Ghana Cocoa Bounces Back After Six Straight Years of Losses

In an update from the Auditor General’s reports, Ghana Cocoa Board made a GH¢2.3 billion profit in 2022/ 2023, due to its new debt restructure.

The significant profit is being noted as the first profit made after six years of losses.

For some years now, Ghana has been restructuring its $30 billion debt, this includes debt accrued by the cocoa sector.

The aim of the debt restructuring is to able to implement a $3 billion, three-year International Monetary Fund program and recover from its worst economic crisis in a generation.

In June 2024, Ghana restructured $13 billion debt with Eurobond holders.

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This development came after a domestic debt programme in 2023 in which bonds, including cocoa bills, securities issued to meet short-term liquidity needs of Cocobod were exchanged for long-dated instruments at lower yields.

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Mr. Ray Ankrah, Deputy Chief Executive of COCOBOD, explained that the growth, profit and recovery was largely due to government’s debt restructuring.

He said surging global cocoa prices, increased bean sales, stabilised the currency and managed Cocoa’s cost.

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The auditor general’s report said Cocobod’s revenue increased by 41.7% to 17.7 billion cedi in 2023 due to increased cocoa bean sales.

The report said Cocobod would still struggle to meet its short-term financial obligations as it lacked sufficient liquidity.

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Prices of cocoa have doubled this year on account of bad harvests in Ghana and Ivory Coast, which traditionally produce 60% of the world’s cocoa.

What does COCOBOD do in Ghana?

The main objectives of the board is to Regulate the internal marketing of cocoa, coffee and shea nut.

Secure the most favourable arrangements for the purchase, grading and sealing, certification, sale and export of cocoa, coffee and shea nut.

Who is the CEO of COCOBOD?

Joseph Boahen Aidoo is Ghana Cocoa Board CEO.

What is the current cocoa price in Ghana?

GH¢33,120.00 per tonne is the current cocoa price in Ghana

The Producer Price of cocoa has been increased by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season. This figure translates into GH¢2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April 2024.5

Who owns COCOBOD?

COCOBOD is a fully state-owned company solely responsible for Ghana’s cocoa industry, controlling the purchase, marketing and export of all cocoa beans produced in the country.

What are the departments in COCOBOD?

There are nine Directorates at COCOBOD Head Office responsible for Human Resource, Research Monitoring and Evaluation, Audit, Finance, Procurement, Health, Legal, Special Services (Security & Intelligence) and General Services (Estates, Civil works & Transport).

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