Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board, has assured farmers of an increased farm gate price per bag of cocoa beans for the upcoming season.
The Produce Price Review Committee will determine the adjustment percentage which will take effect next season.
Speaking at a Public Accounts Committee sitting, Mr. Aidoo encouraged cocoa farmers to follow extension office guidance to maximize production and benefit from the upcoming price adjustment.
Meanwhile, the COCOBOD Chief Executive has linked their GH¢2 billion loss in 2021 to the decline in the international cocoa market price.
He noted that the global market price dropped significantly over 30% in recent years, contributing to the significant financial losses.
Mr. Aidoo outlined measures undertaken to recover from these losses and return to profitability.
He assured that plans are well underway to address the challenges posed by declining cocoa prices and minimize further losses.
“Chairman, we are on the path of a turnaround. COCOBOD’s financial situation is dictated by the international market rice, 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.”
“That is what explains the huge deficit for the particular year. Essentially yes we had record production, the prices at the international market did not favour us,” he stated.
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