The Ghana Cocoa Board (COCOBOD) is optimistic about achieving a cocoa production target of over 800,000 metric tons for the 2024/25 season, following a substantial investment of GH¢943 million in 2023.
This investment aimed to rehabilitate aged cocoa farms and those affected by the swollen shoot virus disease, aiming to boost production in the short to medium term.
Joseph Boahen Aidoo, COCOBOD’s Chief Executive Officer, highlighted that the significant expenditure was part of a broader strategy to sustain cocoa production and support farmers’ livelihoods.
Aidoo’s comments followed media reports criticizing COCOBOD’s administrative expenses, which reportedly rose to GH¢3.4 billion last year despite declining cocoa production.
Aidoo clarified that the increased administrative costs were primarily due to the funding of essential productivity enhancement programs.
These included removing diseased and aged cocoa farms, planting new seedlings, and maintaining rehabilitated farms before they were handed back to farmers.
Deputy CEO for Finance and Administration Ray Ankrah addressed the misinterpretation of the administrative expenses, emphasizing that a detailed explanation was provided in COCOBOD’s audited accounts.
He noted that the GH¢943 million investment, financed through a loan from the African Development Bank (AfDB), was crucial for enhancing cocoa productivity and supporting affected farmers.
Ankrah pointed out that the actual administrative costs, excluding this one-time expenditure, had decreased in 2023.
The CEO underscored the necessity of rehabilitating cocoa farms to counteract the effects of the swollen shoot virus disease (CSSVD), which has significantly reduced yields and affected large portions of Ghana’s cocoa farmland.
He stressed that cocoa production and the sector’s overall viability would be at risk without such measures.
Aidoo also addressed the impact of extreme weather conditions, known as the El Niño effect, on cocoa production.
He assured that some of the rehabilitated farms would begin contributing to national output in the upcoming season, which should increase production.
In addition to farm rehabilitation, COCOBOD is committed to providing timely inputs and support to farmers, including hand pollination, pruning, and irrigation schemes.
These efforts aim to make cocoa farming more attractive, especially to the youth, and improve overall production efficiency.
On a financial note, Ankrah reported a significant turnaround for COCOBOD, which posted a GH¢2.3 billion profit last year, a stark recovery from the GH¢4.2 billion loss in 2022.
He expressed confidence that this positive trend would continue, strengthening COCOBOD’s capacity to support farmers and enhance the cocoa sector.
In conclusion, Aidoo assured that COCOBOD would continue to implement effective policies and programs to improve farmers’ livelihoods and sustain the growth of the cocoa industry.
