The Ghana Cocoa Board (COCOBOD) has revealed plans to transition to self-financing for the upcoming 2024/2025 cocoa crop season, commencing in September 2024. This move marks a departure from the organization’s 32-year reliance on offshore borrowing to finance cocoa purchases through its cocoa syndication program.
By adopting self-financing, COCOBOD aims to reduce its dependence on external funding, paving the way for a more sustainable and financially independent future.
Addressing the media on Tuesday August 20, CEO of COCOBOD, Mr Joseph Boahen Aidoo revealed that the organization’s bold shift to self-financing for the 2024/2025 cocoa crop season is projected to yield significant savings. According to Aidoo, this strategic move is expected to save an estimated $150 million, a substantial amount that will bolster COCOBOD’s financial stability and independence.
He denied claims that the organization is unfair to farmers in its pricing. He emphasized that, on the contrary, COCOBOD has consistently been more than fair since 2017. Aidoo highlighted that during a period of collapsed prices, the government and COCOBOD refrained from reducing the price paid to farmers, demonstrating their commitment to supporting the farming community.
He encouraged scrutiny of the narrative, which he believes will reveal the organization’s fair and supportive stance towards farmers.