Cocoa Board Targets 800,000MT in 2024/25 Crop Season Following GHS 943 Million Investment in Farm Rehabilitation

COCOBOD’s recent allocation of nearly one billion cedis towards the rehabilitation of Ghana’s aged and virus-afflicted cocoa farms represents a calculated effort to arrest the decline in the nation’s cocoa production. This substantial outlay, as explained by CEO Joseph Boahen Aidoo, is aimed at rejuvenating the sector and securing long-term sustainability.

The investment, which is part of a broader strategy to combat the effects of the swollen shoot virus and mitigate the impact of aging plantations, has contributed to COCOBOD’s administrative expenses reaching GH¢3.4 billion in 2023. However, Deputy CEO Ray Ankrah has emphasized that a significant portion of these costs—GH¢943 million—was dedicated to productivity enhancement programs (PEPs), critical to restoring the sector’s output capacity.

The funding, which was sourced from a loan provided by the African Development Bank, underscores the severity of the challenges facing the sector, as well as the board’s commitment to reversing the downturn in cocoa yields. Despite facing criticism for the rise in administrative costs, COCOBOD maintains that these expenditures are essential for ensuring the country can surpass 800,000 metric tons in cocoa production for the 2024/25 season.

COCOBOD’s financial position has also seen a marked improvement, with the board reporting a GH¢2.3 billion profit in 2023, a sharp recovery from the GH¢4.2 billion loss recorded the previous year. This turnaround, attributed to stringent fiscal measures and strategic investments in farm rehabilitation, signals a renewed focus on financial discipline and long-term viability.

As the cocoa sector continues to navigate challenges, including the lingering effects of the COVID-19 pandemic and volatile weather patterns, COCOBOD’s efforts to provide timely inputs and support to farmers are crucial. The board’s initiatives, such as hand pollination and irrigation schemes, are designed not only to boost production but also to make cocoa farming more appealing to younger generations.

With these strategic investments, COCOBOD aims to stabilize and ultimately increase national cocoa production, while ensuring that the livelihoods of cocoa farmers are protected and enhanced in the years to come.

Source:norvanreports.com