AFREXIMBANK injects 350m dollars in cocoa sector

The African Export-Import Bank (Afreximbank) has injected $350 million into local processing of cocoa in Cameroon, Côte d'Ivoire, Ghana and Nigeria and has provided an additional investment of $400 million in this sector.

This was revealed by Jean-Louis Ebrahimi, president of Afreximbank at the signing of a memorandum of understanding between its structure and the international organization of cocoa (Icco).

The deal aimed to boost development of the cocoa sector in Africa and to 'contribute to a greater involvement of Africa in the global cocoa value chain, increasing consumption of the bean on the continent. It is also to diversify the export of raw material markets and improve productivity and levels of income for African cocoa producers'.

The implementation of this agreement is the final mark of commitment to the development of the cocoa sector which the Afreximbank had already given evidence by launching his Initiative for African cocoa (Africoin). It is worth noting that the Bank's efforts are consistent with voices that rise on the continent to encourage greater local processing of cocoa.

During the latest Cocoa Summit, Nigerian Minister of commerce and industry, Olusegun Abiodun had stated: "the total value of raw cocoa exports totalled slightly more than 10 billion dollars per year. The total value of sales of chocolate, was only 100 billion annually, while all products derived from cocoa reported $200 billion." However, Africa produces 76% of all cocoa consumed on the planet.