2ND AFRICAN COCOA SUMMIT OPENS IN ACCRA
The 2nd African Cocoa Summit has opened in Accra today with a call on African cocoa producing countries to unite to enable them achieve the objective of sustaining the African Cocoa Economy. and pledged that Ghana will continue to support any effort to sustain African economy.
Hon. Kwadwo Baah-Wiredu, Ghanaian Minister of Finance and Economic Planning who made the call said it is only through this that African countries who account for 75% of global cocoa beans output can have remunerative returns.
He said these when he opened the Ministerial Meeting of the Summit today. Under the theme ‘Defining a Policy Roadmap towards a Sustainable African Cocoa Economy’ has brought together Ministers and Technical experts from Ghana, Nigeria, Togo, Uganda, Cote d’Ivoire, DR Congo and Guinea.
Hon. Baah-Wiredu said the cocoa sector over the years have proven to be an outstanding backbone of producing countries contributing significantly to employment generation, revenue, foreign exchange, direct and indirect provision of infrastructural and social amenities.
For example, he said, Ghana is constructing a hydroelectric project at the cost of $622 million which is being supported partly through Cocoa sales Agreement signed with the Government of China.
‘Its importance is further being proven as scientific research being carried on the golden pod is unearthing numerous nutritional, medicinal and health benefits that have the potential to breed a healthy workforce to develop our great, noble and beautiful continent’, he said.
Ambassador Hope Sona Ebai, Secretary General, COPAL, noted that the World Cocoa Economy has 5 principal characteristics; acute volatility of prices on the world market translating into strong fluctuations in the prices paid to farmers; great geographic concentration in the production and exportation of cocoa with 75% of the world’s cocoa coming from western and central Africa.
Furthermore, over 90% of this production is in the hands of small holders with an average of two hectares; and an increased importance of cocoa as the main ingredient in the manufacture of chocolate but, at the same time its value in the chocolate bar is minimal (less than 10%).
He continued that cocoa has conquered the world through its economic value because of its potential for wealth creation. Africa will in spite of the interest and expansions in Asia and the rehabilitation in the Americas, in the medium to long term remains the major producing zone of cocoa in the world.
Ambassador Ebai noted that this presents great opportunities but also great responsibilities. ‘Responsibility to ensure that supplies are adequate to satisfy today’s market needs and mindful to ensure that the precursors for adequate supplies of tomorrow’s needs are left intact’.
It is also imperative that that those who labor for the production of cocoa receive adequate remuneration in periods when the market is down and receive an equitable potion of the wealth under the cocoa chain
He concluded by emphasizing the need to spread of the good news of the virtues of cocoa to promote the consumption of cocoa all over the world.
In his welcoming address, Mr. Isaac Osei, Chief Executive, COCOBOD, told the delegates that sustainable development policies encompass three interdependent and mutually reinforcing pillars; economic development, social benefits and environmental protection.
He reckoned that in defining a policy road map towards a sustainable African economy the debate should probably focus on farm profitability, prosperous farming communities and a good environmental stewardship.
