Ghana is seeking foreign investment to expand its cocoa processing industry, where installed capacity remains underused despite generating $1.8 billion in export earnings from processed cocoa products in 2025.

The country wants to process at least 50% of its cocoa beans locally from the 2026/27 crop season, up from an estimated 30% to 40% previously.

Achieving that target will require processors to secure financing, improve equipment, obtain reliable supplies of cocoa beans and establish dependable markets for their products.

Wisdom Kofi Dogbey, managing director of Cocoa Marketing Company (Ghana) Limited (CMC), outlined the investment opportunities on Oct. 26 at the second Africa Cocoa Finance and Investment Forum in New York. The proposals cover farm rehabilitation, processing, technology, research and risk management.

Ghana’s cocoa factories have room to grow

Ghana’s processing infrastructure has considerable spare capacity, creating an opportunity for investors to increase production without relying entirely on new factories.

The U.S. Department of Agriculture reported that domestic processors handled an average of approximately 220,000 tons of cocoa beans annually between 2023 and 2025, compared with national production averaging nearly 600,000 tons. Installed processing capacity reached an estimated 504,780 tons in 2025.

However, processors face several obstacles to operating at higher levels. A December 2022 study commissioned by the Netherlands Enterprise Agency identified limited access to cocoa beans, high electricity and operating costs, expensive financing, logistical difficulties and restricted market access as major constraints.

Dogbey said existing plants could increase output with sufficient working capital, upgraded machinery and reliable buyers for finished and semi-finished products.

He also stressed the importance of commercially viable projects, experienced operators, identifiable buyers and clearly defined commercial agreements, highlighting the need for investment proposals that can demonstrate sustainable returns.

Processed cocoa exports generated $1.8 billion

The industry’s export earnings demonstrate the commercial value of moving beyond raw cocoa beans into products that can serve manufacturers and other industries.

According to the Ghana Export Promotion Authority, processed cocoa exports generated $1.8 billion in 2025, a 90% increase from the previous year. Cocoa paste led with $789.3 million, followed by cocoa butter at $635.7 million, cocoa powder at $233.8 million and cocoa cake at nearly $140 million.

Higher cocoa prices early in the year helped lift export earnings, although the increase does not necessarily indicate a comparable rise in shipment volumes. Ghana is also exploring opportunities beyond conventional cocoa ingredients.

Dogbey identified cocoa butter-based cosmetics and beverages made from cocoa pulp as potential areas for product development, offering processors opportunities to diversify their revenue sources.

Turning those opportunities into profitable businesses will depend on financing, customer demand and the ability to bring products to market at competitive costs.

Government seeks to revive cocoa processor

The investment drive forms part of a broader government effort announced in February 2026 to increase domestic processing and revive Cocoa Processing Company (CPC), one of Ghana’s leading cocoa processors.

The 50% local-processing target would increase the share of cocoa transformed domestically into higher-value products, potentially expanding industrial activity and export opportunities.

For investors, the combination of underused factory capacity, established export markets and government support offers potential opportunities.

However, overcoming financing constraints, securing adequate bean supplies and finding dependable buyers will be critical to turning Ghana’s processing ambitions into higher production and sustainable export growth.