The Chief Executive Officer ( CEO) of the Ghana Cocoa Board (COCOBOD), Honorable Joseph
Boahen Aidoo, has highlighted the Board’s groundbreaking achievements in financing cocoa
purchases and supporting farmers through record-setting producer prices.
Hon. Joseph Aidoo stressed COCOBOD's dedication to empower cocoa farmers and boost the
capacity of domestic financial institutions as a cheaper alternative to the reliance on external
borrowing and its high dollar denominated interest rates.
“Since 2017, COCOBOD has worked relentlessly to ensure that our farmers receive the maximum
benefit from their hard work. One of the most significant milestones has been the shift from 32
years of external borrowing for crop financing. Today, we have achieved zero borrowing, meaning
zero cost of borrowing for financing cocoa purchases,” hon. Aidoo stated.
The CEO made the remarks at a media briefing at the Ministry of Information in Accra today.
Hon. Boahene Aidoo indicated that the creative strategy has made COCOBOD less dependent on
high-interest external loans by using pre-financing from Licensed Buying Companies (LBCs). This
has improved the system’s overall efficiency and expedited to pay farmers.
“The new financing model strengthens the capacity of our domestic financial institutions and has
eliminated the high-dollar interest rates we used to face. This shift has been a game-changer in
reducing financial pressure on the Board and ensuring a more sustainable and cost-effective way of
financing, “Hon. Aidoo explained.
In addition to financing improvements, the CEO announced that COCOBOD’s success is steadily
increasing producer prices, offering substantial support to cocoa farmers amongst global price
volatility.
“Year-on-year, we have consistently raised the price paid to farmers. In 2024, we made history by
increasing the producer price to GHS 48,000 per ton, the highest in Ghana’s history,” he
emphasized.
According to Hon. Aidoo, this marks a cumulative increase of 531.58% in producer prices from
2016/17 to the current cocoa season, setting a new benchmark for farmer earnings in the country.
In addition, he noted that this remarkable growth is part of COCOBOD’s broader vision to improve
farmer welfare and ensure their long-term financial stability.
“These efforts are not just about short-term gains. We want to ensure that every cocoa farmer in
Ghana enjoys long-term security. Our payment of remunerative prices guarantees that they can
invest in their farms, improve productivity, and ultimately, enjoy a better quality of life,” he
emphasized.
The CEO also highlighted COCOBOD’s introduction of a comprehensive cocoa farmer database
and the successful launch of the Cocoa Farmers Pension Scheme, which ensures financial
independence for farmers in their later years.
“Through our integrated Cocoa Management System, we have registered over 790,000 farmers,
which has paved the way for direct payments and pension contributions, ensuring that no cocoa
farmer is left behind”, he said.
Source: MOI (PR Unit)
