Smuggling drains Ghana’s cocoa reserves by 120,000 tons, Boahene Aidoo, CEO of the Ghana Cocoa Board (COCOBOD).
This alarming rate of smuggling poses a major threat to Ghana’s economy, as cocoa is a vital sector. The main driver of this illicit trade is the attractive prices offered in 3 countries.
The Ghana’s cocoa industry is facing a significant threat from smuggling, with an estimated 120,000 metric tons of cocoa beans lost between 2022 and 2023, according to Joseph Boahene Aidoo, CEO of the Ghana Cocoa Board (COCOBOD). This alarming rate of smuggling poses a major threat to Ghana’s economy, as cocoa is a vital sector. The main driver of this illicit trade is the attractive prices offered in neighbouring countries.
The situation is dire, with smugglers exploiting price differences between Ghana and its neighbors. Mr. Aidoo attributes the surge in smuggling to the dynamics of the international cocoa trading system, which has created an “inverted” market where spot prices are more appealingng to the dynamics of the international cocoa trading system, which has created an “inverted” market where spot prices are more appealing
Mr. Aidoo reportedly explained that the smuggling of cocoa beans has been a long-standing issue in Ghana, driven largely by favorable prices in neighboring countries. He expressed deep concern over the growing trend of cocoa smuggling, despite concerted efforts by COCOBOD and other governmental agencies.
During a press conference in Accra on October 14, Mr. Aidoo allegedly said, “About 100 to 120,000 metric tons of cocoa was smuggled out of Ghana, especially in the last two years.”
