By Frank Amponsah
President Nana Addo Dankwa Akufo-Addo, says his administration will do all within its power to support the efforts of the Cocoa Processing Company (CPC) to add value to cocoa production in the country.
In his remarks to the management and staff of the Cocoa Processing Company Limited (CPC) during his working visit to the company yesterday, 26th August 2020, President Akufo-Addo said the CPC even though has an indebtedness of over one hundred million dollars ($100,000,000.00) which it has to settle, government will assist her post the COVID-19 crisis to become a viable value addition company.
“The assistance and intervention that you require of government in terms of your relationship with Cocobod, and your indebtedness to Afrexim, is something we are going to have to work in together, but you will have my instinctive support” President Akufo-Addo noted.
“Unfortunately, like much as what has happened in post independent Ghana, the company was not well managed and therefore by the time you, the present leadership came in to take over the ruins of affairs, you had some really formidable challenges, the most formidable of it is indebtedness of a hundred million dollars plus” President Akufo-Addo added.
“I came here to have a look and to listen to you, to see the challenges and what therefore can be done” the President noted.
The President noted that the CPC is really at the cutting edge of the country’s future and that if indeed, Ghanaian industrialization is to succeed, the CPC ought to be a top priority.
“What essentially is industrialization? It is value addition to your natural resources. That is essentially what it is. You are really at the centre of it. Cocoa has been the main stale of our country for over a hundred years. It is very legitimate to say Cocoa is Ghana, and Ghana is cocoa”. “So to have this company whose aim it is to add value to our cocoa industry, makes you a very strategic company in our economic landscape” President Akufo-Addo further observed.
Managing Director of CPC
According to the Nana Agyenim Boateng, the Managing Director of the Cocoa Processing Company Limited, the company is on a strong path to recovery and would require government assistance in fostering a more serious relationship with Cocobod, especially to ensure constant supply of beans to CPC on a 60-day revolving credit basis. He further indicated that the vision of the President in initiating the provision of cocoa drink to Senior High School students as part of the school feeding programme is commendable and it will go a long way in supporting the growth agenda of the Cocoa Processing Company.
CPP History & Background
The Cocoa Products Factory in Tema commenced operations in 1963. It became known as Cocoa Processing Company Limited (CPC) in 1965 with a mandate to add value to Ghana’s premium cocoa beans. In doing so the Company processes raw cocoa beans into semi-finished products such as cocoa butter, cocoa cake, cocoa liquor, and cocoa powder as well as the manufacturing of chocolate.
CPC comprises of two factories namely: Cocoa Factory which processes cocoa beans into semi – finished products like cocoa butter, cocoa liquor, cocoa cake, and cocoa powder under the Portem Brand and. Confectionery Factory for the manufacture of finished products which are GoldenTree chocolate brands.
The factory was rehabilitated in 1990 and its rated capacity increased from 20,000mt to 25,000mt. CPC remained a subsidiary of Ghana Cocoa Board until 1993 when it was granted financial autonomy. CPC got listed on the Ghana Stock Exchange on 14th February 2003 and began an expansion program which was completed in 2009/10. The expansion brought the total throughput capacity of the Company to 64,500mt per annum from the initial installed capacity of 25,000mt per annum.
In order to accomplish its mandate of adding value to Ghana’s cocoa beans, the Company engages in two modes of operations. The first mode of operation begins with the processing of raw cocoa beans into semi-finished products namely: Cocoa Liquor, Cocoa Butter, Cocoa Cake and Cocoa Powder. 95% of these semi-finished products are exported to Europe, the Americas, Asia and the Middle East and they find their way into many Confectionery Factories around the world.
The second mode of operation involves the manufacturing of cocoa confectionery products using some of the semi-finished products listed above as raw materials. CPC’s Confectionery products come under the brand name GOLDENTREE and they include the GoldenTree chocolate bars such as KINGSBITE, AKUAFO BAR, COFFEE CHOC, PORTEM PRIDE, PORTEM NUT, ORANCO, TETTEH QUARSHIE BAR and ASPIRE (sugar free chocolate). Apart from the bar chocolates, CPC also produce ALLTIME DRINKING CHOCOLATE, PEBBLES (Chocolate dragees) CHOCODELIGHT (chocolate spread) and the ROYALE NATURAL COCOA POWDER.