Minority Leader, Cassiel Ato Forson, has raised serious concerns about the financial instability of the Ghana Cocoa Board (COCOBOD), revealing that for the first time in 32 years, the board has failed to secure an international loan agreement by September. “International banks are running away from Ghana COCOBOD,” Forson lamented, pointing to the board’s inability to attract international financing as a troubling sign.
Speaking during the second recall of Parliament on Tuesday, September 3, 2024, Ato Forson described COCOBOD as “crawling on its knees” due to its financial challenges, which he warned were reflective of larger issues within Ghana’s cocoa sector.
The Minority Leader expressed concern that cocoa farmers, who are essential to the economy, are bearing the brunt of COCOBOD’s poor management and financial missteps. He criticized the disparity between the price of cocoa on the international market and the amount paid to farmers.
“Today, COCOBOD will be selling one bag of cocoa at GH¢9,700 on the international market, yet our cocoa farmers are receiving far less. The cocoa farmer deserves better, and they must be paid at least GH¢6,000 per bag,” he declared.
Forson emphasized that the financial struggles of COCOBOD, coupled with the rising cost of living, were severely affecting the livelihoods of Ghanaians. He called on the government to prioritize the needs of cocoa farmers, stressing that their hard work should be rewarded fairly.
“Ghana’s economy is bleeding, and the cost of living continues to rise. These are the bread-and-butter issues that should concern any serious government. Our cocoa farmers deserve the benefit of their hard labour,” Forson concluded.
The Minority Leader’s remarks come amid growing concerns over the management of COCOBOD and its impact on Ghana’s cocoa industry, a critical pillar of the national economy.
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