Bags of cocoa in a warehouse
Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Joseph Boahene Aidoo, has bemoaned the rate at which cocoa is smuggled to neighbouring countries, which has become a threat to the cocoa industry.
According to him, about 120,000 metric tonnes of cocoa were smuggled out of Ghana in the last two years.
Speaking at a press conference in Accra on Monday, October 14, 2024, Mr. Aidoo explained that the smuggling of this essential commodity can be attributed to the favourable prices offered by neighbouring countries.
He further said the surge in smuggling lies in the dynamics of the international cocoa trading system, which has created incentives for smugglers to exploit price differences between Ghana and neighbouring countries.
“About 100,000 to 120,000 metric tonnes of cocoa were smuggled out of Ghana, especially in the last two years. Now for last year and this year in particular, this has been so," he said.
“This has been so because the international market trading system is inverted. When you say it is inverted, it means that today, the spot price has become more appreciable,” he added.
The COCOBOD CEO said the illegal trade of cocoa has led to a dip in their revenue generation.
He added that the move threatens the sustainability and global reputation of Ghana’s cocoa industry, which is essential for the livelihoods of many Ghanaians.
SA/OGB
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