twitter RSS Feed linkedin acp contact

Ghana-based cocoa company to secure US$86.7mn for expansion

Cocoa Processing Company (CPC), Ghanaian state-owned manufacturer of chocolates, confectionery and semi-finished cocoa products is eyeing a US$86.7mn loan financing from the Arab Bank for Economic Development in Africa (Badea) and Afrexim bank

AFJan1122CPC currently operates two cocoa factories with an annual throughput of 65,000 metric tonnes and a confectionery factory. (Image source: Adobe Stock)

While speaking to Food Business Africa, Nana Agyenim Boateng, the company’s managing director, revealed the same highlighting that the discussions are currently underway with the two financial institutions. This envelope will provide working capital for the processing company, and allow it to retool its aging cocoa processing lines in order to increase productivity and boost its production capacity to 87,657 tonnes per year.

CPC currently operates two cocoa factories with an annual throughput of 65,000 metric tonnes and a confectionery factory.

“It is hoped that our efforts at securing the much-needed injection of funds will crystalise in the 2021/2022 financial year. The future of your company looks bright because we believe that the funding support being pursued would be realised and thus commence the expansion and retooling of machinery to optimise production and set us on our track to commence payment of our debts,” Boateng said.

The loan facility would position the company to procure its own cocoa beans without buying it on credit from Ghana Cocoa Board. CPC’s announcement comes in a context where it recorded a clear improvement in its turnover during its 2021 financial year ended on 30 September.

The company posted a revenue of US$41.8mn, more than triple the result of the previous corresponding year of US$13.6mn with an increase in sales of all product categories (butter, liquor, powder, cake and confectionery). However, shortage of raw materials and challenges in the performance of the company’s plant and machinery are still a real headache for the company. Thus, the volume of beans processed fell in 2021 for the second consecutive year to 13,495 tonnes, which corresponds to 21% of its installed capacity. This contributed to an operating loss of US$13.2mn at the company level. 

With improved performance, the company is exploring new markets in Kenya, Nigeria, Angola, Rwanda and Qatar.


LATEST NEWS IN Processing & Storage

President Kenyatta urges KTDA to facilitate increased value addition to Kenyan Tea

President Kenyatta urges KTDA to facilit…

Kenya’s President Uhuru Kenyatta has challenged the Kenya Tea Development Agency Holdings (KTDA) to initiate an elaborate plan that will ensure value addition to 90% of the tea grown in...

Avocado oil refining: Westfalia launches three projects to boost sustainability

Avocado oil refining: Westfalia launches…

The Westfalia Fruit Group has unveiled three innovative environmental and social projects at its fruit processing plant in South Africa’s KwaZulu Natal province, enhancing sustainability and helping local communities in...

Farmers and agribusinesses in Uganda to receive more than US$5mn to become climate resilient

Farmers and agribusinesses in Uganda to …

The Government of the Republic of Korea, through its development agency Korea International Cooperation Agency (KOICA), and the International Trade Centre (ITC) will provide funding to support ITC in boosting...

Cashew project launched to spark economic growth in West Africa

Cashew project launched to spark economi…

High-level guests gathered at Abidjan, Côte d’Ivoire for the official launch of the Prosper Cashew project, a five-year initiative that will help West Africa capture much greater economic value from...

Redesigning key to revamping plastic packaging sector

Redesigning key to revamping plastic pac…

Significant investment is needed to reduce lifecycle carbon impacts and redesigning is the opportunity to clean up plastic packaging as sector GHG emissions are predicted to rise 75%, says Woodmac Plastic...

Mixing oil and water to boost functional F&B development

Mixing oil and water to boost functional…

Prodalim Resources, a global player in the beverage industry introduces Capsoil Foodtech, an innovative platform that converts bioactive oils into water-soluble powders Capsoil Foodtech is developed with an aim to allow...

Prev Next

OTHER RELATED ARTICLES - Processing & Storage

New system benefiting women rice parboilers in Benin

New system benefiting women rice parboil…

An improved rice parboiling system is improving productivity and profitability for women rice parboilers in central Benin

Farmers and agribusinesses in Uganda to receive more than US$5mn to become climate resilient

Farmers and agribusinesses in Uganda to …

The Government of the Republic of Korea, through its development agency Korea International Cooperation Agency (KOICA), and the International Trade Centre (ITC) will provide funding to support ITC in boosting...

Tongaat-Hulett launches Mozambique sugar farm project

Tongaat-Hulett launches Mozambique sugar…

Tongaat-Hulett has launched a project to support small-scale sugar farmers in Mozambique

eHempHouse to help reduce CO2 levels

eHempHouse to help reduce CO2 levels

Startup business, eHempHouse has announced that it has filed two patents relating to Smartbox, a hemp processing machine that can be used off-grid, and will supply power

Fanisi Capital invests US$6mn in Tanzanian agribusiness

Fanisi Capital invests US$6mn in Tanzani…

Private equity firm Fanisi Capital has announced that it had bought a minority stake in a Tanzanian agro-processing company for US$6mn, expanding its footprint in the region

Feed grain and clean conveying

Feed grain and clean conveying

Contemporary grain and feed handling plants are forced to satisfy increasingly strict requirements; African Farming looks at ways to ensure contamination-free conveyance

Zimbabwe rakes in US$94mn from tobacco exports

Zimbabwe rakes in US$94mn from tobacco e…

Zimbabwe has generated US$94mn from tobacco exports to different countries since the start of 2013, nearly doubling the total sales of tobacco made during the same period a year earlier

Symaga continues global expansion programmes

Symaga continues global expansion progra…

Symaga, a leading global supplier of silos for the major storage projects, significantly increased the number of important projects in its portfolio in 2018, ensuring a growing turnover and references...

Dangote Sugar’s US$700mn investments to promote infrastructure development

Dangote Sugar’s US$700mn investments to …

With a national annual import of more than US$337mn, the management of Dangote Sugar Refinery has declared its irrevocable commitment to the Backward Integration Policy (BIP) of the Federal Government...

Bühler technology helps to reduce sorting costs by up to 90 per cent

Bühler technology helps to reduce sortin…

Bühler technology is enabling the world’s largest fig grower to double its processing capacity to 20,000lbs per hour and reduce increasingly expensive costs associated with sorting, by up to 90...

Nigeria fully privatises fertiliser import, distribution

Nigeria fully privatises fertiliser impo…

Nigeria’s Federal Government will no longer be involved in the importation and distribution of fertiliser in the country, Minister of Agriculture Dr. Akinwumi Ayo Adesina has said.

Macadamia nut processing facility in progress in South Africa

Macadamia nut processing facility in pro…

Green Farms Nut Company (GFNC) has undertaken to build South Africa’s biggest macadamia nut processing facility with phase one of two, set for completion in 2018

Prev Next