GIPC TO FACILITATE ACCESS TO INVESTMENTS BY BUSINESSES IN THE COCOA VALUE CHAIN
The Ghana Investment Promotion Centre (GIPC) in collaboration with the Gauteng Growth and Development Agency (GGDA), South Africa, has successfully organized Ghana’s first ever Cocoa Value Chain Investment Meeting for players in the industry.
The event, held in Accra, Ghana under the theme: “Ghana’s Brown Gold: Sustaining Investments and Leveraging AfCFTA, “attracted many dignitaries and distinguished leaders and players across the cocoa and chocolate industry in Ghana. Among the dignitaries who participated in this unique industry meeting were the Chief Executive Officer of Ghana Investment Promotion Centre, Mr. Yofi Grant, the Chief Executive Officer of Ghana Cocoa Board, Hon. Joseph Boahene Aidoo, Vice President of the Cocoa Value Addition Artisans Association of Ghana (COVAAAGH), Mrs. Dela Kuekey Austine , Chief Executive Officers of Cocoa Processing Company and Niche Cocoa, Nana Agyenim Boateng and Mr. Lloyd Ashley, respectively.
The meeting highlighted some investment opportunities along the cocoa value chain and how individuals and organizations who have a keen interest in the value chain can take advantage of such opportunities. Industry players were also sensitized on the numerous opportunities in the African Continental Free Trade Area (AfCFTA) and how they could leverage them to enhance the growth of the cocoa industry in Africa.
In his welcoming address, Mr. Yofi Grant, Chief Executive Officer Ghana’s premier investment promotion organization (GIPC) informed participant that, “At GIPC ours is to help you to create wealth in Ghana in partnership with foreign direct investment and we take great pride in doing that and there is no better place to harness and re-echo that partnership than in this room with the cocoa industry.” He observed that in spite of the fact that as a nation, Ghana is so much blessed with the world’s most premium cocoa produce, the country is yet to produce a millionaire out of cocoa. Ghana is the second largest producer of cocoa beans which are mainly exported to Europe, Asia and the United States.
According to Mr. Grant the industry is ripe for investment and areas such the “Provision of support services like cocoa haulage and warehousing to store and transport cocoa” is worth considering. He also advocated for investments in the creation of more awareness on chocolate consumption in Africa. He asked, “If through the AfCFTA, we get over 50% of the children in Africa having access to a cup of cocoa drink every day, to strengthen them and give them the ability to learn, can you imagine the wealth it will create?”
Speaking about opportunities which the African Continental Free Trade Area (AfCFTA) brings vis-à-vis the cocoa industry, Mr. Grant asserted that “The African market is estimated to be over 1.2 billion and this a huge market waiting to grow” and for that matter through this platform both larger processors and smaller processors in the chocolate industry can now have access to a much wider tariff free market on the African continent.
On his part the Chief Executive Officer of Ghana Cocoa Board, Hon. Joseph Boahen Aidoo, revealed, during an interview, that Cocobod is currently advocating for more local processing and consumption of Ghana’s cocoa. According him, the Africa cocoa market is so wide and with an average age of 19.5 years, a mainly youthful population, Africa is a huge market for cocoa processors and with the expected economic growth the continent will be benefiting more from it.
The Ghana Investment Promotion Centre is Ghana’s foremost investment attraction and promotion agency under the Office of the President.
Guided by the GIPC Act 2013 (Act 865), the Centre courts and facilitates valuable investments to stimulate economic growth, unlock opportunities and spur job creation. The Centre also provides a diligent team of resource persons to furnish investors with insight and necessary guidelines towards a successful integration into the Ghanaian World of business, and as such remains the first point of contact for all foreign investors coming to Ghana.
The GGDA’s key purpose is to maximize the effect of developing the economy of Gauteng, through support growth of the cooperatives economy, facilitation of trade and investment and increased strategic economic infrastructure.