Ghana is the world's second-largest export for cocoa beans after Ivory Coast. The president made remarks saying that Ghana will not be exporting cocoa beans to Switzerland as the country is now focusing on exporting finished products compared to the exportation of raw materials such as gold and cocoa.
Cocoa has always been the backbone of Ghana’s economy for decades, providing a stream of revenue for the country’s 800,000 small-scale cocoa farmers, who account for 60% of the’s agriculture base. However, despite their contribution to Ghana’s advancement, many cocoa-farming families live in extreme poverty — mainly due to low cocoa prices on the international market. Ghana has historically earned less than the value of raw cocoa sold on the international market.
The president made these remarks after his visit to Switzerland. According to him, the country is not willing to continue to export as they don't pay the bonuses they get from the sale of the final product. The move by both ivory coast and Ghana is clear that African countries are now on the rise and ready to put their self-interest first. The move to stop the export of cocoa is just the beginning of stopping neocolonial trade patterns in Ghana.
Ghana will now be able to create new jobs and boost the countries economy. The Ghana Cocoa Processing Company has a capacity of just 25,000 tonnes installed. The government is now investing in facility development to expand the processing capacity of cocoa beans from 25,000 to 65,000 tonnes per year. If Ghana intends to benefit from the Africa Continental Free Trade Area Agreement, increased cocoa processing is even more important. It provides Ghana with the best potential to sell quality cocoa goods to the continent. Increased cocoa processing is the surest way to ensuring Ghana receives a fair share of global cocoa earnings, as well as boosting local industrialization and job development.