- Dr. Randy Abbey pushes for Ghana to capture a larger share of the cocoa value chain
- Ghana and Côte d’Ivoire produce 60% of the world’s cocoa but earn under 3% of the global revenue
- Dr. Abbey highlights that Belgium earns more from cocoa than Ghana despite not producing it
Dr. Randy Abbey, Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), is calling for a shift in the revenue distribution from the global cocoa value chain. Despite being one of the world’s leading cocoa producers, Ghana continues to earn a disproportionately low share.
Speaking on Nhyira FM’s ‘Kuro Yi Mu Nsem’ show, Dr. Abbey pointed out the stark revenue gap between cocoa-producing nations and those involved in processing and value addition. He noted that while the global cocoa value chain is valued at nearly $200 billion, primary producers like Ghana and Côte d’Ivoire receive a mere fraction of the earnings.
Dr. Abbey explained that, although Ghana and Côte d’Ivoire account for 60% of the world’s cocoa supply (and nearly 80% when adding other African countries), they each earn less than 3% of the total revenue. “Ghana contributes around 20% of global cocoa production, but we only make about $5 billion in revenue, based on current prices,” he said.
He also compared Ghana’s situation with that of non-producing countries like Belgium, which, despite having no cocoa production, earns around $20 billion from the cocoa industry. “Belgium makes more than we do, even though we produce 20% of the world’s cocoa,” he lamented.
Dr. Abbey emphasized the need for Ghana to enhance its local cocoa processing capacity. With a combined processing capacity of about 500,000 tonnes, including companies like CPC and WAMCO, he believes Ghana can significantly improve its earnings from cocoa production.
