Ghana is expected to miss the cocoa production target in the 2024/2025 crop season.
Before this season, the Ghana Cocoa Board (COCOBOD) was seeking to raise 610,000 metric tonnes of cocoa beans for the 2024/2025 crop season.
However, speaking on PM EXPRESS BUSINESS EDITION with host George Wiafe, the Chief Executive of COCOBOD, Dr. Ransford Abbey said production currently stands at 590,000 metric tonnes with a few months to the end of the season.
“I don’t think that much will change, looking at the time we have to end the crop season”, the Chief Executive of COCOBOD suggested.
He observed that “we could do about 600,000 [metric tonnes] at most, looking at the fact that we’re now doing the light crop season and we don’t see things turning around that much”.
Outlook
Dr. Randy Abbey was, however, optimistic about the production target for the 2025/2026 Crop season based on some measures that COCOBOD is undertaking to improve yields and motivate cocoa farmers to increase production in the coming months.
He also added that the government is also implementing other programmes that will impact on production levels for the new crop season.
“We will also look at some innovative measures to encourage the farmers to improve their yields,” the Chief Executive of COCOBOD added.
COCOBOD’s Rising Debts and Profits
Dr. Randy Abbey disclosed to JOYBUSINESS his optimism of turning around the dwindling fortunes of COCOBOD by the end of 2028.
This was after he mentioned that company has been saddled with huge debts running into GHS33 billion.
“We are hoping that in four years, the books will be looking good, in terms of retuning COCOBOD to some good profits”.
He also announced that “COCOBOD will also be undertaking some cost cutting measures that will go a long way to improve its financials going forward”.
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