Some Russians are smuggling our cocoa, we’ve lost $500m in 2024 Q1 – Cocobod CEO

Some Russians are smuggling our cocoa, we’ve lost $500m in 2024 Q1 – Cocobod CEO

In a development concerning cocoa production in Ghana, the CEO of COCOBOD has revealed that many of Ghana’s cocoa are being smuggled by Russians in the country.

According to the COCOBOD CEO, there’s a decrease in cocoa production in the first quarter of 2024 as compared to last year, 2023.

The decrement in Cocoa production has led the country to make losses of $500 million.

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Speaking to Joy FM on their Morning Show on Wednesday, June 12, the COCOBOD CEO, Joseph Boahen Aidoo, explained that the cause of the decrement was due to bad weather conditions, cocoa bean disease, illegal mining and smuggling activities being done by some Russians working alongside with their Ghanaian counterparts.

He continued to explained that these Russians and some other foreigners buy cocoa beans directly from the local farmers and sell them on the Black Market.

“There are some Russians in Guinea and Togo and they want to buy cocoa spots, they have nothing to lose. They don’t buy chemicals for farmers, they don’t buy fertilizers for farmers so they have nothing to lose. So they can sell spots and sell at $10,000.

It is not our farmers who are selling to them, we have nation wreckers, and they are selling to them,” he said on Wednesday.

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He said though there have been some arrests, the practice if not permanently handled will have dire consequences for the cocoa sector in the future.

“Some have been imprisoned, and you know the minimum sentence is five years, but people still dare,” he lamented.

Dr Boahen Aidoo also complained about extreme weather conditions for the low production being experienced in the country.

“What has really affected our production this morning can be attributed to the the extreme weather condition,” he noted.

In Summary, the CEO of COCOBOD, Joseph Boahen Aidoo, revealed that Russian nationals are involved in smuggling Ghana’s cocoa, leading to a $500 million loss in the first quarter of 2024.

He attributed the decline in cocoa production to bad weather, disease, illegal mining, and smuggling activities.

These Russians and other foreigners buy cocoa directly from local farmers and sell it on the black market.

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Despite some arrests, the CEO warned that if the issue isn’t resolved, it could have severe long-term consequences for Ghana’s cocoa sector.

Extreme weather conditions were also cited as a factor in reduced production.

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