Riches that grow on trees. Investing in Sierra Leone s Cocoa Sector Sierra Leone Trade & Investment Forum November 2009

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1 Riches that grow on trees Investing in Sierra Leone s Cocoa Sector Sierra Leone Trade & Investment Forum November 2009

2 Cocoa market & supply: worldwide Cocoa is grown by 6 million smallholder farmers worldwide... in , these farmers produced 3.6 million tonnes of cocoa... average farm size of 2-5 ha. Africa produces 70% of the global cocoa supply. Production has increased 32% in the past 10 years. The International Cocoa Organization expects cocoa production to grow 14% by Organic and Fair Trade is a small but growing part of the global cocoa market. Certified organic cocoa supply represents 2.8% of total world production. Currently, Fair Trade cocoa represents 0.1% of the cocoa market... and rising.

3 Industry/ Market Data for Cocoa Demand is increasing, driven by rapidly growing economies in China & India Global Historical & Projected Demand ( 000 mt) 1 27% increase in world cocoa consumption between 1997 and % of that increase came from the US and Europe in Asia and Africa demand also grew remarkably, by more than 50% consumption in India and China has been increasing by 15-20% annually 2 and is likely to continue to grow rapidly between 2002 and 2005 global organic chocolate sales rose dramatically -from USD 171 million to 304 million 1. World Cocoa Foundation, Cocoa Market Update May Assessment of movements of global supply and demand, May 2008

4 2008, cocoa price reaches 28-year high (USD 3,290/mT) Global Market-Pricing % Increase in World Cocoa Prices over time 200% Min. Fair Trade cocoa price = $1,750/mT 86% '06-'09 '01-'09 Fair trade organic cocoa commands a further premium of $150/mT

5 Sierra Leone Cocoa In Perspective Cocoa exports from Sierra Leone are still less than 50% of pre-war levels. Cocoa Exports from Sierra Leone (mt) Pre War 26,000 mt exported in ,000 ha under cultivation Favourable conditions afforded Sierra Leonean cocoa a 10% premium over world market prices Post War 13,000 mt exported in ,000 ha under cultivation Poor processing practices cause high defect rate; currently sells at 25% less than world market prices = Enormous Potential for Improvement & Growth

6 Sierra Leone Cocoa Industry Structure A network of agents and traders consolidate smallholder production across the country Int l Buyers Traders Agents Purchase FOB from traders Current model being improved through the coop system, that establishes stronger links between traders and producers Purchase from gate and transport to trader s warehouses in urban centres Farmers ~60,000 cocoa farms; average farm size 1.5 ha farmers receive ~55% of FOB cocoa price

7 Specific Opportunities for Investment Comparative advantages of Sierra Leone Environmentally & socially sustainable Rainforest Cocoa in diverse tree-crop systems Fast certification process (Organic & Fair Trade) 6 months in Sierra Leone VS 3 years elsewhere (no chemical inputs have been used in Sierra Leone for decades!) Family farm enterprises, stable and healthy social relationships (with NO forced child labour) NOW is the time to invest

8 Forging the Public - Private Partnership GoSL has chosen cocoa as a top priority crop GoSL/international donors (e.g. WB) are promoting private investment in high quality (also Organic & Fair Trade) cocoa For investors, GoSL with its development partners offers: Capacity building and training of farmers Rehabilitation of infrastructure Best practices in cocoa production and processing (e.g. Millennium Cocoa Growers Cooperative)

9 Tangible Results Proving out the Model... Stabex Transfer Project (EU funded) together with GoSL(MAFFS) + (Public) (Private) Millennium Cocoa Growers Cooperative and Balmed Holdings have shown good quality (organic) cocoa is possible through: Investment in training, certification, stores, processing facilities, transport, marketing Private investors can be attracted and are willing to make commitments (e.g. Armajaro)

10 Case Study Collaboration Works! Armajaro Trading Ltd (a cocoa & coffee trading company) works with local partners Balmed Holdings and Millennium Cocoa Growers Cooperative in conjunction with the Not-for-Profit organization Source Trust. Armajaro s vision is a global agricultural supply chain that is: Environmentally, ethically, and economically sustainable Promotes traceable farming practices to improve livelihoods of farmers around the world in line with the UN Millennium Development Goals Traceable cocoa sourced by Balmed results in Amajaro payiing a premium into Source Trust to fund projects in communities from whence the cocoa originates

11 What s in it for investors... Initialinvestment flows into private sector (trading company and farmer cooperative structure) Money at work: pre-financing crops + processing equipment and stores + transportation infrastructure = improved quality and increased production... The improved quality and increased production = higher returns on investment Long-term relationships with producers/traders = secure supply and higher returns on investment

12 Capitalizing on social & environmental awareness Consumers worldwide increasingly respect and patronize socially and environmentally responsible investors The burgeoning market for Fair Trade & Organic cocoa and other produce is proof of this trend Corporate social & environmental responsibility is increasingly profitable Investing in Sierra Leone s cocoa and its cocoa producers pays off

13 Sierra Leones social & environmental settings For decades Sierra Leone s cocoa has been produced in family based biobio-diverse agroforestry systems, which are adopted to: Local climate conditions avoiding soil erosion Offset carbon dioxide Give families income versus exploitation of nature reserves (e.g. Gola Forest) Family based labor (NO forced child labor)

14 Cumulative Cash Flows Breakeven in 5 years US$ Millio ons Year

15 Thank you... and see you in Sierra Leone! For more information: Balmed Holdings Ltd: STABEX (EU), We gratefully acknowledge the financial support of the European Union, through the European Commission Delegation in Sierra Leone: Photos Agenda/Karin Desmarowitz

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