The Finance Minister Dr Cassiel Ato Forson has disclosed that COCOBOD made a income lack of US$840 million within the 2023/2024 crop season.
This, the Minister attributed to the ahead gross sales contracts locked-in at decrease costs, than present market charges thereby impoverishing the Ghanaian farmer.
Presenting the 2025 Price range in Parliament, Dr Ato Forson revealed that COCOBOD was unable to produce 330,000 tonnes of cocoa to satisfy its full contractual obligation within the 2023/2024 crop season.
In accordance with him, the under-supply has been rolled over for subsequent provide by the brand new administration.
“Mr Speaker, these 2023/24 ahead gross sales contracts locked-in at decrease costs than present market charges, have resulted in income losses of US$840 million for each COCOBOD and impoverished the Ghanaian farmer”.
He expressed fear that the losses are more likely to worsen attributable to mature rolled-over contracts for this 12 months.
He defined that the roll-over contracts will lead to further losses of US$495 million this 12 months.
“This means that for each tonne of cocoa delivered this 19 years in fulfilment of the rolled-over contracts, COCOBOD and the Ghanaian farmer will lose US$4,000 in income”.
As well as, Dr Forson stated cocoa manufacturing dropped by almost 50% over the previous three years.
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