The minister of Finance, Dr. Casiel Ato Forson has announced that, the country’s cocoa sector has declined by 50% over the past three years, due to mismanagement by the previous administration.
According to the minister, COCOBOD was unable to meet its contractual obligations of “supplying 330,000 tonnes of cocoa in the 2023/2024 crop season, which has sharply affected the finances of Ghana COCBOD.”
Dr. Ato Forson made these revelations during his presentation of the country’s budget statement and economic policy under the theme: “resetting the economy for Ghana we want”, at Parliament House in Accra on Tuesday, 11 March, 2025.
“The 2023/2024 forward sales contract at lower prices than the current market rate has resulted in revenue losses of about 840 million dollars for both Ghana COCOBOD and the impoverished cocoa farmer. The rollout cocoa contract has resulted in the loss of 495 million dollars for the year 2025 alone,” the finance minister revealed.
According to him, these factors are what is causing the market rate differentials and enabling the smuggling of cocoa beans that the country is experiencing.
Reporting by Stephen Freeman, Accra.
