President Akufo Addo has indicated that, government would support the Cocoa Processing Company (CPC) to turn its losses and debts into profitability.
The President made these assertion when he visited the processing facility of the CPC at the Tema light Industrial Area on Wednesday August 26,2020 to acquaint himself with the workings and challenges of the company post-Covid.
According to him his visit to the company was to reinforce the fact that there was need to support the country’s strategic economic institutions whose performance would be a major indicator of how well Ghana would fare in future.
He also stated that, the company was strategic to the government’s push for a value-added industrialisation of the country, and would be given the necessary assistance to boost its viability.
“Within the meantime, a lot has happened and it is important that we draw a balance sheet of what is happening so that we can position ourselves to look as to what we need to do for the future,” he said
He further added that, his administration was committed in transforming Ghana’s economy from one reliant on its raw materials to one driven by value-added exports.
He also said the country’s industrialisation agenda need to be accelerated and enhance agro-productivity to place Ghana at the high-end of the global market place and create jobs for Ghanaians.
He stated that, the operations of the CPC reinforced his conviction that the company was pivotal in Ghana’s industrialisation success, because of its strategic importance in the economic landscape of the nation.
“So, to have this company whose aim it is to add value to our cocoa industry makes you a very very strategic company in our economic landscape,” he said.
Ghana and Ivory Coast produce between 65 per cent of the world’s cocoa beans, but earn a meagre 10 billion dollars per annum out of a global annual industry value of about 142 billion dollars.