COCOBOD CEO highlights cocoa sector as vital to Ghana’s economy

Joseph Boahen Aidoo, CEO of Ghana Cocoa Board (COCOBOD), emphasized the crucial role of the cocoa sector in Ghana's economy, describing it as the "oxygen" that sustains the country's financial health.

Speaking on Graphic’s Online TV show, "Your Ghana, My Ghana," Aidoo explained that the cocoa sector is pivotal for generating and retaining foreign exchange, which directly impacts the strength

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Aidoo pointed out that when cocoa revenue is strong, it bolsters the cedi, demonstrating the sector's significance in stabilizing the local currency.

He highlighted that cocoa is unique among foreign exchange earners, as all revenues generated from its sales return to Ghana in the form of US dollars, supporting the economy in a comprehensive manner.

The COCOBOD CEO's remarks were part of a panel discussion on the future of cocoa production in Ghana, which also featured Edward Kareweh, General Secretary of the Ghana Agricultural Workers’ Union.

The discussion explored various challenges facing the cocoa sector and its long-term prospects under the theme, “Will Cocoa be part of Ghana’s future”.

Ghana's cocoa sector, the second largest in the world, is a major contributor to the country's foreign exchange earnings and provides significant employment opportunities, especially in rural areas.

However, the sector faces challenges such as low crop yields, decreasing cultivation areas, and issues related to farm practices, pests, and diseases.