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Business News Mon, 9 Dec 2019

COCOBOD not serving our interest – Cocoa farmers lament

A survey conducted by Imani Ghana has revealed that 94 percent of cocoa farmers are dissatisfied with the current producer price.

The survey dubbed “Exploring the revenue management and producer pricing mechanism within Ghana’s cocoa sector” also noted 70 percent believe that the Ghana Cocoa Board (COCOBOD) does not serve their interest.

“Results from the farmers’ survey revealed that 94 percent of farmers are dissatisfied with the current producer price, 70 percent indicate they do not know COCOSHE and 70 percent believe that COCOBOD does not serve their interest.

“It is equally important to note that, regardless of the sentiments expressed by the farmers regarding the protection of their interest by COCOBOD, they are equally of the view that, COCOBOD plays a significant role in the industry, and will want the regulator to continue in this capacity.

“Based on these results, there is the need for more farmer engagement on policy decision making and implementation in order to change these farmer perspectives Other stakeholders in the cocoa value chain also express concerns about the corporate governance weaknesses in the sector, erratic supply of inputs, smuggling and supply of fake inputs, and the decrease in the margins of some stakeholders, at the expense of others, when the industry experiences exogenous shocks.

The survey further revealed that: “The analysis of COCOBOD’s financial data suggests that profitability, liquidity, efficiency or turnover and cash flow ratios have deteriorated over time, with marginal improvements in some areas in the 2017/18 financial year.

“The results of the study provide a strong basis for actions that should involve all stakeholders across the value chain with the intention of addressing the weaknesses in the sector.”

Source: classfmonline.com
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