The Ghana Cocoa Board as part of cocoa sector reforms in 1992 started issuing license to private companies to buy cocoa from farmers at approved government prices for margins. Unlike other cocoa producing countries in West Africa, the Ghana Cocoa Board has been maintained to regulate the industry after liberalization. The study aims at investigating how private participation in the internal marketing process has affected the cocoa industry in Ghana. The data used for this study was collected from sources in some selected cocoa growing regions in Ghana. The target population consisted of a cross section of employees of Licensed Buying Companies (LBCs) and Quality Control Division of COCOBOD. Data were collected using semi-structured questionnaires. With 94.7% response rate, the data was analysed using qualitative and quantitative techniques. The findings of this study suggest that private participation in the cocoa industry has somewhat facilitated competition in the industry which has in turn enabled stakeholders to realize their expectation of high productivity and increase in income as each improves upon their service quality and motivates customers, cocoa farmers, to be loyal to them. Industry competition and opportunities was assessed using Porter�s five forces which indicated a lack of competition largely due to the regulated nature of the Ghana cocoa industry. The major challenges facing the LBCs are the issues of financing their operations and reducing the cycle time in the supply-chain management. It was also found that private participation provides the opportunity for other business creation as well as collaborative competition, collaborative investment and collaborative infrastructural and managerial development. One major limitation of this study is that it used a relatively small sample size and like all other qualitative studies, there is high degree of biases in responses of participants. It is highly recommended that further studies should assess the Performance of new LBC Entrants� in the Cocoa Industry in Ghana.