Switzerland supports Ghana with $80 mln to develop cocoa industry

Switzerland has earmarked an amount of $80 million to support the enhanced competitiveness of Ghanaian enterprises in the global market space, as well as help in government’s efforts at diversifying the Ghanaian economy.
Ghana has been classified by Switzerland’s State Secretariat for Economic Affairs (SECO) as a priority country for economic development, resulting in the signing of the Swiss co-operation strategy for Ghana.

In the area of agriculture, particularly cocoa, the two countries have signed a Memorandum of Understanding to enable both sides undertake jointly projects to boost cocoa production in Ghana, as well as add value to our cocoa.

Ghana, the world’s second largest producer and top grower Ivory Coast, which together account for more than 60 per cent of the world’s cocoa supply, have been hit by a sharp drop in world prices that have seen cocoa futures plummet by around a third.

According to the President of Switzerland, Doris Leuthard, her country’s decision to help Ghana with that said amount was mainly because the West African country remains the main focus of their aid agenda, considering the very economic policies that government has put in place in the 2016 elections. 

She said there were Swiss businesses in Ghana operating in the areas of energy, pharmaceuticals, logistics, finance and chocolate production, adding that Switzerland had identified Ghana's agricultural sector as a viable area of investment.

The two leaders acknowledged that the issue of migration and mobility had gripped the attention of the world in recent years and decided to co-operate further in ensuring legal and safer means of migration.

On his part, president of the republic, Nana Addo Danquah Akufo-Addo revealed that government will be liaising closely with Switzerland to ensure that the fight against unemployment and human right abuses. “We hope that, as we shape the future of Ghana, and position Ghanaian enterprises to compete effectively in the global market space, we have friends, such as the Swiss Confederation, to support us in this objective,” the president revealed. 

Meanwhile, the grant offered Ghana by Switzerland arguably contradicts earlier assertions by the vice president Dr Bawumia of how government is considering trade and not aid from development partners. 

Ghana, which also exports gold and oil, is under a three-year aid programme with the International Monetary Fund to restore fiscal stability to its economy, dogged by high public debt, deficits and consumer inflation.