CEO of Ghana Cocoa Board, Hon. Joseph Boahen Aidoo, has noted that although Ghana is faced with challenges associated with Cocoa production, the country has been able to increase its processing levels by 43%.
In an interview with Kwaku Dawuro on Movement in the Morning show on Movement TV, he highlighted various factors affecting cocoa production, including climate change, smuggling, and more.
He explained that cocoa has two prices: spot and future prices, with future prices being more expensive than spot prices.
“In previous years, 300,000 acres of cocoa farms were damaged due to climate change. Cocoa prices fluctuate, with an average price of $2,600 from 2023 to 2024. Prices surged to $3,000 in June 2016 and later dropped to $2,800. In October 2017, prices rose to $7,600, but by January 2018, they had fallen to $1,850”, he said.
Mr. Aidoo noted that in 2017-2018, a fixed price of $7,000 was maintained for two years, but Cote d’Ivoire’s cocoa production decreased by 30%, causing a collapse in global cocoa markets.
“This led some farmers in regions like Ahafo to replace cocoa with cashews, as the price of $7,600 was not enough to sustain them”, he added.
The CEO advised farmers that owning cocoa means owning their livelihoods. He warned that the African Union has issued a law, effective January 1, 2025, which will reject any cocoa found to be sourced from forests. Aidoo emphasized that Ghana is facing challenges in cocoa production, but processing levels have increased to around 43%.
Finally, he urged farmers not to spray cocoa trees but rather the stomata and encouraged them to take ownership of their cocoa farms to ensure a sustainable future.”