COCOBOD assures farmers of prompt payments, reforms

By Joshua Worlasi AMLANU

The Ghana Cocoa Board (COCOBOD) has assured cocoa farmers that payments for their produce will remain a top priority, despite the board’s decision not to secure funds from the international market this season.

COCOBOD’s Chief Executive Officer (CEO), Dr. Ransford Anertey Abbey, during his first engagement with cocoa farmers since being appointed emphasised that prompt payment to farmers will supersede all other financial commitments.

“We’ll prioritise payments for cocoa over other payments,” Dr. Abbey noted, adding that COCOBOD remains committed to maintaining transparency with farmers.

This assurance comes at a time when concerns are heightened over funding, as the board did not access the traditional syndicated loans for the first time.

Dr. Abbey acknowledged challenges facing the cocoa industry, including declining production, aging farms and smuggling. He revealed that COCOBOD is intensifying efforts to rehabilitate aging and diseased farms to boost productivity.

“We need to fully understand what is going on and work with farmers to intensify rehabilitation efforts,” he explained.

Beyond rehabilitation, COCOBOD is exploring the promotion of large-scale farming to complement contributions from smallholder farmers who have traditionally driven the sector.

Drawing comparisons with Côte d’Ivoire and South American countries, Dr. Abbey highlighted the potential of large-scale cocoa farming to augment national production.

“We need to seriously look at how we can incentivise people to collaborate with us and get into large-scale cocoa farming,” he remarked.

This approach, he said, will bolster the industry while continuing to support small-scale farmers who have significantly contributed to Ghana’s cocoa legacy.

On the issue of cocoa smuggling, which has plagued the industry in recent years, Dr. Abbey disclosed that COCOBOD is collaborating with National Security apparatus to tackle the problem.

“We’ve had a series of meetings and the National Security team has prioritised this issue,” he stated. A strategy is being crafted to address smuggling, which has been exacerbated by price disparities between Ghana and neighbouring countries.

The cocoa industry’s challenges are further compounded by adverse weather conditions that decimated West African crops in 2024. This has sent cocoa prices soaring to record highs, with futures hitting US$11,720 per tonne in April 2024. Current prices, at about US$11,100 per tonne, remain in record-breaking territory – driven by global demand and tight supplies.

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