The President, Nana Addo Dankwa Akufo-Addo, on Wednesday 26th August, 2020 pledged government’s support to turning the losses and debts of the Cocoa Processing Company (CPC) into profitability.
According to him, the company’s output is strategic to government’s push for value-added industrialisation of the country hence, his government is willing to give the necessary assistance to boost its viability.
The President gave the assurance when he visited the processing facility of the company at the Tema Light Industrial Area to acquaint himself with the mechanisms and challenges of the company in the midst of the Covid 19 pandemic.
He stated that his visit to the company was to buttress the fact that there is the need to support institutions whose performance contribute strategically to the country’s economy and would be a major indicator of how well Ghana would fare in future.
The President while noting the devastating effect of the Covid-19 on the global economy mentioned the need to steadily open up the economy again.
“Within the meantime, a lot has happened and it is important that we draw a balance sheet of what is happening so that we can position ourselves to look as to what we need to do for the future.”
President Akufo-Addo indicated that his administration was committed to transforming Ghana’s economy from one reliant on its raw materials to one driven by value-added exports.
This, he said, would fast-track the country’s industrialization agenda, boost agro-productivity, place Ghana upscale of the global market place and create jobs for Ghanaians.
Cocoa has been a backbone to Ghana’s economy for over a century and a major source of fund for development and the need to making it a vital value-added export is crucial.
The President holds that, the operations of the CPC substantiated his conviction that the company was at the cutting-edge of Ghana’s industrialisation success, because of its strategic importance in the economic landscape of the nation.
“So, to have this company whose aim it is to add value to our cocoa industry makes you a very very strategic company in our economic landscape.”
According to him, the company just like many state-run entities, had not been well managed, causing “formidable challenges and indebtedness running into over 100 million dollars”.
He expressed optimism when noting that the new management appointed by his administration, was putting in the needed efforts and initiatives to “confront the past and build a successful and viable future for the company.”
“The CPC story is one that should be told widely as a source of inspiration for many people in the private sector.”
The President further indicated that the increase in the subscription to Ghanaian confectionary and chocolates was a major boost for cocoa production and processing for Ghana.
He also stated that Ghana would collaborate with Cote d’Ivoire to change the narrative of earning 10 billion dollars per annum out of a global annual industry value of about 142 billion dollars though both nations produced between 65 per cent of the world’s cocoa beans.
