THE HISTORY OF THE OPEC FUND
Reaping a rich harvest Throughout its history, the OPEC Fund has supported producers and traders of commodities. In many African countries, agriculture remains the dominant economic activity and while many are struggling to establish themselves in global markets, the demand for certain goods seems to be insatiable. Cocoa beans are one example. The OPEC Fund was one of the lead arrangers in 2022 of a US$1.5 billion facility for Ghana’s cocoa crop and the purchase of 950,000 tonnes of cocoa in the latest harvesting season. Ghana is the second largest cocoa exporter in the world with a 20 percent market share. But cocoa is also iconic for its national identity, social history – even its climate future. As the saying goes: “Ghana is cocoa, cocoa is Ghana”. But there is one country in the world that tops Ghana. It is neighboring Côte d’Ivoire, the world’s largest cocoa producer, accounting for about 40 percent of global production. One such producer is the Société Cooperative Agricole des Planteurs loan to strengthen financial sustainability and support the green transition. In the same year, a US$50 million loan to Bhutan marked the OPEC Fund’s first operation in the Himalayan kingdom and the financing will support the development of hydropower capacity. In 2025, the OPEC Fund added six more countries to its global outreach with new or renewed engagements. The institution’s increasing importance is also evident in its growing stature on the international stage. Today, the OPEC Fund is an active participant in global conferences, consultations and knowledge-sharing platforms. With the launch of the OPEC Fund Development Forum in 2022, President Alkhalifa established an internationally recognized platform of its own. Held each June in Vienna, the Forum brings together decision-makers from government
de Café Cacao et Anacarde de Toumodi, located 300 km to the north of the capital Abidjan. Over 1,200 farmers, including close to 200 women, constitute the cooperative. The average size of each farm is two hectares. Together they can produce up to 1,500 tonnes of cocoa that is fully traceable thanks to a system covering the whole supply chain, connecting individual farms with the cocoa produced and enabling stakeholders to know the conditions under which it was grown. The traceability system helps ensure the product adheres to sustainability and environmental standards. Most of the cocoa beans are certified by the Rainforest Alliance, an independent watchdog. Traceability and responsible sourcing are top of the priority list for the OPEC Fund’s partner Sucden. Thanks to the latest loan, it is currently expanding its origination activities of traceable cocoa beans for export, improving incomes and living standards of smallholder farmers. Sucden also pays special attention
to skills development, supporting farmers to improve farming practices and promoting responsible labor practices, including the protection of children. Once harvested, the semi-dried cocoa beans are supplied to a factory where they are processed for export. Freshly harvested cocoa beans are left to ferment for around six days after which they are manually dried by the farmers and then taken to the collection center. The cooperatives aggregate the cocoa beans at the collection center which are then transported to the factory specified by Sucden. Here the cocoa beans are checked for quality, cleaned, further dried and finally bagged for export.
The Development Forum has become a powerful demonstration of the OPEC Fund’s current engagement and future ambition. In President Alkhalifa’s words: “Our aim is to bridge the gap between promise and practice. Our true impact lies in the lives we improve, the futures we empower and the partnerships we forge and strengthen. For half a century, the OPEC Fund has stood for the belief that progress is most powerful when it is shared. Today, we carry forward that conviction with renewed purpose, building stronger alliances, unlocking new possibilities and helping countries transform challenges into opportunities. Together, we will accelerate positive change and bring the promise of sustainable development within reach for all – for the next fifty years and beyond.”
“For half a century, the OPEC Fund has stood for the belief that progress is most powerful when it is shared.”
Abdulhamid Alkhalifa, President, OPEC Fund
and business, heads of international organizations, opinion leaders and representatives of thinks tanks and civil society from around the world. Its aim is to strengthen partnerships, catalyze innovative financing and accelerate impactful delivery.
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