According to Stanbic Bank, only 30% of Ghana’s cocoa is processed locally. This follows a research conducted by the Stanbic Bank Research Team which revealed that, out of Ghana’s estimated production of 812,000 tons of cocoa beans, only 30%(percent) is processed locally although the country’s installed capacity for processing the crop is estimated at 450,000 per year.
The discoveries of the examination likewise showed that out of the $1.9 billion income gathered from the creation of cocoa in Ghana yearly, the day by day income acknowledged from the crop by the more than 800,000 ranchers across the country is $1.
This is in spite of the way that, cocoa creation has been the foundation of Ghana’s economy since the 1870s. Cocoa contributes about 2.2 percent of Ghana’s public Gross Domestic Product.
Cocoa, as per the examination, is developed solely by little holder farmers with a normal farm size of under three hectares. The developing of cocoa in Ghana, the examination uncovered, is loaded with insignificant automation and utilization of fertilizer, hindering the ideal creation of cocoa in Ghana. This influences the arrangement of satisfactory cocoa beans to neighborhood processors.
Ivory Coast in 1978 overtook Ghana as the largest producer of Cocoa globally and has since remained the number one producer of the commodity. Current production in Ghana is about 400kg, 700kg in Ivory Coast and about 2.5 tons in South America.
The research is a reflection of Stanbic Bank’s strong industry knowledge and understanding of the cocoa sector, having recently been awarded by Ghana Cocoa Awards as the Cocoa Financing Institution of the year. The bank, has over the years, become a key partner for COCOBOD and has participated in their pre-export finance for over 10 years.
Stanbic Bank offers particular types of assistance in the particular zones of working capital financing, exchange financing, electronic installments and assortments and vehicle and resource financing.