Three institutions have signed a landmark Memorandum of Understanding (MoU) at the Africa–Singapore Business Forum (ASBF) 2025 to embed high-integrity carbon projects directly within the Ghana’s cocoa value chain.
The agreement launches four scalable project streams within Ghana’s cocoa belt- Agroforestry integration, clean water provision, improved cookstoves and Biochar production
These initiatives are designed to remove four million tonnes of greenhouse gases over the next decade, translating into an estimated US$ 50 to US$80 million in carbon-credit revenue and position Ghana’s cocoa industry as a frontier for Paris-aligned carbon assets.
The partners include Afarinick Company Limited, CJ Commodities Limited, and Oman Carbon.
“This MoU signals the maturation of Africa’s carbon markets,” Kwabena Boamah, Director of Oman Carbon, stated.
“By structuring climate-smart cocoa projects under internationally recognised carbon methodologies, we are delivering measurable and tradeable credits at scale aligned with both investor expectations and community needs,” he said.
Mr. Joe Forson, Chief Executive Officer of CJ Commodities / Afarinick, noted that while cocoa remained central to Ghana’s economy, its continued viability relied on strengthening climate resilience.
“By embedding carbon finance into our vertically integrated operations, we are proving that cocoa can generate both export revenues and high-quality, verified carbon credits,” he said.
Mr. Forson emphasized that linking carbon markets with Ghana’s premier export, cocoa, would generate enduring benefits for farmers, investors, and the environment.
He added that the initiative was not just about sustainability- it was a genuine investment opportunity.
Mr. Forson noted that the deal cements Ghana’s reputation as a premier destination for high-quality carbon projects in Africa and heralds’ cocoa’s arrival as a bona fide asset class in climate finance.
Grace Fu, Singapore’s Minister of Sustainability and the Environment, urged African and Asian partners to deepen cooperation on climate action and food security, emphasising the role of technology and innovation in building resilient economies.
She welcomed cross-border partnerships that aligned environmental goals with sustainable development.
Meanwhile, President John Dramani Mahama, who spoke at the at the Forum, highlighted Ghana’s role as a gateway for Singaporean firms into Africa, noting that Africa–Singapore trade rose by 50 per cent between 2020 and 2024 to nearly US$14 billion.
He called for reforms in the global financial system to close Africa’s financing gap and invited Singaporean businesses to explore opportunities in logistics, agribusiness, renewable energy, digital services, and advanced manufacturing.
Afarinick is Ghana’s leading firm in landscape restoration and farm management.
CJ Commodities holds a 10 per cent market share in cocoa buying for the 2024/25 season, while Oman Carbon is a pan-African carbon project developer.
Oman Carbon will lead project structuring and oversee Monitoring, Reporting and Verification (MRV) to ensure each tonne of CO₂ reduced or removed is tracked from capture to credit issuance, providing full transparency, traceability, and third-party certification.
The partnership is part of the broader Ghana–Singapore collaboration on Ghana’s green economy.
Source: Access Agric
