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COCOBOD promises higher farm gate prices for cocoa beans in upcoming season

February 21, 2024
COCOBOD promises higher farm gate prices for cocoa beans in upcoming season
Joseph Boahen Aidoo

Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board (), has assured cocoa farmers of an enhanced farm gate price per bag of cocoa beans for the upcoming season. This pledge comes as the Produce Price Review Committee prepares to determine the adjustment percentage to be implemented in the next season.

Addressing concerns during a sitting, Mr Aidoo urged cocoa farmers to adhere to the guidance provided by extension officers to optimize production and capitalize on the forthcoming price adjustment.

However, Mr Aidoo also acknowledged COCOBOD's significant financial loss of GH¢2 billion in 2021, attributing it to the decline in the international cocoa market price. He highlighted a sharp drop of over 30% in global market prices in recent years as a primary factor contributing to these losses.

Despite these challenges, Mr Aidoo outlined measures that COCOBOD has undertaken to recover from the financial setbacks and return to profitability. He assured stakeholders that plans are underway to address the hurdles posed by declining cocoa prices and minimize future losses.

Explaining the situation further, Mr Aidoo stated, “COCOBOD's financial situation is dictated by the international market price, that's the world cocoa price. We all know that from 2017 to the date in question, the price of cocoa in the world market has collapsed by 30%. And in 2020, that is also when we had our highest production. So when prices collapsed at the time when we had increased yield, that is the direct cost and inventory go up whereas the revenue generated goes down.”

He concluded by emphasizing the need for strategic measures to navigate the challenges posed by fluctuating cocoa prices, ensuring the sustainability of Ghana's cocoa industry.

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