As Ghana prepares to celebrate one of the sweetest days of the year, Valentine’s Day, local cocoa lovers find themselves grappling with a familiar yet troubling paradox. Ghana produces some of the world’s finest cocoa beans. Yet its flagship cocoa processor, the Cocoa Processing Company Limited (CPC), continues to struggle commercially, while a growing wave of local and foreign brands fills supermarket shelves.
Financial records published in early January show that CPC’s revenue declined sharply in 2025 by nearly 38 percent to approximately US$20.38 million. The company’s operating loss more than doubled year-on-year and net losses widened to US$11.47 million compared with the prior year.
Export sales of semi-finished products dropped markedly, reflecting weaker global demand, even as local confectionery sales showed resilience. Management acknowledged that its immediate focus remains on stabilising operations and executing a turnaround strategy to improve performance.
This latest fiscal disappointment follows a pattern of underperformance for the Tema-based processor. A recent unaudited financial statement covering the 2025 fiscal year ends shows persistent losses for the fifth consecutive period, with declining revenues and mounting liabilities. CPC’s workforce has been reduced and its borrowings stand at nearly US$39 million, underscoring the financial strain. Ghana Cocoa Board (COCOBOD) remains the majority shareholder, yet critics question whether continued state support alone can reverse deep-seated operational weaknesses.
CPC’s broad product range includes traditional favourites such as Kingsbite, Tetteh Quarshie bars, Oranco, Akuafo, Portem Pride and Coffee Choc. These are sold under the GoldenTree family of brands, alongside spreads like Choco Delight and cocoa concentrates. CPC also seeks to expand into new product lines and markets as part of its recovery efforts.
For consumers, however, chocolate has become a luxury rather than an everyday treat. While detailed price surveys ahead of Valentine’s Day are ongoing, supermarket inventories in Ghana reflect a rich diversity of chocolate brands beyond CPC’s GoldenTree offerings.
Retail listings from prominent outlets such as Melcom reveal a wide spectrum of imported and domestic chocolates, including international favourites like Cadbury Dairy Milk and Ritter Sport, and locally produced products such as Fairafric 70% Dark Chocolate. These items typically range in price depending on cocoa content and brand positioning, with premium imports often commanding higher prices.
Local artisanal producers are also carving out space in the market with bean-to-bar offerings that appeal to discerning consumers. Brands such as Bioko Treats and Midunu Ghana produce hand-crafted chocolate bars and bonbons using Ghanaian cocoa at competitive price points, often available at boutique shops or direct to consumers. These brands emphasise ethical sourcing and local craftsmanship, adding depth to Ghana’s chocolate landscape.
The emergence of these brands poses both opportunities and competition for CPC. On one hand, increased domestic production signals entrepreneurial dynamism within Ghana’s cocoa value chain. On the other hand, it highlights the challenges faced by the incumbent processor. Local bean-to-bar outfits often operate on smaller scales, yet they challenge CPC to innovate and respond to evolving consumer tastes.
Industry analysts point out that the processing sector’s struggles also stem from structural constraints. Global cocoa prices have been volatile, at times exceeding historic highs, while the cost of imported inputs such as refined sugar and packaging materials has risen sharply. This has squeezed margins for processors, including CPC, despite Ghana’s position as a top cocoa exporter.
Government officials have signalled renewed urgency in rescuing the CPC from its prolonged distress. In August 2025, a newly inaugurated board was tasked with revitalising the company’s operations, with explicit instructions to confront financial, marketing, and distribution challenges that have dogged the business for years.
Yet, for many Ghanaians this Valentine’s Day, the question on the lips of chocoholics and cocoa enthusiasts alike is simple: if CPC cannot compete effectively in its home market, what does the future hold for Ghana’s cocoa-to-chocolate value chain?
With local brands gaining traction and imported products commanding shelf space, the answer may lie in innovation, collaboration and deeper engagement with consumers to ensure that Ghana’s cocoa heritage translates into accessible, high-quality chocolate for all.
