Ivory Coast is considering selling a larger stake in its cocoa processing company, Transcao, to the Malaysian firm Guan Chong Berhad (GCB), as reported by the country’s cocoa industry regulator. GCB’s Singaporean subsidiary recently secured a 25% stake in Transcao from the Ivory Coast’s Coffee and Cocoa Council (CCC).
The CCC’s Director, Yves Brahima Kone, expressed the country’s intention to enhance its presence in the Asian market and indicated that further stake increases by GCB would depend on government approval.
Kone emphasized that the partnership with GCB is crucial for Ivory Coast’s goal of mastering all aspects of cocoa processing. He noted the strategic importance of this collaboration, stating, “We want to go beyond and master all the trades related to processing.”
The CCC aims to establish a foothold in Asia, leveraging GCB’s expertise to bolster local processing capabilities. Despite being the world’s leading cocoa producer, the majority of Ivory Coast’s cocoa is exported in bean form, underscoring the need for enhanced processing capacity.
Transcao currently operates a plant with a capacity of 50,000 metric tons and plans to open another facility by the end of 2024, aiming to reach a total processing capacity of 190,000 tons by the end of 2025.
The Ivorian government has implemented incentives, including tax reductions, to attract local processing investments. Kone highlighted that the partnership with GCB would also focus on training Ivorians in various roles, ensuring the transfer of valuable technical knowledge to enhance the industry’s growth and sustainability.
