Joseph Boahen Aidoo, Chief Executive Officer (CEO) of Ghana Cocoa Board
Joseph Boahen Aidoo, the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has provided details about the organization's GH¢2 billion loss in 2021.
Appearing before the Public Accounts Committee (PAC) in Parliament on February 20, 2024, Boahen attributed the loss to the decline in the international market price of cocoa.
He emphasized the impact of the over 30% drop in the global market price of cocoa in recent years which he argued, directly contributed to the financial setback experienced by COCOBOD in 2021.
Addressing the PAC, he outlined the measures being considered to recover from the losses and steer the organization back to profitability.
He assured the committee members that plans are in motion to tackle the challenges posed by declining cocoa prices and to implement strategies aimed at mitigating further financial losses.
“Chairman, we are on the path of 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,” citinewsrrom.com quoted him to have said.
He continued “So, when prices collapsed at the time when we had increased yield, that is the direct cost and inventory goes 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.
AM/SARA
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