Ghana Cocoa Board (COCOBOD) is calling for the removal of a 35% tax imposed on small and medium-scale cocoa processing companies. The regulator believes the tax, known as import duty, is a deterrent for cocoa processing startups and small and medium-scale enterprises (SMEs), potentially eroding progress made in promoting local value addition.
These SMEs primarily serve the domestic market, and the tax is imposed on them when they purchase raw cocoa beans from licensed purchasing companies, even if the beans are sourced locally. The tax was introduced for companies operating under the Ghana Free Zones Authority, most of which produce for export. However, it also affects SMEs in cocoa processing, which have a portion of their produce consumed locally.
At the 2023 National Chocolate Week launch in Accra, COCOBOD’s deputy CEO, Emmanuel Ray Ankrah, explained that removing the tax would make cocoa processing SMEs more viable, in line with efforts to retain maximum value domestically. Discussions are already underway with relevant state agencies to review the tax and take a comprehensive approach to the tax regime affecting artisanal chocolate processors.
Deputy Tourism Minister, Mark Okraku Mantey, has said that Ghanaian chocolates have become a key product that enhances tourists’ experiences in the country. The Ministry of Tourism, Arts and Culture will continue to support the National Chocolate Week celebration to promote the story of Ghana on a global stage.
The theme for this year’s National Chocolate Week celebration is “Eat cocoa, stay healthy and grow Ghana”. The week-long event begins on 9th February and will culminate on 14th February, 2023, with a Chocolate City Haven at the Tetteh Quarshie Interchange and other activities. Key collaborators include COCOBOD, the Tourism Ministry, Ghana Tourism Authority and the Ministry of Information.
