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The recent slump in global cocoa prices has prompted President John Dramani Mahama to call for increased local processing of cocoa to safeguard the future of the country’s economy and ensure better livelihoods for farmers.
Speaking on the matter, Mahama emphasized the need for Ghana to shift from being a primary exporter of raw cocoa beans to a nation that adds value to its cocoa through processing. He argued that local processing will create jobs, increase revenue, and make the country less vulnerable to volatile global commodity markets.
“Currently, we export a large percentage of our cocoa in its raw form, which means we are not benefiting as much as we should from its full value. We must focus on increasing our local processing capacity to ensure that Ghanaian cocoa products can compete on the international market and contribute significantly to the national economy,” Mahama stated.
According to industry analysts, Ghana’s cocoa sector is facing immense pressure due to the ongoing drop in global cocoa prices. This decline, coupled with rising production costs, has made it harder for farmers to maintain their livelihoods, with many struggling to make ends meet.
Local cocoa processing also promises to improve the income of farmers, as it could lead to a direct increase in the price they receive for their produce. Furthermore, Mahama believes that by processing cocoa locally, Ghana can create a thriving cocoa industry that would boost the country’s export value and encourage economic diversification.
Ghana, one of the world’s largest cocoa producers, has long been dependent on cocoa exports, with the commodity accounting for a significant portion of the nation’s revenue. The volatility of global prices has highlighted the risks of relying solely on raw commodity exports. Mahama’s call for a shift towards value-added cocoa production is therefore seen as a strategic move to ensure the sustainability and growth of the sector.
As Ghana continues to face challenges in its cocoa industry, the push for local processing could become a pivotal step toward securing a more resilient and prosperous future for its farmers and the economy at large.
This issue calls for urgent attention from policymakers and stakeholders in the sector to invest in the infrastructure, technology, and skills necessary to support local cocoa processing. It is hoped that with the right initiatives, Ghana can rise above the challenges posed by the global price slump and establish itself as a leading player in the global cocoa industry.
Story: Efua Nessa
Source :Loco tv