‘In 2022/2023, we made over GH₵2 billion in profit’ — Cocobod CEO

The Ghana Cocoa Board (Cocobod) has recorded over GH₵2 billion in profit for the 2022/2023 cocoa season, according to the state cocoa regulator's Chief Executive Officer, Joseph Boahen Aidoo.

Speaking in an interview on Accra-based Joy FM's Super Morning Show on Wednesday, June 12, Mr. Aidoo revealed the positive financial results, saying "In 2022/2023, we made over GH₵2 billion in profit."

He noted that the profit figures are currently at the management level and are yet to be validated by Cocobod's board.

“Currently, it is at the management level; once it passes through the board, it will be published and everybody will know. So we’ve turned things around,” Aidoo stated.

The CEO credited the sizable profit to Cocobod's decision to maintain the producer price paid to cocoa farmers in previous seasons, despite incurring losses at the time.

“It was a nationally prudent decision that Cocobod maintained the money it paid to farmers which resulted in losses for Cocobod," he said.

The former Western regional Minister explained that upholding prices for farmers was important to protect the long-term interests of Ghana's cocoa sector.

“This is because we were torn between the national interest and the Cocobod interest. The national interest here is the cocoa industry itself," the CEO noted.

He argued that slashing prices could have exacerbated issues like illegal mining and farmers abandoning cocoa for other crops.

“Put yourself in my shoes at the time, what would you have done? Or would you have borrowed to make sure the industry survived?" Aidoo asked.