Joseph Boahen Aidoo, the Chief Executive Officer of the Ghana Cocoa Board (Cocobod), has revealed that the organization recorded a significant profit of over GH₵2 billion for the 2022/2023 fiscal year.
This announcement comes as a stark contrast to Cocobod’s financial performance in 2021, when it recorded a loss of GH₵2 billion.
Mr. Aidoo explained that despite facing significant financial challenges when he assumed office, Cocobod has turned the corner to generate more revenue for the cocoa industry.
He attributed this success to strategic decisions made by the organization, including maintaining farmer payments despite financial strain.
“It was a nationally prudent decision that Cocobod maintained the money it paid to farmers which resulted in losses for Cocobod. This is because we were torn between the national interest and the Cocobod interest. The national interest here is the cocoa industry itself,” Mr. Aidoo explained in an interview on Joy FM’s Super Morning Show.
Describing the cocoa industry as Ghana’s backbone and oxygen, Mr. Aidoo noted that Cocobod was justified in prioritizing national interest over its immediate financial interests to prevent further erosion of the cocoa farming sector.
The sector has faced numerous challenges, including adverse weather conditions, bean diseases, and illegal gold mining activities that displace cocoa farms.
Additionally, Ghanaian farmers have been smuggling more cocoa beans to neighboring countries to sell them at higher prices than those offered by the state purchasing price, further diminishing the available crop for delivery in Ghana.
Reports indicate that Ghana, the world’s second-largest cocoa producer, is considering delaying the delivery of up to 350,000 tons of beans to the next season due to poor crop yields.
This situation has led chocolate makers worldwide to raise prices for consumers, as the value of cocoa has more than doubled this year following a third consecutive year of poor harvests in Ghana and Ivory Coast, which together account for 60% of global production.