Audio By Carbonatix
The Finance Minister Dr Cassiel Ato Forson has disclosed that COCOBOD made a revenue loss of US$840 million in the 2023/2024 crop season.
This, the Minister attributed to the forward sales contracts locked-in at lower prices, than current market rates thereby impoverishing the Ghanaian farmer.
Presenting the 2025 Budget in Parliament, Dr Ato Forson revealed that COCOBOD was unable to supply 330,000 tonnes of cocoa to meet its full contractual obligation in the 2023/2024 crop season.
According to him, the under-supply has been rolled over for subsequent supply by the new administration.
“Mr Speaker, these 2023/24 forward sales contracts locked-in at lower prices than current market rates, have resulted in revenue losses of US$840 million for both COCOBOD and impoverished the Ghanaian farmer”.
He expressed worry that the losses are likely to worsen due to mature rolled-over contracts for this year.
He explained that the roll-over contracts will result in additional losses of US$495 million this year.
“This implies that for every tonne of cocoa delivered this 19 years in fulfilment of the rolled-over contracts, COCOBOD and the Ghanaian farmer will lose US$4,000 in revenue”.
In addition, Dr Forson said cocoa production dropped by nearly 50% over the past three years.
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