Ghana Cocoa Board the state cocoa sector regulator, has given approval to a private processing company to import cocoa beans from neighbouring Cote d’Ivoire and Nigeria.
A letter of approval signed by Joseph Boahen Aidoo, said the Afrotropic Cocoa Processing Company , the private company, should import 2,500 metric tonnes(mt) of cocoa beans from Côte d’Ivoire and 1,000 mt from Nigeria.
COCOBOD further instructed the grinding company to ensure the cocoa beans was imported into the country only by sea and delivered at the eastern seaport of Tema.
“In connection with this approval, you are required to obtain all necessary authorizations from the relevant state institutions, including the Customs Division of the Ghana Revenue Authority, before commencing the importation,” the approval letter signed on January 25, said.
The cocoa grinder is further requested to provide detailed information on the name of the vessel, shipment schedule, quantity of beans to be imported, and date/time of arrival, among other details.
Ghana is the world’s second largest cocoa producer, but production has been falling over the past two crop seasons, with 689,000 mt in 2022, and between 650,000 and 700,000 mt in 2023.
Also the sector has been plagued with massive debts, having defaulted on payments for maturities of its 182-day bill, February 2023, and rolling over outstanding securities of GH¢940m ($79m) in face value and later restructured debts totalling GH¢7.93bn ($661m).
Late last year, COCOBOD was compelled to fall on cocoa trading companies for a 400-million-dollar bail-out as the annual syndicated loan for cocoa purchases delayed.