The Cocoa Marketing Company Ghana Limited (CMC), led by its Managing Director, Dr Wisdom Kofi Dogbey, has unveiled an ambitious strategy aimed at transforming Ghana’s cocoa sector through expanded local processing of cocoa beans.
CMC serves as the commercial arm of the Ghana Cocoa Board (COCOBOD), with a core mandate to market and sell Ghana’s cocoa beans on the international market.
The company’s performance plays a critical role in generating export earnings, sustaining farmer incomes, and supporting Ghana’s broader economy.
CMC’s Central Role in the Cocoa Value Chain
At the heart of Ghana’s cocoa value chain, Licensed Buying Companies (LBCs) purchase cocoa from farmers at the producer price before delivering the beans to CMC for international marketing and sale.
The revenue from these sales determines the gross Free On Board (FOB) price, of which farmers receive 70%. This structure means CMC’s commercial strategy directly influences farmer livelihoods, foreign exchange inflows, and overall sector stability.
Strategic Sales Shield Ghana From Price Volatility
CMC trades cocoa using a mix of forward and spot sales, benchmarked against the London cocoa futures market. The proportion of forward versus spot contracts depends on global supply and demand dynamics, prevailing market prices, and the sector’s financing requirements.
Forward sales play a particularly important role during periods of market volatility. By locking in favourable prices ahead of time, CMC secures revenue certainty and strengthens crop financing arrangements, as confirmed export contracts provide reassurance to lending institutions.
For the current crop season, CMC contracted approximately 90% of projected volumes during a period of historically high global cocoa prices, ahead of a recent market correction. This early contracting strategy has provided a significant buffer against falling prices and softer demand.
Crucially, Ghana’s producer pricing model is based on the weighted average of total seasonal sales rather than spot prices at any single moment. With the majority of sales secured at higher price levels, the projected gross FOB performance for the season remains commercially sound.
Project Elevate: Moving Beyond Raw Bean Exports
The centerpiece of CMC’s new direction is “Project Elevate”, a flagship initiative spearheaded by Dr Dogbey. The project was developed in anticipation of evolving global market challenges and seeks to reposition Ghana higher up the cocoa value chain.
Rather than relying predominantly on raw bean exports, Project Elevate aims to increase local processing capacity and value addition. The initiative aligns directly with the Government’s policy objective of achieving at least 50% local processing of Ghana’s cocoa production.
Under the program, cocoa beans will be allocated to selected domestic processors for conversion into semi-finished products such as cocoa liquor and cocoa butter — products that command higher value per tonne than raw beans and offer stronger long-term revenue potential.
Strategic Partnerships to Drive Processing Expansion
Two state-linked processors — Cocoa Processing Company (CPC) and West African Mills Company (WAMCO) — have been identified as key partners under Project Elevate. The Government holds equity stakes in both firms, positioning them as strategic national assets within the sector.
Importantly, both facilities are currently operating below their installed capacity, enabling an immediate scale-up in processing volumes without substantial new capital investment. Private processing companies are also expected to play a significant role in implementing the initiative.
Leadership Backed by Financial Expertise
Dr Dogbey brings nearly two decades of experience in financial planning and analysis, capital market operations, strategic leadership, and corporate planning across multinational environments. His background in funding strategy, operational efficiency, and automation is expected to underpin CMC’s push toward greater value addition and commercial resilience.
As global cocoa markets face increasing volatility, CMC’s dual strategy — securing advantageous forward sales while advancing domestic processing through Project Elevate — signals a decisive shift toward strengthening Ghana’s competitive position in the global cocoa industry.
