Ghana’s Cocoa Processing Company (CPC) Limited completed expansion will increase revenue and widen target markets, according to Managing Director Richard Amarh Tetteh. Operations for the past financial year were hampered by high crude prices as well as by an unreliable power supply which resulted from the global financial crisis; Tetteh projects an increase revenue of $208 million, however, for 2008/09.
CPC operates, in addition to a confectionery factory, two modern state-of-the-art cocoa processing factories with a combined capacity of 64,500 tons of raw cocoa beans per annum, up from an initial installed capacity of 25,000 tons. According to Tetteh, Asia, Middle East, Eastern Europe and other African countries are new market targets the company is considering. Currently, CPC exports roughly 95% of its semi-finished products to Europe and the Americas. CPC only deals with buyers on a spot-sale contract basis, a measure which is aimed at reducing the company’s exposure to “the volatility of the international cocoa trade.”