Business Models in a Regulated Commodity Sector: A Structural Analysis of Cocoa Agribusiness in Ghana

Kwaku Asuako Tabiri; Michael Akwasi Antwi

doi:10.2478/ijcm-2026-0020

.blurhash-client-img { display: none !important; }

Business Models in a Regulated Commodity Sector: A Structural Analysis of Cocoa Agribusiness in Ghana

International Journal of Contemporary Management

Volume 62 (2026): Issue 1 (March 2026)

By: Kwaku Asuako Tabiri and Michael Akwasi Antwi

Open Access

|Oct 2026

Abstract

Purpose

This study applies a Business Model Identity (BMI) framework to examine value creation in Ghana's state-regulated cocoa sector. BMI is conceptualized through three core dimensions – primary value-creation logic, strategic asset configuration and structural composition – within an institutional context that defines permissible activities, relationships and value-capture mechanisms.

Methodology

A sequential mixed-methods design combined a multistage survey of 330 cocoa-farming households, documentary analysis of statutory and corporate records, and financial-ratio profiling of post-farmgate actors. The analysis identified business-model archetypes, compared asset configurations, and systematically mapped relationships within the regulated value chain.

Findings

Four structurally distinct BMIs were identified: the Bean Input Producer (BIP), Statutory Composite Cocoa Agribusiness (SCCA), Composite Agricultural Commodities Distributor (CACD), and Chocolate Manufacturer (CM). The BIP is characterized by biological production and tangible operating assets; the SCCA combines regulatory, licensing, trading, and financial functions supported largely by intangible and contractual assets; the CACD integrates commodity distribution with supplementary financial activities; and the CM is defined by capital-intensive processing and fixed operating assets. Interaction mapping reveals a regulated BIP-CACD-CM sequence coordinated by the SCCA, with no direct producer-processor relationship. The findings indicate that capabilities and value-creation opportunities are conditioned by the alignment of value logics, asset structures, and institutionally prescribed relationships.

Originality/value

The study provides an initial empirical operationalization of BMI as a diagnostic framework for distinguishing business models that may share sectoral or archetypal labels but differ in their underlying structural architectures. Its transferability to other regulated commodity systems requires empirical testing.

References

Abdulai, A., Goetz, R., Ali, W., & Owusu, V. (2018, December 20). Liquidity constraints, risk preferences and farmers' willingness to participate in crop insurance programs in Ghana [Paper presentation]. 2019 Allied Social Sciences Association (ASSA) Annual Meeting, Atlanta, GA, United States. https://doi.org/10.22004/ag.econ.281162
Search in Google Scholar Back to article
Albert, S., & Whetten, D. A. (1985). Organizational identity. Research in Organizational Behavior, 7, 263–295.
Search in Google Scholar Back to article
Amit, R., & Zott, C. (2010). Business model design: An activity system perspective. Long Range Planning, 43(2–3), 216–226. https://doi.org/10.1016/j.lrp.2009.07.004
Search in Google Scholar Back to article
Ansah, G. O., Ofori, F., Siaw, L. P., & Manu, J. (2018). The stake of licence buying companies (LBCs) in the promotion of quality cocoa in Ghana. Cogent Business & Management, 5(1). https://doi.org/10.1080/23311975.2018.1560857
Search in Google Scholar Back to article
Baines, J. (2017). Accumulating through food crisis? Farmers, commodity traders and the distributional politics of financialization. Review of International Political Economy, 24(3), 497–537. https://doi.org/10.1080/09692290.2017.1304434
Search in Google Scholar Back to article
Barney, J. B., & Clark, D. N. (2007). Resource-based theory: Creating and sustaining competitive advantage. Oxford University Press. https://doi.org/10.1093/oso/9780199277681.001.0001
Search in Google Scholar Back to article
Barrett, C. B., Reardon, T., Swinnen, J., & Zilberman, D. (2022). Agri-food value chain revolutions in low- and middle-income countries. Journal of Economic Literature, 60(4), 1316–1377. https://doi.org/10.1257/jel.20201539
Search in Google Scholar Back to article
Barth, H., Ulvenblad, P.-O., & Ulvenblad, P. (2017). Towards a conceptual framework of sustainable business model innovation in the agri-food sector: A systematic literature review. Sustainability, 9(9), Article 1620. https://doi.org/10.3390/su9091620
Search in Google Scholar Back to article
Boansi, D., Gyasi, M., Nuamah, S., Agyekum, E. K. T., Ankuyi, F., Frimpong, R., Gbafah, A., & Gyan, C. B. (2024). Impact of agricultural credit on productivity, cost and returns from cocoa production in Ghana. Cogent Economics & Finance, 12(1), Article 2402035. https://doi.org/10.1080/23322039.2024.2402035
Search in Google Scholar Back to article
Bocken, N. M. P., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production, 65, 42–56. https://doi.org/10.1016/j.jclepro.2013.11.039
Search in Google Scholar Back to article
Brandenburger, A. M., & Stuart, H. W., Jr. (1996). Value-based business strategy. Journal of Economics & Management Strategy, 5(1), 5–24. https://doi.org/10.1111/j.1430-9134.1996.00005.x
Search in Google Scholar Back to article
Carreras-Simó, M., & Coenders, G. (2021). The relationship between asset and capital structure: A compositional approach with panel vector autoregressive models. Quantitative Finance and Economics, 5(4), 571–590. https://doi.org/10.3934/QFE.2021025
Search in Google Scholar Back to article
Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing value from innovation: Evidence from Xerox Corporation's technology spin-off companies. Industrial and Corporate Change, 11(3), 529–555. https://doi.org/10.1093/icc/11.3.529
Search in Google Scholar Back to article
Cochran, W. G. (1977). Sampling techniques (3rd ed.). John Wiley & Sons.
Search in Google Scholar Back to article
Codjoe, F. N. Y., Mathe, S., Soullier, G., Blundo-Canto, G., Asante, F. A., & Sarpong, D. B. (2025). The journey from technological change to livelihood: Effectual behaviour and farmers' compliance with certification standards in Ghana's cocoa sector. Agricultural and Food Economics, 13(20). https://doi.org/10.1186/s40100-025-00350-0
Search in Google Scholar Back to article
Demil, B., & Lecocq, X. (2010). Business model evolution: In search of dynamic consistency. Long Range Planning, 43(2–3), 227–246. https://doi.org/10.1016/j.lrp.2010.02.004
Search in Google Scholar Back to article
Foss, N. J., & Saebi, T. (2017). Fifteen years of research on business model innovation: How far have we come, and where should we go? Journal of Management, 43(1), 200–227. https://doi.org/10.1177/0149206316675927
Search in Google Scholar Back to article
Foss, N. J., & Saebi, T. (Eds.). (2015). Business model innovation: The organizational dimension. Oxford University Press
Search in Google Scholar Back to article
Kissi, E. A., & Herzig, C. (2024). The implications of governance factors for economic and social upgrading in Ghana's cocoa value chain. Agricultural and Food Economics, 12(1), Article 1. https://doi.org/10.1186/s40100-024-00295-w
Search in Google Scholar Back to article
Knottnerus, P. (2003). Multistage and Cluster (Sub) Sampling. In: Sample Survey Theory. Springer Series in Statistics. Springer, New York, NY. https://doi.org/10.1007/978-0-387-21764-2_6
Search in Google Scholar Back to article
Kolavalli, S., & Vigneri, M. (2017). The cocoa coast: The board-managed cocoa sector in Ghana. International Food Policy Research Institute. https://doi.org/10.2499/9780896292680
Search in Google Scholar Back to article
Kolavalli, S., Vigneri, M., Maamah, H., & Poku, J. (2012, November 8–9). Price setting in the cocoa sector (Transforming Agriculture Conference Discussion Note 015). CGIAR. https://cgspace.cgiar.org/server/api/core/bitstreams/9c8d0d7b-96fd-4514-90a3-862d072cb845/content
Search in Google Scholar Back to article
Maguire-Rajpaul, V. A., Khatun, K., & Hirons, M. A. (2020). Agricultural information's impact on the adaptive capacity of Ghana's smallholder cocoa farmers. Frontiers in Sustainable Food Systems, 4, Article 28. https://doi.org/10.3389/fsufs.2020.00028
Search in Google Scholar Back to article
Malone, T. W., Weill, P., D'Urso, V. T., Herman, G., & Woerner, S. (2005). Do some business models perform better than others? (MIT Center for Coordination Science Working Paper No. 226). Massachusetts Institute of Technology. http://ccs.mit.edu/papers/pdf/wp226.pdf
Search in Google Scholar Back to article
Naydenov, K., Delera, M., Boisseau, A., & Gaddari, D. (2022). Cocoa Processing Study: Final report (Commissioned by the Netherlands Enterprise Agency). Ecorys.
Search in Google Scholar Back to article
Owusu, K., Emmanuel, A. K., Musah-Surugu, I. J., & Yankson, P. W. K. (2019). The effects of 2015 El Niño on smallholder maize production in the transitional ecological zone of Ghana. International Journal of Climate Change Strategies and Management, 11(5), 609–617. https://doi.org/10.1108/IJCCSM-02-2018-0014
Search in Google Scholar Back to article
Pauw, K., Randriamamonjy, J., Thurlow, J., Ellis, M., & Diao, X. (2023). Ghana's agrifood system structure and drivers of transformation. International Food Policy Research Institute (IFPRI). https://hdl.handle.net/10568/131479
Search in Google Scholar Back to article
Richardson, J. (2008). The business model: An integrative framework for strategy execution. Strategic Change, 17(5–6), 133–144. https://doi.org/10.1002/jsc.821
Search in Google Scholar Back to article
Seawright, J., & Gerring, J. (2008). Case selection techniques in case study research: A menu of qualitative and quantitative options. Political Research Quarterly, 61(2), 294–308. https://doi.org/10.1177/1065912907313077
Search in Google Scholar Back to article
Sjödin, D., Parida, V., Jovanovic, M., & Visnjic, I. (2020). Value creation and value capture alignment in business model innovation: A process view on outcome-based business models. Journal of Product Innovation Management, 37(2), 158–183. https://doi.org/10.1111/jpim.12516
Search in Google Scholar Back to article
Sosna, M., Trevinyo-Rodríguez, R. N., & Velamuri, S. R. (2010). Business model innovation through trial-and-error learning: The Naturhouse case. Long Range Planning, 43(2-3), 440–453. https://doi.org/10.1016/j.lrp.2010.02.003
Search in Google Scholar Back to article
Staritz, C., Tröster, B., Grumiller, J., & Maile, F. (2023). Price-setting power in global value chains: The cases of price stabilisation in the cocoa sectors in Côte d'Ivoire and Ghana. The European Journal of Development Research, 35, 840–868. https://doi.org/10.1057/s41287-022-00543-z
Search in Google Scholar Back to article
Steinbach, S., & Zurita, C. (2024). Robust policy frameworks for strengthening the resilience and sustainability of agri-food global value chains. Food Policy, 127, 102714. https://doi.org/10.1016/j.foodpol.2024.102714
Search in Google Scholar Back to article
Teece, D. J. (2010). Business models, business strategy and innovation. Long Range Planning, 43(2), 172–194. https://doi.org/10.1016/j.lrp.2009.07.003
Search in Google Scholar Back to article
Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40–49. https://doi.org/10.1016/j.lrp.2017.06.007
Search in Google Scholar Back to article
Teye, J. K., Yaro, J. A., & Wiggins, S. (2025). Modernizing cocoa production in Ghana: successes, constraints, and future possibilities of innovation diffusion in the cocoa sector. African Geographical Review, 44(2), 135–148. https://doi.org/10.1080/19376812.2024.2357622
Search in Google Scholar Back to article
van Huellen, S., & Abubakar, F. M. (2021). Potential for upgrading in financialised agri-food chains: The case of Ghanaian cocoa. The European Journal of Development Research, 33, 227–252. https://doi.org/10.1057/s41287-020-00351-3
Search in Google Scholar Back to article
van Paassen, A., Osei-Amponsah, C., Klerkx, L., van Mierlo, B., & Essegbey, G. O. (2022). Partnerships blending institutional logics for inclusive global and regional food value chains in Ghana; with what smallholder effect? The European Journal of Development Research, 34(6), 2179–2202. https://doi.org/10.1057/s41287-022-00530-4
Search in Google Scholar Back to article
Whetten, D. A. (2006). Albert and Whetten revisited: Strengthening the concept of organizational identity. Journal of Management Inquiry, 15(3), 219–234. https://doi.org/10.1177/1056492606291200
Search in Google Scholar Back to article
Wirtz, B.W. (2020). Structure of the value creation in business models. In: Business Model Management. Springer Texts in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-48017-2_6
Search in Google Scholar Back to article
Zott, C., Amit, R., Giesen, E. (2024). Business model innovation capability: A game changer for sustaining a firm's edge. In: Aagaard, A. (eds) Business Model Innovation. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-57511-2_2
Search in Google Scholar Back to article

Articles in this issue

DOI: https://doi.org/10.2478/ijcm-2026-0020 | Journal eISSN: 2449-8939 | Journal ISSN: 2449-8920

Journal RSS Feed

Language: English

Page range: 197 - 212

Published on: Oct 8, 2026

Published by: Jagiellonian University

In partnership with: Paradigm Publishing Services

Publication frequency: 1 issue per year

Keywords:

Business Model Identity,

regulated commodity chains,

Ghana cocoa sector,

institutional embeddedness,

asset configuration,

value chain governance

JEL:

Q13,

L51,

Related subjects:

Business and economics,

Business management,

Management, organization, corporate governance,

Business management, other,

Industries,

Non profit organizations (NPO), foundations, charities, associations,

Public sector, public private partnerships, public administration

© 2026 Kwaku Asuako Tabiri, Michael Akwasi Antwi, published by Jagiellonian University
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Volume 62 (2026): Issue 1 (March 2026)