Some Russians are smuggling our cocoa, we’ve lost $500m in 2024 Q1 – Cocobod CEO

Ghana's cocoa production has dropped significantly in the first quarter of 2024, resulting in a revenue loss exceeding $500 million, according to Cocobod CEO Joseph Boahen Aidoo.

In an interview, Aidoo cited bad weather, bean disease, illegal mining, and smuggling activities involving Russians and their Ghanaian partners as key factors.

According to him, these foreigners are buying cocoa beans from farmers and selling them on the black market, undermining official channels. Despite some arrests, Aidoo warned that if the issue isn't addressed, it will have severe long-term consequences for the sector.

He also noted that extreme weather has heavily impacted production.