It follows what could be described as the increased preference for locally manufactured chocolates by some Ghanaians on the occasion of National Chocolate Day.

Checks by Citi Business News indicate that Ghanaians are gradually showing much interest in consuming locally produced chocolates than foreign ones.

Today, February 14, 2018, marks eleven years since the introduction of the National Chocolate Day.

An initiative of former Tourism Minister, the Late Jake Otanka Obetsebi Lamptey, the day is largely to create awareness and increase consumption of locally made chocolate products.

Some consumers spoke to Citi Business News on their preferences.

“I prefer the locally made chocolates for Valentine’s Day because it is rich in cocoa but the foreign ones are a bit creamier you do not really get the richness of the cocoa,” one stated.

Another remarked, “I prefer the local ones to the foreign ones because they are nicer, richer and I also appreciate our own things.”

“The feeling of the local chocolate is so amazing and I am just going in for the locally manufactured ones,” a third consumer stressed.

Indeed the Minister of Tourism Arts and Culture, Catherine Afeku at a recent media briefing outlined plans to repeat the distribution of locally produced chocolates at the airport to mark the day.

“As an entity, we decided to give each and every person boarding, entering, embarking or arriving in Ghana for the first time, the world acclaimed brown chocolate of Ghana. The initiative was massively received and we intend to repeat it on the 14^th of February under the theme, “Eat Ghana, Eat Chocolate,”

The Cocoa Processing Company is one of the major producers of chocolates in Ghana.

Its Managing Director, Nana Agyenim Boateng tells Citi Business News his outfit has been able to produce at least ten thousand cartons of the various sizes of chocolates for today’s occasion.

This he says excludes production recorded for Tuesday and Wednesday (February 13^th and 14^th respectively).

“Another 1200 cartons that we have released for the gift boxes to be distributed; we have also released 2,200 cartons of the 50 grams aside that we have also done customised chocolates for corporate institutions, airlines, hotels and other institutions and that also we have done over 500 cartons of that of the 50 grams,” he explained.

Not all, the CPC is also advancing plans to reduce the price of chocolate substantially in the short to medium term.

This Nana Agyenim Boateng explains will largely depend on the creation of a separate entity for the manufacturing of confectionaries.

This year’s National Chocolate Day is on the theme, “Eat Ghana, Eat Chocolate”.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Demand for locally made chocolates rise appeared first on Citi 97.3 FM - Relevant Radio. Always.

The CPC maintains that the decision is necessary to stay relevant in the cocoa sector and give investors value for money.

The cocoa processor is indebted to a group of syndicated banks to the tune of $20,213,037 for over a decade now.

This has also been blamed on the persistent challenges that have confronted the company for sometime now.

These border on unfavourable economic conditions; market, operational and environmental conditions, among others.

The Managing Director of the Cocoa Processing Company, Nana Agyenim Boateng who was speaking at a facts behind the figures session on Tuesday further explained the conditions under which the extension has been calculated.

“Looking at the two options available, that is what will determine the decision to take with the banks. Upon waiting and realized that the banks were not pursuing  the money even at a time that the results are turning positive, there is a lot of re-financing options available. But I am only being careful and not being ungrateful that is why I am asking for an extension but if a bank insists, then I’d have to find money to repay the money as quickly as possible,” he explained.

Reacting to concerns on whether or not the company sought a reduction on the interest rate charged on the loan initially, Mr. Agyenim Boateng replied in the negative.

He argued that such decision would have compounded the banks’ challenges due to the length of the delay of the repayment.

“I didn’t get the 9.58% reduced because I have starved the banks of their due for long,” he added.

The affected banks include Barclays Bank, Ecobank and Societe Generale.

Meanwhile the company has assured that it is working to pay all outstanding debts owed the Ghana Cocoa Board (COCOBOD).

In 2005, COCOBOD was converted some 16 million dollars of its debt owed it by CPC into equity.

Subsequently in 2008, the regulator also moved some 32 million dollars of CPC’s indebtedness into long term loan at an annual interest rate of 5%.

The recent announcement by CPC follows months of caution of a possible delisting from the Ghana Stock Exchange due to the company’s inability to meet its listing obligations such as paying of listing fees, not organizing AGM’s, non-disclosure of financial statements, among others.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post CPC extends payment for 20 million dollar debt appeared first on Citi 97.3 FM - Relevant Radio. Always.