Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has reaffirmed the government’s commitment to shifting the nation from a raw commodity exporter to a value-added manufacturing hub, with processed cocoa at the forefront of this economic transformation.
During a meeting with the outgoing Chinese Ambassador to Ghana, H.E. Tong Defa, Dr. Forson emphasized that Ghana’s priority is to process more of what it produces and export more value-added goods, including processed cocoa, to China and other international markets. This strategic direction aligns with a broader industrial agenda to create jobs, retain wealth within the country, and strengthen the cedi.
A Bold Policy for Cocoa Processing
At the heart of this agenda is a landmark policy directive approved by the Cabinet. Under Dr. Forson’s leadership, the government has mandated that beginning with the 2026/2027 crop season, at least 50% of Ghana’s cocoa beans must be processed locally. This represents a major departure from the historical reliance on exporting raw beans. To support this initiative, the government is also taking steps to revive state-owned entities like the Cocoa Processing Company (CPC) and the Produce Buying Company (PBC), while ensuring local processing companies have priority access to the national cocoa supply.
Strengthening Bilateral Ties and Currency Settlements
The meeting with Ambassador Tong Defa also served as a platform to review the broader Ghana-China partnership. Dr. Forson noted that Ghana deeply values its relationship with China, which dates back to the era of President Kwame Nkrumah and Chairman Mao.
In a significant move to deepen economic cooperation, the Finance Minister proposed that bilateral trade be increasingly settled in local currencies—the Ghanaian cedi and the Chinese Renminbi (RMB)—rather than relying on third-party currencies like the US dollar. Dr. Forson described this as a logical step to reduce exchange losses, noting that reliance on third-party currencies is inefficient when trade is conducted directly between Ghana and China. He assured the ambassador that these discussions would be pursued at the policy level, including engagement with the Bank of Ghana.
$30 Million Grant for Damongo University
The meeting also marked the formalization of a US$30 million grant agreement from the Chinese government to support the construction of a new university in Damongo, located in the Savannah Region. Dr. Forson expressed appreciation to Ambassador Tong on behalf of President John Dramani Mahama and the people of Ghana, acknowledging his role in strengthening bilateral relations.
Ambassador Tong Defa, in turn, congratulated Dr. Forson on Ghana’s improving economic performance and expressed pride in the state of Ghana-China relations. He noted his encouragement by the tangible outcomes achieved within a short period, particularly in the area of development cooperation. The outgoing ambassador also reaffirmed China’s commitment to Ghana’s development goals, stating that the bilateral agreement and development partnership are ready to be signed.
A History of Cooperation
This engagement builds on a series of high-level discussions throughout 2025 and 2026 between Dr. Forson and Chinese diplomatic representatives. Previous talks have covered critical infrastructure projects, including the construction of the Atuabo Gas Processing Plant—built with Chinese support during Dr. Forson’s tenure as Deputy Minister—and the need for a second such facility. Other major infrastructure initiatives, such as the Accra-Kumasi Expressway, have also been identified as top priorities requiring continued international support.
As Ghana prepares for its Mid-Year Budget Review, the government’s focus on value addition and strategic partnerships signals a determined effort to secure sustainable economic growth through industrialization and deeper ties with key allies like China.
