Ghana is honored with so many natural resources which includes cocoa. The country has since been utilizing the fermented fatty seed by making many products including cocoa powder and chocolate. The West African country is one of only a handful not many African countries who is the biggest exporters of cocoa to different parts of the world.
However, the Ghana Export Promotion Authority has recognized possible new markets for Ghana’s improved cocoa powder industry dependent on their separate yearly import estimations of above US$3 million.
The new markets identified with positive annual growth rates and population dynamics include Malaysia, Kenya, United Arab Emirates (UAE) and China with import values of US$3,240,000; US$3,251,000; US$6,908,000 and US$8,457,000 respectively.
With all these, Ghana’s market share of the overall industry in every one of the recognized countries despite everything, stays zero percent. So GEPA is doing all it can to focus on the Chinese market because of the positive interest growth in the country around the Yellow, Yangtze, and Pearl Rivers in East Asia. Other than this, the Export Authority is also taking a gander at China’s populace dynamics.
In 2019, during the third China International Tea Expo in Hangzhou, China, there was a scramble for Ghana’s cocoa drinks and chocolate as enormous number of guests, generally Chinese, blockaded Ghana’s stand to taste cocoa products.
The Authority is therefore encouraging industry exporters to Increase their market infiltration drive in some parts of Africa especially Nigeria to build piece of the pie.
The Nigeria market has reliably retained more than 90 percent all out fares of Ghana’s improved cocoa powder as the country’s import estimation of the product from Ghana was assessed to be US$7.1 million out of 2018.
That equivalent year, total export of the product from Ghana multiplied to US$7.2 million from the earlier year’s fare estimation of US$3.1 million.
Meanwhile, the Export Promotion Authority is asking all exporters in the Ghanaian business to exploit the good zero tax applied to products that have met the ECOWAS rules of inception and are under the ECOWAS Trade Liberalization Scheme (ETLS) convention initiated to support pioneering advancement in the locale and increment intra-territorial exchange.
The worldwide market for cocoa powder is relied upon to observe a Compound Annual Growth Rate (CAGR) of almost 2.2 percent as far as volume is concerned till 2026. The market request is anticipated to outperform 1,315 000 tons before the end of 2026.
At present, demand for worldwide cocoa powder drifts around US$500 billion with Ghana positioned the eleventh biggest worldwide exporter of the product.