COCOBOD CEO defends forward sales strategy for Cocoa sector growth and sustainability

Joseph Boahen Aidoo, the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has emphasized the importance of the forward sales strategy for the growth and sustainability of the cocoa sector.

His remarks come in response to calls from some Civil Society Organizations urging COCOBOD to review its forward sales system amidst rising market prices.

In an interview with Joy Business following visits to farms in the Western and Central regions, Mr. Boahen Aidoo explained that forward sales are a deliberate strategy aimed at mitigating price risks and managing stock.

“I am not ruling out spot sales, but it is always better to do forward sales. Buyers and sellers alike prefer forward sales. Historically, forward sales have outperformed spot sales,” he stated.

He clarified that last year’s situation was an anomaly caused by market panic following an announcement from the World Meteorological Centre about El Niño, which led to a temporary spike in cocoa prices. “Now that El Niño has retreated, cocoa prices have started to normalize,” he added.

Mr. Boahen Aidoo also advised cocoa farmers across the seven regions to adopt hand pollination, highlighting its significant impact on productivity and income since its introduction in 2017.

He noted that some farmers have seen substantial increases in yield due to hand pollination, which has boosted their earnings.

Additionally, he recommended the use of motorized slashers and pruners to improve sunlight and air circulation for cocoa trees, thereby enhancing fruit production.

“With favorable international market prices, increased yields are essential for farmers to maximize their benefits. That’s why we’ve introduced the hand pollination program, and we encourage all cocoa farmers to embrace it,” he said.

He further explained that properly pruned farms relying on natural insect pollination might yield five to eight bags per hectare, whereas some farmers using hand pollination have achieved yields between 20 and 30 bags per hectare. “This is the productivity level we want all our farmers to reach,” he added.

The Ghana Cocoa Board also advises farmers to avoid using cocktail chemicals, which involve mixing insecticides and fungicides, and instead, use poultry manure to enhance soil nutrients and support higher yields.