COCOBOD records GH₵2bn profit in 2023

The Ghana Cocoa Board (COCOBOD) has touted its achievements amidst the challenges facing the sector. Chief Executive of COCOBOD, Joseph Boahen Aidoo, said the regulator generated a substantial profit of over GH₵2 billion during the 2022/2023 fiscal year. He added that COCOBOD is combating the swollen shoot virus disease (CSSVD), which has affected over 700,000 acres of cocoa farmlands. He noted that although the spread of the disease has not been completely halted, COCOBOD has been able to contain it from causing more harm. GH¢110.8m injected so far As of the last count, COCOBOD has so far spent GH¢110.8 million (GH¢110,812,696) on compensation payments, tree cutting, replanting, and maintenance under the cocoa farm rehabilitation programme. An amount of GH¢43.3 million (GH¢43,311,606.84) was paid as compensation, while GH¢67.5 million (GH¢67,501,089.50) was spent on tree cutting and plantain suckers. 54,074.68 Hectares Rehabilitated Mr. Aidoo disclosed that so far, 54,074.68 hectares of cocoa farms affected by CSSVD have been rehabilitated. He explained that COCOBOD bears the entire cost of the cutting, treating, replanting, and maintenance for two years before handing it over to the farmer. GH¢1,000 per Hectare Compensation He stated that compensation of GH¢1,000 per hectare has been paid separately to 28,453 landowners and tenants as of September 2022. This group comprises 27,213 tenant farmers and 1,240 landowners. Benefits to farmers Besides the primary goal of stopping the further spread of the disease and restoring the productivity of CSSVD-devastated farms, the programme also safeguards the livelihoods of cocoa farmers and helps ensure better food security through the planting of plantains, tubers, and grains during the first two years as the cocoa trees grow. Hundreds of thousands of jobs have also been created for the youth in cocoa communities, who provide labour and technical support to rehabilitate the cocoa farms. According to him, but for the timely intervention of COCOBOD, the cocoa industry would have crashed. He asserted that Sefwi served as the disease’s epicenter, noting that the disease impacted 320,000 hectares of land, of which approximately 200,000 were affected. He revealed that no farmer would have voluntarily taken action to cut down the cocoa trees, given that the disease was viral. But, According to him, after the decision by his outfit, farmers had renewed hope. A decision, he said, indicate to the world that at least Ghana has an alternative way of dealing with the disease and bring back hope to farmers. Aside from the disease, he said that illegal mining is another factor seriously affecting cocoa farming. The COCOBOD Chief Executive revealed that he encountered substantial financial obstacles upon assuming office in January 2017, adding that there was no money left when he assumed responsibility for COCOBOD. With cocoa, the peak harvest period is October, November, December, and January. Therefore, he said the previous administration had procured cocoa from 600,000 metric tonnes from October to December 2016 before exiting office. Mr. Aidoo explained that although his administration had to buy cocoa from January to September, which is the end of the season, the previous administration did not leave any money to do so. Consequently, he said the precarious financial situation compelled COCOBOD to seek assistance from the Central Bank. Despite this feat, he said Ghana has not been able to generate the money it needs from cocoa, blaming it on many challenges. He maintained that his outfit’s measures to address the sector were pragmatic. Though he conceded that the initiative was not a novelty, he agreed that it was a hard decision to make on behalf of farmers. According to him, farmers, on their own accord, would not have taken that decision considering the losses. Mr. Aidoo disclosed that his seven years as CEO have seen tremendous improvement in the cocoa sector, with seed support being a massive boost. Mr Aidoo mentioned that El-Nino also had an impact on cocoa farming. He said this was not the first time it was happening, noting that last year, it brought excessive rainfall, which also affected the cocoa trees. According to him, Ghana’s production would be one of the lowest this year due to the aforementioned challenges. “Last year it rained in August; ordinarily, it should not rain in August, so the non-stop rain that occurred last year destroyed a lot of things.”