2026年2月13日，马哈马总统在亚的斯亚贝巴发表讲话，强调了停止出口未加工资源的重要性。他倡导 提升本地加工企业的产能，以提高产量并加强价值链。"我宣布，到2030年，加纳将不再出口任何矿 石。我们不会再将锰矿、铝土矿或铁矿石等未经加工的矿石运出加纳。所有这些矿石都必须在本地加 工。这是我们为人民创造机会的唯一途径。"他说道。 他还指出，加纳的可可产业也面临着类似的挑战。政府决定停止依赖外国融资购买可可豆，转而通过发 行债券进行国内融资。这将确保本地加工商获得足够的可可豆，从而扩大生产规模、创造就业机会并加 强加纳的价值链。 （原标题：加纳将于2030年前停止原矿出口） 据《加纳网》2月14日报道，加纳总统马哈马宣布，加纳计划在2030年前停止出口未经加工的矿石。总 统表示，此举旨在扶持本地加工企业，使其引领政府的旗舰产业发展和就业创造计划。 ...

据加纳"乐在线"网2月10日报道。加纳可可加工公司(CPC)销售和市场经理安松在2026年全国巧克力日庆 祝活动前接受加纳通讯社(GNA)采访时透露，CPC正在积极布局利用非洲大陆自由贸易区(AfCFTA)扩大 在非洲的业务。安松表示，CPC的扩张战略重点在于深化其在非洲的业务布局，并将非洲大陆自由贸易 区（AfCFTA）作为关键推动因素，公司目前已向多哥、尼日利亚和贝宁出口产品，西非是其进入更广 阔非洲市场的门户。安松先生补充说，CPC希望扩大生产规模，加纳人均巧克力消费量已从每年0.5公 斤增加到1公斤，目标是达到人均2公斤。 （原标题：加纳可可加工公司利用非洲大陆自由贸易区扩大业务） ...

Core Insights - The total market capitalization of the Ghana Stock Exchange is projected to exceed 172 billion cedis by December 2025, marking a year-on-year growth of 54.50% from 111.35 billion cedis at the end of 2024 [2] Market Performance - The Ghana Stock Exchange Composite Index closed at 8770.25 points, achieving an annual return rate of 79.40%, the highest since 2004 [2] - The Financial Stock Index reached 4647.17 points, with an annual return rate of 95.19%, the highest since its inception in 2011 [2] - The total trading volume for the year increased by 73.75%, reaching 37.4 billion cedis [2] Top Performing Companies - The top ten performing listed companies for the year include: 1. Clydestone (Ghana) Ltd: 1433.33% increase 2. SIC Insurance Company Ltd: 344.44% increase 3. Ecobank Ghana Ltd: 284.62% increase 4. GCB Bank Ltd: 215.70% increase 5. Access Bank Ghana Ltd: 211.54% increase 6. TotalEnergies Marketing Ghana Ltd: 207.16% increase 7. Societe Generale Ghana Ltd: 199.33% increase 8. Cocoa Processing Co. PLC: 150.00% increase 9. Ecobank Transnational Inc: 148.39% increase 10. Benso Oil Palm Plantation Ltd: 120.98% increase [2] Declining Stocks - The only stock that experienced a decline was Mega African Capital Ltd, with a decrease of 3.35% [3] Fixed Income Market - The total trading volume in the Ghana fixed income market reached a record 245.8 billion cedis, a 41.29% increase from 174 billion cedis in the previous year, surpassing the historical high of 230 billion cedis prior to the domestic debt restructuring plan in 2022 [3] - The composition of trading included 25.14% in treasury bills, 69.12% in government notes and bonds, and 5.73% in corporate bonds [3]

Core Viewpoint - Ghana has proposed a structured trade and investment cooperation framework to enhance bilateral trade, promote export growth, and attract more U.S. investments into key sectors of the Ghanaian economy [1]. Group 1: Trade and Investment Framework - The initiative was announced following high-level talks between Ghana's Minister of Trade and Industry, Elizabeth Ofosu-Agyare, Ghana's Ambassador to the U.S., Victor Smith, and U.S. Trade Representative, Jamieson Greer [1]. - The discussions focused on Ghana's efforts to deepen economic cooperation with the U.S., emphasizing the establishment of a framework to support export growth and attract U.S. investments in critical economic sectors [1]. Group 2: Tariff Flexibility and AGOA - The meeting assessed the impact of recent U.S. tariff measures on Ghana's market access under the African Growth and Opportunity Act (AGOA) and discussed subsequent negotiations regarding the renewal of the AGOA program [1]. - Ghana highlighted the need for tariff flexibility and differentiated treatment to support industrial growth, value addition, and job creation, particularly in key sectors such as textiles, apparel, and cocoa processing [1]. Group 3: Strategic Position in AfCFTA - The discussions underscored Ghana's strategic position within the African Continental Free Trade Area (AfCFTA) and how this agreement could position Ghana as a key gateway for deepening U.S.-Africa commercial relations [1][2].

Core Viewpoint - The International Finance Corporation (IFC) plans to invest €75.25 million in the Malaysian GCB Group to support the expansion of a cocoa processing plant in Côte d'Ivoire, enhancing sustainable production and creating jobs [1] Group 1: Investment Details - IFC announced the investment of €75.25 million on December 10 [1] - GCB is one of the largest cocoa processors globally, with subsidiaries including Cote d'Ivoire Cocoa Company and GCB Singapore [1] Group 2: Expansion Purpose - The investment aims to fund the second phase of the cocoa processing plant in San Pedro, Côte d'Ivoire, which began operations in 2023 [1] - The expansion will optimize access to international markets and strengthen sustainable cocoa bean production [1] - The initiative is expected to create additional value and new job opportunities [1]

Core Insights - In 2024, five out of the top ten companies by revenue in Côte d'Ivoire are in the oil and gas sector, indicating a strong presence of energy companies in the economy [1] - The top ten companies have a total revenue growth of 8.2% year-on-year, reflecting a vibrant economic growth in Côte d'Ivoire [1] Company Summaries - The leading company is Société Ivoirienne de Raffinage (SIR) with a revenue of $4.48 billion, holding a 48% state ownership and monopolizing the processing of crude oil from the "Whale" oil field, which produces 50,000 to 60,000 barrels per day [1] - TotalEnergies Côte d'Ivoire ranks second with a revenue of $1.1 billion, followed closely by Vivo Energy CI, a Shell distributor, with a revenue of $1.06 billion [1] - Other notable companies include France Telecom Côte d'Ivoire ($1.06 billion), Côte d'Ivoire National Lottery ($1.02 billion), and distributors like SDTM and Côte d'Ivoire National Oil Company, each with revenues of $1.02 billion [1] - New entrants to the top ten include Olam Cocoa Processing CI with $640 million and ITY Mining Company with $690 million, highlighting the reliance on primary products like cocoa and gold [1]

Core Viewpoint - The Ghanaian government is implementing new measures to reduce reliance on raw material exports by focusing on value addition, particularly in the cocoa industry [1] Group 1: Government Initiatives - The plan aims to significantly increase local cocoa processing capacity, creating job opportunities and enhancing Ghana's position in international trade negotiations [1] - Government incentives have expanded the country's cocoa processing capacity to approximately 500,000 tons [1] Group 2: Strategic Goals - Ghana faces the challenge of moving beyond commodity-dependent trade to establish partnerships based on value addition, sustainability, and fairness [1] - Expanding domestic cocoa processing is both a reasonable vision and a strategic necessity for Ghana [1]

Core Insights - Malaysia's cocoa industry has transformed into a significant player in the global market, becoming the second largest cocoa processing center in Asia and the fifth globally, with a remarkable export growth of 64% in 2023, reaching 13.47 billion MYR (approximately 2.85 billion USD) [1][4] Group 1: Industry Overview - Malaysia's cocoa bean production accounts for less than 1% of the global total, yet it plays a crucial role in the cocoa supply chain as a processing hub [1] - The country has modernized its production capabilities and established a comprehensive supply chain, supported by favorable government policies [1][4] - The "Bean-to-Bar" strategy initiated in 2010 has significantly enhanced the local cocoa processing industry, allowing Malaysia to evolve from a tropical plantation to a global cocoa manufacturing center [3] Group 2: Processing and Innovation - The cocoa processing involves several steps, including fermentation, drying, roasting, and grinding, which ultimately produce cocoa liquor, the foundation for all chocolate products [2] - Local brands like Beryl's are promoting supply chain transparency and innovative marketing strategies, such as printing farmers' portraits and plantation GPS coordinates on packaging, which has increased product premiums by approximately 30% [3] Group 3: Government Support and Trade Policies - The Malaysian government has established a multi-layered policy support system, linking chocolate sales to environmental conservation, which provides tariff reductions for certified products [4] - Free trade agreements like CPTPP and RCEP have enabled zero tariffs for cocoa powder exports to China and Japan, further enhancing Malaysia's competitive edge in the global market [4] Group 4: Cultural Integration and Market Expansion - The unique flavors of Malaysian cocoa are being integrated with local culinary traditions, creating innovative chocolate products that appeal to global consumers [5] - The combination of local ingredients with chocolate has expanded the flavor profile and market potential, attracting international attention [5] Group 5: Challenges and Future Outlook - The cocoa industry faces challenges such as climate change, which has led farmers to switch to flood-resistant cocoa varieties, and a shrinking cultivation area due to competition from palm oil [6] - Despite these challenges, Malaysia's cocoa industry has established a foothold in the competitive international market, showcasing its unique flavors and products to consumers worldwide [6]

Core Insights - Cargill has closed its cocoa processing plant in Yopougon, Ivory Coast, which had an annual capacity of 160,000 tons, highlighting the severe challenges faced by the cocoa supply chain due to climate change and structural issues [1] Industry Summary - Cocoa production and quality are declining, with a reported 31.2% decrease in cocoa grinding volume by July 2025, reflecting both a drop in arrivals and a high rejection rate of non-compliant batches [1] - From April to mid-August 2025, the quantity of coffee beans arriving at the ports of Abidjan and San Pedro was only 350,000 tons, a 30% year-on-year decline [1] - Unstable weather conditions have negatively impacted coffee bean quality, increasing impurity levels in trucks to 5%-6%, compared to the usual 1%, complicating operations for companies like Cargill and driving up sorting and cleaning costs [1] - The current vulnerabilities in the cocoa supply chain threaten foreign trade income and employment in Ivory Coast, making it difficult to achieve the goal of 50% local processing of agricultural products [1] - The state of the cocoa industry is affecting consumers, with chocolate prices in the U.S. expected to rise by 11.6% in 2024, marking a 41% increase since July 2021, prompting manufacturers to explore alternative products or adjust formulations [1] - There is growing concern within the market and cocoa industry regarding climate change, with calls for increased investment in agricultural resilience and traceability to stabilize this critical sector of the food industry in West Africa and globally [1]

Core Viewpoint - The cocoa processing volume in Ivory Coast decreased by 31% in July compared to the same period last year, primarily due to reduced production and lower quality of cocoa beans, leading to insufficient supply for factories [1] Group 1: Cocoa Processing Volume - In July, the industrial cocoa processing volume in Ivory Coast fell to 39,000 tons, a 31% decrease year-on-year [1] - The decline in processing volume is attributed to a reduction in cocoa bean quality and overall production [1] Group 2: Cocoa Supply and Port Data - From April to mid-August this year, the cocoa arrivals at the ports of San Pedro and Abidjan totaled 350,000 tons, representing a 30% decrease compared to the same period in 2024 [1] - Although an increase in harvest is expected in October, the industry faces challenges due to reduced harvests leading to strategic inventory shortages [1]