COCOBOD boss, Boahen Aidoo reveals GH¢2bn loss due to global cocoa price decline
COCOBOD boss has detailed the challenges of the organisation. The Ghana Cocoa Board’s Chief Executive, Joseph Boahen Aidoo, has connected the company’s GH¢2 billion 2021 deficit to the drop in the price of cocoa on the global market.
The enormous loss incurred, he pointed out, was partly caused by the notable decline of cocoa prices on the international market in recent years.
On Tuesday, before the Public Accounts Committee (PAC) in Accra, Mr. Aidoo discussed the strategies to overcome these setbacks and become profitable again.
According to Citinews, he said that preparations are in full swing to deal with the issues raised by the falling price of cocoa and to put procedures in place to prevent more losses.
“Chairman, we are headed for a recovery. The worldwide market price, or the world cocoa price, determines COCOBOD’s financial status. As we all know, from 2017 to the present, the price of cocoa fell 30% on the global market. Additionally, we produced at our best level in 2020.”
“Thus, at the price crash, our yield had increased. That is, direct costs and inventory rise while the money generated decreases. That explains the enormous deficit for that specific year.
In essence, we did produce more than ever before, but the global market’s prices did not work in our favour.” he said.
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