Kumasi, Ghana – September 6, 2024 – COCOBOD CEO, Hon. Joseph Boahen Aidoo, met with farmers in Kumasi to discuss the 2024 cocoa season, local syndicate loans, and the new cocoa price.
Hon. Aidoo, accompanied by top executives, including Mr. Vincent Ankomea (National Marketing Officer) and Mr. Ray Ankrah (Head of Finance), addressed over 70 cocoa districts at GNAT Hall.
“Cocoa prices are determined by international buyers, not COCOBOD,” Hon. Aidoo explained, highlighting the cocoa terminal in London, UK, where COCOBOD operates.
Despite global prices ranging from $9,000 to $10,000 per bag, Hon. Aidoo noted that buyers will consider various factors to determine the new price.
Ghanaian cocoa farmers may not receive the full international price due to COCOBOD’s 65-year-old Forward selling system, Hon. Aidoo stated.
He explained the difference between the Spot and Forward systems, emphasizing that the Forward system affects cocoa prices due to pre-purchase.
Hon. Aidoo praised the Nana Addo-Bawumia administration’s support for farmers, citing higher cocoa prices compared to the NDC’s era (2013-2017), when farmers received $1,720 per bag versus $3,300 market price.
Addressing debt allegations, Hon. Aidoo clarified that COCOBOD sought loans in 2018-2019 to maintain prices during market downturns.
Hon. Aidoo announced plans to secure local loans for the 2024 cocoa season, stating, “Enough is enough for foreign loans. COCOBOD will finance operations locally this season.”
On the new cocoa price, Hon. Aidoo assured farmers of a revised price despite the current international market price ranging from $6,000 to $7,000 per bag. Currently, a bag of cocoa in Ghana sells for GHS 2,070.
By Kwame Asare
