The CEO of COCOBOD Joseph Boahen Aidoo is predicting a difficult year for cocoa farmers in 2018.

He is projecting further drops in world price of the commodity. This he said will have adverse effects on the cocoa industry in particular and the economy as a whole.

Speaking at a media briefing in Kumasi after an interaction with cocoa farmers, the COCOBOD boss said the farmers must brace up for some tough decisions in the coming year.

“Next year we are going to enter into a very difficult year for the cocoa industry and also for the Ghanaian economy.

“We have to sell our cocoa at a lower price but then we have to decide whether we reduce the producer price, or let it stay there or increase, the price,” he stated.

The cocoa industry has been the mainstay of Ghana’s economy contributing to employment and other economic growth indicators

It remains the most important export agricultural commodity (60% of agric. exports by 2015), a study has shown.

But the world price of the product continue to fall hitting a four year low due to excess supply.

Ivory Coast and Ghana are the world’s largest producer of cocoa accounting for over two-thirds of global supply.

Joy News’ correspondent Mohammed Nurudeen who was present at the meeting with the cocoa farmers said the meeting was to engage the farmers ahead of what would be a difficult year.

COCOBOD has already sold the stock for cocoa due to a forward sale policy the country adopted.

It is not clear yet what decisions the government will take to minimize the crisis in the industry.

Artificial pollination

In a related development, a Hand Pollination Piloting Program has been launched by the Ghana Cocoa Board to boost production of cocoa to 1 million tonnes by 2020.

According to the CEO of COCOBOD, Mr. Joseph Boahen Aidoo, at a time where the world market price of cocoa is fluctuating, the hand pollination program will “compensate for the fall in price”, as the program will increase the farmers’ production.

Mr. Joseph Boahen Aidoo said the hand pollination exercise will come at no cost to the farmer.

“This is the initiation stage, we want to initiate the farmers into this type of pollination so we, COCOBOD is paying for all the recruits, that is the farm crew, and we will train them at our own expense, pay them to do the jobs for the farmers, and as they do it, the farmers will learn.”

He also disclosed that 7000 people have been employed and trained to teach farmers the hand pollination method across the six (6) cocoa growing regions in Ghana.

Mr. Joseph Boahen Aidoo said 30,000 youth will be employed in the program by April 2018.