Information Ministry organises second blood donation and health screening exercise The Ministry of Information, in collaboration with its press corps, has donated 68 points of blood to shore up the stock at the National Blood Bank. The exercise was second to be organised by the Ministry, which saw 138 persons…
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BY: The Conversation
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The global chocolate industry is worth over US$150 billion. West Africa supplies 70% of the cocoa beans, but most of the value in a chocolate bar is generated in Europe and North America. West African economies receive less than US$6 billion. This is despite a growing demand for consumer chocolate in West Africa, some of which is satisfied through imports.
The pattern is typical in economies that mostly rely on exporting raw materials. They have to choose between generating revenue from these commodity exports and adding value to products locally. The trade-off arises because industries that add value take time to build up and tend to supply the domestic market first before being able to compete internationally. Value addition does not immediately generate foreign exchange. The choice is usually in favour of exporting primary commodities, because foreign exchange earnings cannot be compromised.
The global chocolate industry is worth over US$150 billion. West Africa supplies 70% of the cocoa beans, but most of the value in a chocolate bar is generated in Europe and North America. West African economies receive less than US$6 billion. This is despite a growing demand for consumer chocolate in West Africa, some of which is satisfied through imports.
The pattern is typical in economies that mostly rely on exporting raw materials. They have to choose between generating revenue from these commodity exports and adding value to products locally. The trade-off arises because industries that add value take time to build up and tend to supply the domestic market first before being able to compete internationally. Value addition does not immediately generate foreign exchange. The choice is usually in favour of exporting primary commodities, because foreign exchange earnings cannot be compromised.