Gov’t To Inject US$600m Into Cocoa— COCOBOD

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As part of measures of improving the lives of farmers and their produce in the cocoa sector, the Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has disclosed that Government will be injecting USD$600Million once Parliament approves the proposal served them.

According to him, the project is a key element of the 600 facility Ghana is about to secure from the African Development Bank (AfDB) will transform the cocoa industry.

Addressing the media at Peduase Lodge, the C.E.O said “I must emphasize that this has come at the initiative of President Akufo-Addo who made direct contact with Ivorian President, Alassane Ouattara and the AfDB in facilitating this. They have initiated the Ghana-Ivory Coast Joint Cooperation.”

He also added that the partnership between Ghana and Ivory Coast has elevated both countries from ‘taker of price’ into ‘giver of prices’ on the international market.

Mr Aidoo noted that the USD$600Million set to be committed is a 7year medium to long term facility.

Hon Aidoo emphasized that COCOBOD is seeking for funds to tackle the issue of cocoa swollen-shoot diseases at a cost of USD$140Million, over-aged cocoa tree at USD$82.7Million, hand pollination, USD$68Million

He called for more processing on the various farms as the shells of each cocoa beans exported turns out to be 20% waste.

Mr. Aidoo emphasized that COCOBOD seeks to transform cocoa farming from its old traditional methods into modern ways.

He mentioned that the injection will not tackle the bad roads on which the product will be transported on.

Mr Aidoo he is confident Ghana’s productivity in cocoa will increase from 850,000 to 1.5Million tonnes after 2027.

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