The MP for Abura Asebu-Kwamankese Constituency and Minister of State in charge of Government Communications, Felix Kwakye Ofosu, has stressed the need for Ghana to prioritize local cocoa processing to significantly increase state revenue and support cocoa farmers.
Speaking in a one-on-one interview with Oheneba Boamah on the Gumbe show, Mr. Kwakye Ofosu explained that processing cocoa locally and exporting finished products to the global market could generate up to three times more revenue than exporting raw cocoa beans.
He noted that under the leadership of John Dramani Mahama, government payments to cocoa farmers are being prioritized, while plans are underway to channel more resources into local processing to maximize returns.
According to him, increasing domestic processing capacity would not only boost national revenue but also enable companies to pay workers better and create more employment opportunities.
He added that although the government is considering syndicated loans and buyer financing models, it is cautious about repayment risks and is instead exploring automatic price adjustment mechanisms to stabilize cocoa prices.
Source: myxyzonline.com
