December 8, 2014
Last week the African Export-Import Bank (Afreximbank) signed a memorandum of understanding with the International Cocoa Organization (ICCO) and invested $350 million to develop and support cocoa processing in Ghana, Nigeria, Cameroon, and Ivory Coast, and pledges a further $400 million investment in the future. In 2012/13 45% of the world’s cocoa was processed at its point of origin – up 6% over the previous season according to the ICCO, and in the most recent season, African cocoa processing accounted for 20% of the global grind – up 8% over the previous year. The top cocoa grinders are all established in Africa – ADM in Cameroon, Ivory Coast, and Ghana, Cargill in Ivory Coast and Ghana, and Barry Callebaut in Ivory Coast, Ghana and Cameroon. Once Olam opens its new cocoa processing plant in Ivory Coast, the ICCO expects the country to overtake the Netherland’s as the world’s top cocoa grinder next season.
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