120,000 metric tons of cocoa beans lost to smuggling between 2022-2023 – COCOBOD CEO

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahene Aidoo, has disclosed that Ghana has suffered a staggering loss of 120,000 metric tons of cocoa beans to smuggling between 2022 and 2023.

This alarming figure poses a severe threat to the cocoa industry, a vital pillar of the national economy.

Speaking at a press conference in Accra on Monday, 14 October 2024, Mr. Aidoo expressed deep concern over the rising trend of cocoa smuggling, noting that this persistent issue has worsened in recent years, largely due to attractive prices offered by neighbouring countries.

“About 100 to 120,000 metric tons of cocoa was smuggled out of Ghana, especially in the last two years. Now for last year and this year in particular, this has been so,” he revealed.

He continued that: “This has been so because the international market trading system is inverted. When you say it is inverted, it means that today, the spot price has become more appreciable.”

Despite ongoing efforts by COCOBOD and other government agencies, Mr. Aidoo lamented that little progress has been made in combatting this illegal trade.

The implications of this smuggling crisis extend far beyond lost revenue; it threatens the sustainability and global reputation of Ghana’s cocoa industry, which is essential for the livelihoods of many Ghanaians.

Source:classfmonline.com