Tuesday, September 16, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

COCOBOD records GH₵2bn profit in 2023

admin by admin
June 14, 2024
in Business
0
Share on FacebookShare on Twitter

You might also like

Treasury Bill auction undersubscription

Treasury Bills undersubscribed by 21.5%

September 16, 2025
SME

SME competitiveness central to BoG’s reforms — Dr Asiama

September 14, 2025
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.”
Post Views: 570
Tags: COCOBODGenerateNewscentaprofit
admin

admin

Related Stories

Treasury Bill auction undersubscription

Treasury Bills undersubscribed by 21.5%

by NewsCenta
September 16, 2025
0

Government recorded a 21.51% under subscription in its latest Treasury bills auction, raising GH₵6.5 billion out of a targeted GH₵8.29...

SME

SME competitiveness central to BoG’s reforms — Dr Asiama

by NewsCenta
September 14, 2025
0

Small and medium-sized enterprises (SME) in Ghana remain the lifeblood of the economy, yet they continue to face daunting challenges...

Mahama fuel International market

Ghana not in hurry for international capital market loans – Mahama

by NewsCenta
September 11, 2025
0

The President, John Dramani Mahama says Ghana is not in a hurry to return to the international capital market to...

Sena Republic Bank

Sena Dake joins Republic Bank as Independent Non-Executive Director

by NewsCenta
September 9, 2025
0

Republic Bank (Ghana) PLC is pleased to announce the appointment of Ms. Sena Dake as an Independent Non-Executive Director of...

Recommended

MTN Pan-African

MTN, UJ, TAEF launch Pan-African Media Innovation Programme

September 16, 2025
MobileMoney App

MobileMoney Ltd Launches “Me Nsa Aka” Promo for App users

September 16, 2025
Treasury Bill auction undersubscription

Treasury Bills undersubscribed by 21.5%

September 16, 2025

Popular Story

  • Songs Daddy Lumba

    See the list of over 200 songs Daddy Lumba released

    740 shares
    Share 296 Tweet 185
  • Gold-backed policies since 2021 driving economic gains — BoG

    712 shares
    Share 285 Tweet 178
  • 10 of top 11 causes of death killing more men in Ghana

    698 shares
    Share 279 Tweet 175
  • Bissue floors High Court and OSP at Supreme Court

    690 shares
    Share 276 Tweet 173
  • Monday, May 26, 2025 Newspaper Headlines

    681 shares
    Share 272 Tweet 170
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About Us
  • Contact Us
  • Health
  • Education
  • Mining
  • Energy
  • Telecoms
  • Agriculture
  • Opinion
  • Trade
  • Newspaper Headlines

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.

Connect with us