The Chief Executive Officer of COCOBOD, Dr. Randy Abbey, has disclosed that previous management concealed important information regarding the sale of 333,766 tonnes of cocoa at a price of $2,600 per tonne. He stated that this decision has significantly affected cocoa pricing for the 2024/2025 season.
In an interview with Accra-based Joy FM, Dr. Abbey explained that the undisclosed sale contributed to market distortions and weakened Ghana’s bargaining position in the global cocoa trade. He noted, “In 2023/2024, COCOBOD signed contracts it couldn’t deliver,” emphasizing how over-committed agreements from the previous season further compounded challenges in the current crop year.
This revelation raises new concerns about transparency and accountability within Ghana’s cocoa sector, especially during a time of significant volatility in global cocoa prices. Stakeholders are now calling for a full audit and enhanced oversight of COCOBOD’s operations to ensure the integrity and long-term sustainability of the cocoa industry.
Source: Classfmonline.com/Cecil Mensah