The project will be executed and managed by Shirin Arsal Food Industrial Group, a major food processing factory in Iran.

The Minister for Food  and Agriculture, Dr Owusu Afriyie Akoto, signed on behalf of Ghana whilst the Vice President of the Shirin Arsal, Mr Amir Taghdisi, signed on behalf of his company at a ceremony in Tehran on Sunday.

The project is expected to commence after final negotiations are concluded in Accra before the end of this year.

It forms part of the campaign promise by the President Akufo Addo-led New Patriotic Party (NPP) administration to improve the local cocoa industry and enhance value addition.

The 30,000 metric tonne capacity facility will have state of the art processing technology.

The chocolate products from the factory will also be distributed through the company's global network of 63 countries.

The Minister of Food and Agriculture of Ghana is in Iran with the Vice President for a three day investment visit which amongst other things, is expected to strengthen bilateral ties with Ghana and the Arab giants.