The government has secured a $600 million stimulus package from the African Development Bank (AfDB) to revamp the cocoa sub-sector over the next seven years, starting next year.
The package is aimed at increasing cocoa production by introducing modern techniques and technology; and shift away from the annual syndication of loans as capital investment.
This is one of the major highlights of a Cabinet Retreat at the Peduase Lodge, near Aburi in the Eastern Region, which started last Thursday.
It is the 64th Cabinet Meeting of the Akufo-Addo administration and the seventh retreat of the present Cabinet.
The Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Mr Joseph Boahen Aidoo, who announced the package to journalists at the Peduase Lodge, said out of the amount, $200 million would be invested in domestic processing of cocoa beans, $82.7 million would be channelled into the rehabilitation of moribund farms, while $50 million would be directed into the expansion of warehouse capacity, with activities to promote the consumption of cocoa products taking investments of $7.5 million.
In addition, the government through the COCOBOD will invest $140.2 million to fight the Cocoa Swollen Shoot Virus Disease, $10.6 million will be devoted to building farmer database, cocoa farm irrigation, which will be scaled up with $40.6 million, with hand pollination of cocoa flowers, a measure which has been touted as the new way to go, would also have a $61.1 million investment.
Mr Aidoo said the facility came into fruition through the initiatives of the Presidents of Ghana and Cote d’Ivoire – Nana Addo Dankwa Akufo-Addo and Mr Alassane Ouatarra, respectively.
Cote d’Iviore would also receive $600 million to boost its cocoa production activities under the arrangement, he said.
The government has a vision to increase cocoa production from the current 700,000 tonnes to more than 1.5 million tonnes in the next few years.
