Minister for Food and Agriculture, Bryan Acheampong, has firmly dismissed claims that the Ghana Cocoa Board (COCOBOD) is unable to purchase cocoa beans from farmers. This follows concerns raised ahead of the 2024/2025 cocoa season, with COCOBOD revealing plans to utilize both self-financing and syndicated loans to fund cocoa purchases.
Despite Finance Minister Dr. Mohammed Amin Adam indicating that the syndicated loan is expected to bring in only $600 million, far short of the initial $1.5 billion target, Acheampong reassured the public that COCOBOD remains financially sound.
Speaking at a press conference to announce the producer price for cocoa for the 2024/2025 season, Acheampong emphasized COCOBOD’s readiness to support farmers. “I am not sure why anyone would claim that COCOBOD has no money. This is a wrong impression and should not be circulated. COCOBOD is well-positioned to buy cocoa beans from farmers and trade them,” he said.
He stressed that neither the government nor COCOBOD has ever suggested an inability to finance cocoa purchases.
In a related development, the producer price of cocoa has seen a significant increase, rising from GH¢20,928 per tonne during the 2023/2024 season to GH¢48,000 per tonne, equating to an increase from GH¢1,308 per 64kg bag to GH¢3,000 per 64kg bag.
