CMC Unveils Project Elevate to Drive 50% Local Cocoa Processing Target
The Cocoa Marketing Company Ghana Limited (CMC), headed by its Managing Director, Dr Wisdom Kofi Dogbey, has outlined an expansive plan designed to reposition Ghana’s cocoa industry through increased in-country processing of cocoa beans.
As the commercial wing of the Ghana Cocoa Board (COCOBOD), CMC is tasked with marketing and selling Ghana’s cocoa beans on the global market. Its operational performance is instrumental in driving export revenues, safeguarding farmer earnings, and underpinning the wider Ghanaian economy.
CMC’s strategic role within the cocoa ecosystem
In Ghana’s cocoa supply chain, Licensed Buying Companies (LBCs) purchase beans from farmers at the approved producer price and subsequently deliver them to CMC for international marketing and export.
Income generated from these transactions determines the gross Free On Board (FOB) price, 70% of which is paid to farmers. This arrangement places CMC’s commercial decisions at the centre of farmer welfare, foreign exchange generation, and sector-wide sustainability.
Forward contracting mitigates market volatility
CMC markets cocoa through a combination of forward and spot contracts, with pricing benchmarked to the London cocoa futures exchange. The proportion of forward sales relative to spot transactions is guided by global supply and demand conditions, prevailing price levels, and crop financing needs.
Forward contracts are especially valuable during periods of price instability. By securing favourable prices ahead of delivery, CMC ensures revenue predictability and strengthens crop financing frameworks, since confirmed sales agreements provide confidence to financial institutions.
In the current crop season, the company reportedly locked in about 90% of anticipated volumes during a phase of exceptionally high global cocoa prices, prior to a subsequent market correction. This early contracting approach has shielded the sector from the full impact of declining prices and softening demand.
Importantly, Ghana’s producer price mechanism is based on the weighted average of total seasonal sales rather than prevailing spot prices at a particular point in time. With most contracts concluded at elevated price levels, expected gross FOB outcomes for the season remain commercially favourable.
Project Elevate drives value addition agenda
Central to CMC’s renewed strategic focus is “Project Elevate”, a flagship programme championed by Dr Dogbey to move Ghana further up the cocoa value chain.
Conceived in response to shifting global market realities, the initiative seeks to lessen dependence on raw bean exports by expanding local processing capacity and enhancing value creation. The programme aligns with government’s target of ensuring that at least 50% of Ghana’s cocoa output is processed domestically.
Under Project Elevate, a portion of cocoa beans will be channelled to selected local processors for transformation into semi-finished products such as cocoa liquor and cocoa butter, higher-value outputs that generate stronger returns per tonne compared to raw bean exports and offer improved long-term revenue prospects.
Strategic alliances to expand processing
Two government-linked processors Cocoa Processing Company (CPC) and West African Mills Company (WAMCO), have been identified as primary collaborators under the initiative. The state maintains equity participation in both entities, positioning them as critical national assets within the cocoa industry.
Both facilities are currently operating below their installed capacities, creating room for an immediate increase in processing volumes without the need for substantial new capital investment. Private sector processors are also expected to contribute meaningfully to the implementation of the programme.
Leadership anchored in financial expertise
Dr Dogbey possesses close to two decades of experience across financial planning and analysis, capital markets operations, corporate strategy, and organisational leadership within multinational settings. His expertise in funding frameworks, operational optimisation, and process automation is anticipated to support CMC’s shift toward enhanced value addition and strengthened commercial resilience.
Amid persistent turbulence in global cocoa markets, CMC’s dual-pronged approach, combining strategic forward sales with an accelerated domestic processing agenda under Project Elevate, reflects a calculated effort to bolster Ghana’s competitiveness and secure greater long-term value from its cocoa sector.
