Cocoa Processing Company Opts For Cheap Cocoa Beans

The Cocoa Processing Company (CPC) has indicated that the use of local cocoa beans to produce chocolates is reducing the company’s profits.
Richard Armah Tetteh, Managing Director of the company, in an interview with Joy Business recently, said the high price of the produce is making it increasingly unprofitable to solely use local beans for production. “Worldwide, nobody processes only Ghana beans and makes enough profit margins because Ghana’s beans is the most expensive cocoa beans you can get anywhere in the world,” he stated.
According to him, he said it made business sense for the company to reduce its production cost by sourcing relatively cheap cocoa beans from any part of the world.
He however said the company will not compromise on the quality of its products. The move forms part of measures the CPC is putting in place to improve its bottom-line.
The company last year registered yet another loss of GH¢12.5 million. Established in 1965, CPC, located in Tema, comprises three factories, two cocoa factories and a confectionery factory. Incorporated as a limited liability company on November 30, 1981, the shares of the company are publicly traded on the Ghana Stock Exchange (GSE).
CPC has an annual throughput of 64,500 metric tonnes of premium Ghana cocoa beans which it processes into chocolate liquor, cocoa butter, cocoa cake and cocoa powder. These semi-finished products are the major ingredients for the production of chocolate and other cocoa-based food products.
The semi-finished products are sold under the Portem brand to foreign markets.The company however retains a portion of the semi-finished products for use in the Confectionery Factory.
The Confectionery Factory manufactures chocolate bars, spread, drinking chocolate and dragees. The confectionery products are marketed under the brandname GoldenTree.