Afreximbank has issued $350m to support cocoa processing in Côte D’Ivoire, Ghana, Nigeria and Cameroon and plans a further $400m cash boost in future.
Last week, the bank signed a memorandum of understanding with the International Cocoa Organization (ICCO) to boost the African cocoa sector.
The deal is aimed at enhancing Africa’s involvement in the cocoa supply chain, improving productivity and income for cocoa farmers and increasing cocoa consumption in Africa.
45% of the world’s cocoa was processed at origin in the 2012/13 cocoa season (Oct 13-Sept 14), up 6% on the previous season, according to the ICCO.
African cocoa processing made up 20% of the global cocoa grind in the season just past, up 8% on the previous year.
Grinders in Africa
The ICCO expects Cote D’Ivoire to overtake the Netherlands as the world’s largest cocoa grinder in the next cocoa season as Olam opens its new cocoa plant in San Pedro in Q2 2014.
The three major cocoa processors are all present in Africa. ADM processes cocoa in Cameroon, Côte d'Ivoire and Ghana, while Cargill operates facilities in Côte d’Ivoire and Ghana. The world’s largest cocoa grinder Barry Callebaut owns three cocoa processing factories in Côte D’Ivoire and plants in Ghana and Cameroon.