COCOBOD chief attributes GH¢2bn loss to global cocoa price decline

Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board (COCOBOD), has linked the organisation's GH¢2 billion loss in 2021 to the significant decline in the international market price of cocoa.

Speaking before the Public Accounts Committee (PAC) in Accra, Mr. Aidoo explained that the global market price of cocoa has experienced a notable drop of over 30% in

Read full articlerecent years, contributing to the substantial financial loss incurred by COCOBOD.

He acknowledged the impact of the declining cocoa prices on COCOBOD's financial situation and emphasised that measures are being taken to address the challenges and implement strategies to recover from the losses.

Mr. Aidoo, however, assured the committee that COCOBOD is on the path to a turnaround.

"COCOBOD’s financial situation is dictated by the international market Price, that’s the world cocoa price, and 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."

He further explained: "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."