Close Menu
  • Science
  • feature
  • Video
What's Hot

Gov’t unveils bold 2027 targets to transform MSMEs at maiden national celebration

June 28, 2025

Education Ministry condemns tragic loss of lives as conflict hits Nkwanta SHS

June 28, 2025

NADMO to launch national inspection of old buildings

June 28, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
Economy Times GhEconomy Times Gh
Subscribe
  • Science
  • feature
  • Video
Economy Times GhEconomy Times Gh
Home»Agribusiness»CPC records $13.08m Q3 loss
Agribusiness

CPC records $13.08m Q3 loss

AdminBy AdminNovember 14, 2024No Comments3 Views
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
CPC Incurred Losses

The Cocoa Processing Company Limited (CPC), Ghana’s state-owned cocoa processor, reported a net loss of $13.08 million for the nine months ending September 30, 2024—a 5.6% rise from its $12.38 million loss during the same period last year.

The deepening losses are primarily driven by rising operational costs, including higher selling, distribution, and financial expenses.

According to CPC’s unaudited third-quarter financial statement, revenue fell to $31.1 million, down 3.86% from $32.3 million in the prior-year period.

The production also took a significant hit: cocoa bean processing dropped to 3,256 metric tonnes from 7,051 metric tonnes in 2023, while the output of semi-finished and confectionery products also declined sharply.

To sustain operations amid its financial struggles, CPC secured a commitment from Ghana’s cocoa regulator, COCOBOD, to continue supplying cocoa beans without demanding repayments that would compromise CPC’s activities.

In response to the losses, the company’s board has introduced measures aimed at a turnaround, focusing on cost-cutting, infrastructure investments, and revenue diversification.

In a strategic move to shore up its finances, CPC is in talks with the African Export-Import Bank (Afreximbank) for an $86.7 million loan.

The proposed facility would cover CPC’s bank debts, working capital needs, and upgrades to plant and equipment for production expansion.

Management expects to finalise the loan by December 2024, with the first tranche anticipated by March 2025.

 

 

cocoa Cocoa Processor CPC Tonnes
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Admin

Related Posts

BoG reverses mass dismissal of 97 staff amid public outcry

June 27, 2025

NPL ratio in banking sector drops to 23.6% in April 2025 – BoG report

June 26, 2025

Ghana’s agro-processing revolution: stakeholders share concerns

June 26, 2025
Leave A Reply Cancel Reply

Top Posts

MTN Ayo Insurance fleeces customers

October 23, 202495

Eni welcomes withdrawal of unitisation directive

February 27, 202559

Ghana’s cocoa crisis deepens, 2024 half-year revenues crash by nearly $700 million

September 16, 202452

Using IT to fight galamsey: A sustainable approach

September 16, 202449
Don't Miss
Business

Gov’t unveils bold 2027 targets to transform MSMEs at maiden national celebration

By AdminJune 28, 20252

Ghana has officially celebrated its first International Micro, Small and Medium Enterprises (MSME) Day with…

Education Ministry condemns tragic loss of lives as conflict hits Nkwanta SHS

June 28, 2025

NADMO to launch national inspection of old buildings

June 28, 2025

BoG urges journalists to deepen financial literacy to combat misinformation

June 28, 2025
Stay In Touch
  • Facebook
  • Twitter
Facebook X (Twitter) Instagram
  • Economy
  • feature
  • Life Style
  • Science
  • Video
© 2025 Economy Times Gh.

Type above and press Enter to search. Press Esc to cancel.