Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board (COCOBOD), has linked the organization’s GH¢2 billion loss in 2021 to the decline in the international market price of cocoa.
He noted that the price of cocoa on the global market has experienced a significant drop of over 30 percent in recent years, contributing to the substantial loss incurred.
Speaking before the Public Accounts Committee (PAC) in Accra on Tuesday, Mr. Aidoo addressed measures being considered to recover from these losses and return to profitability.
According to the COCOBOD CEO, cocoa production has also declined due to the activities of Smugglers, illegal miners (galamsey) and disease attacks.
Meanwhile, the minority members of the Public Accounts Committee have called for the immediate resignation of the CEO of COCOBOD, Joseph Boahen Aidoo, over what they describe as his inability to find solutions to current challenges confronting the institution.
Ibrahim Murtala Muhammed, Member of Parliament for Tamale Central, has doubts why officials, including President Akufo-Addo and the COCOBOD CEO, remain in office.
He assured that plans are well underway to address the challenges posed by the declining cocoa prices and implement strategies to mitigate further losses.
Amongst them, is increasing the price of cocoa in the next crop season.
