the cocoa beans during the main crop season.

“There is an international price for the cocoa beans as against what the companies here want to pay. Cocobod would not want to sell at a discounted price during the main crop season to the local companies as against what export of the raw cocoa beans will give them”, Mr. Erasmus Ashun, Director of Product Development of GEPA told the Goldstreet Business.

The engagement between the two parties is seen as necessary by industry players in the sense that it would enable Ghana to shore up its export volumes of locally made chocolate into the global market which would translate into substantially more foreign exchange earnings.

According to a report on the global chocolate market, the total chocolate market is estimated to be worth around US$110 billion and is projected to surpass US$161.56 billion in revenues generated by 2024, growing at a Compound Annual Growth Rate (CAGR) of around 7.0 percent in terms of volume.

Speaking exclusively with this paper, Head of Services and Manufacturers of GEPA, Mr. Bandah Abdallah noted that the problems facing Ghana’s chocolate industry is multifaceted as there are also challenges in terms of lack of both economies of scale and financial muscle which are needed to increase chocolate production for export.

“Market for their products is not an issue. It has to do with the availability of cocoa beans” he insisted. “In turn, this problem is about pricing. We have the main crop and minor crop seasons. With the main crop, COCOBOD prices the cocoa beans at a premium. So, the local processors would have to buy at the same world market price”, he reiterated.

The latest Competitor Analysis report from GEPA states that exports of Ghana’s chocolate to the global market in 2018 stood at US$32.1 million. This is a huge increase on the revenues gotten from the product in 2015, 2016 and 2017 at US$33,320, US$1,435,613 and US$16,806,703 respectively.

Africa produces about 75 percent of the total global cocoa production, yet it has only five percent of the entire chocolate market whereas Switzerland and Belgium – the world’s top two producers of chocolate – reportedly earn around US$14 billion and US$12 billion respectively from export of chocolate annually.

The Authority is now playing an advocacy role to ensure that supply of cocoa beans to the chocolate/cocoa manufacturers is improved as well as to enhance the value addition chain

Background

The changing preferences of consumers is a key factor that persuades companies to focus on product development and marketing tactics to expand into a wider consumer base and capture new markets. This is driving the growth of the global market for chocolate. Different types of chocolates are produced worldwide and they include dark, milk, and white chocolate.

facebookShare on Facebook
TwitterTweet
Source: By Dundas Whigham
ShareTweetShare

Related Posts

Ghana records $4.5bn remittances in 2021, places 2nd in Sub-Saharan Africa – World Bank

Ghana records $4.5bn remittances in 2021, places 2nd in Sub-Saharan Africa – World Bank

May 20, 2022
African Central Banks set to hold rates with focus on growth

Another interest rate hike inevitable next week

May 20, 2022
Increase in policy rate to stifle economic growth – Databank Research

Increase in policy rate to stifle economic growth – Databank Research

May 19, 2022
Ghana card to be only identification for banking transactions from July 1, 2022 – BoG

Economy growing strongly, data suggests robust pick-up – Governor

May 19, 2022
Time to reduce dependence on foreign aid -Akufo-Addo to African policymakers

Time to reduce dependence on foreign aid -Akufo-Addo to African policymakers

May 19, 2022
Next Post

Economic activity increases strongly in first 4-months in 2019

Maiden Obaasima Summit hosts influential Ghanaian women

Archives

<
May 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
 123456
78910111213
14151617181920
21222324252627
28      
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
1234567
891011121314
15161718192021
22232425262728
       
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

Ghana records $4.5bn remittances in 2021, places 2nd in Sub-Saharan Africa – World Bank

Ghana records $4.5bn remittances in 2021, places 2nd in Sub-Saharan Africa – World Bank

May 20, 2022
African Central Banks set to hold rates with focus on growth

Another interest rate hike inevitable next week

May 20, 2022

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.