The Cocoa Marketing Company (CMC) has secured a multi-year offtake agreement with leading confectionery and beverage companies in the Middle East for Ghana’s premium value-added cocoa products.
The agreement, which marks a significant step in Ghana’s efforts to expand export markets, will see CMC supply substantial quantities of semi-finished cocoa products to buyers in the United Arab Emirates (UAE), Saudi Arabia and other Gulf states.
The development is expected to create new opportunities for domestic processors while supporting the government’s industrialisation agenda.
The deal follows a series of engagements with chocolate manufacturing firms in the Middle East and Gulf region led by the Managing Director of CMC, Dr Wisdom Dogbey, as part of efforts to strengthen international partnerships and broaden the market for Ghanaian processed cocoa products.
As part of the visit, Dr Dogbey also held discussions with officials of the Dubai Multi Commodities Centre (DMCC) to explore opportunities to link Ghanaian cocoa products with processors and traders across the Middle East and Asia.
Dr Dogbey said the agreement would help create jobs, boost local processing and enable Ghana to capture a greater share of the global cocoa value chain, which is valued at hundreds of billions of dollars annually.
He noted that for decades Ghana had relied heavily on traditional European markets for its cocoa exports, but said the latest agreement reflected a renewed focus on value addition and market diversification.
“The offtake arrangement covers semi-finished cocoa products, including cocoa liquor, cocoa butter, cocoa cake and cocoa powder, providing guaranteed demand for products from Ghana’s existing processing facilities,” he said.
He added that the new agreements with Gulf markets would provide the certainty needed to stimulate investment in local processing, strengthen the cocoa industry and create more jobs for Ghanaians.
In Riyadh, Saudi Arabia’s capital, CMC also secured commitments to supply cocoa products to support the country’s growing confectionery and food-processing industry, in line with Saudi Arabia’s Vision 2030 economic diversification programme.
Dr Dogbey described the agreements as a major milestone in CMC’s strategy to diversify export destinations, increase the utilisation of local processing capacity and ensure that value addition was backed by sustainable international demand.
He said the initiative underscored CMC’s commitment to positioning Ghanaian cocoa products competitively on the global market while creating long-term opportunities for the industry.
The agreements also align with the government’s policy requiring that at least 50 per cent of Ghana’s cocoa harvest be processed locally from the 2026/27 crop season.
The policy is aimed at retaining more value within the country, creating jobs and reducing dependence on the export of raw cocoa beans.
Historically, Ghana, the world’s second-largest cocoa producer, has exported more than 70 per cent of its cocoa beans in raw form, limiting earnings from the global cocoa value chain.
By processing more beans into cocoa liquor, butter, cake and powder before export, the country is expected to increase revenue while expanding its manufacturing base.
To support the policy, the government is reviving state-owned processing facilities, including the Cocoa Processing Company (CPC), and encouraging greater private sector participation to boost processing capacity.
BY TIMES REPORTER
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GCB Bank MD honoured with African Leadership Award
BY TIMES REPORTER
The Managing Director of Ghana’s number one bank, GCB Bank, Mr Farihan Alhassan, has been honoured with the Special African Leadership Commendation Award in recognition of his outstanding contribution to Ghana’s banking sector and his role in driving institutional growth, innovation and financial inclusion.
The award was presented by former President of Tanzania and Chairman of the Global Advisory Board of the African Leadership Organisation (ALO), Jakaya Mrisho Kikwete, during the 16th African Business Leadership Awards (ABLA) held at the historic House of Lords.
The recognition follows a merit-based selection and independent assessment by the Global Advisory Board and Editorial Board of the African Leadership Organisation.
According to the citation, Farihan was recognised for his distinguished leadership in strengthening customer-focused banking, enhancing operational excellence, driving innovation and reinforcing GCB Bank’s position as one of Ghana’s foremost indigenous financial institutions.
The organisers further acknowledged his strategic leadership across retail and corporate banking, highlighting his commitment to institutional excellence, financial inclusion and sustainable economic development, as well as his contribution to Ghana’s broader financial sector transformation.
Receiving the award, Farihan described the honour as a reflection of the collective efforts of the Board, Management and staff of GCB Bank.
“I am deeply honoured to receive this recognition. I accept it on behalf of the entire staff of GCB Bank, whose dedication, professionalism and commitment to excellence continue to drive the Bank’s success. This recognition reinforces our commitment to delivering innovative banking solutions, supporting businesses and individuals, and contributing meaningfully to Ghana’s economic growth and Africa’s development,” he said.
The award came on the heels of Farihan’s participation in the African Banking, Finance and Economic Leadership Roundtable, where he joined distinguished African policymakers and banking executives to discuss practical strategies for mobilising capital to accelerate the continent’s economic transformation.
During the discussion, he emphasised that Africa’s financing challenge was not a shortage of capital, but the need for stronger risk-sharing structures, blended finance solutions and strategic partnerships to unlock long-term investment.
The panel featured Executive Governor of the Central Bank of Liberia, Henry F. Saamoi; President and Chairman of the ECOWAS Bank for Investment and Development (EBID), George Agyekum Donkor; Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi; Chief Executive Officer of First National Bank Zambia Limited, Kapumpe Chola; and Group Managing Director of CRDB Bank Plc, Tanzania, Abdulmajid Mussa Nsekela.
Now in its 16th year, the African Business Leadership Awards has established itself as one of Africa’s premier platforms for recognising visionary leaders and institutions driving economic transformation, innovation and sustainable development.
The 2026 edition, themed “From Vision to Velocity: Driving Africa’s Next Wave of Growth and Leadership,” brought together heads of state, ministers, chief executives, investors, diplomats and development partners from across the continent.
This year’s distinguished honourees included Ghana’s Minister for Finance, Cassiel Ato Forson; Executive Chairman of McDan Group, Daniel McKorley; and celebrated Ghanaian business leader Sam Jonah, alongside several other eminent African business and public sector leaders whose contributions continue to shape the continent’s development agenda.
