He said cocoa production has dropped by nearly 50% over the past three years.
The Minister of Finance, Dr. Cassiel Ato Forson, has expressed concern over the gradual collapse of the cocoa sector.
According to him, the sector is grappling with declining output and financing challenges, including unsustainable debts.
Dr. Forson attributed the sector’s downturn to mismanagement under the Akufo-Addo-led government.
Presenting the 2025 Budget in Parliament on Tuesday, March 11, 2025, the Minister of Finance stated that, “Mr. Speaker, the cocoa sector, which has long been the backbone of the Ghanaian economy, is sadly on its knees owing to gross mismanagement. The sector faces declining output and financing challenges characterized by unsustainable debt, rollover cocoa contract risks, and quasi-fiscal expenditures, including cocoa roads.”
He further said cocoa production has dropped by nearly 50% over the past three years.
Dr Forson averred that, “In the year 2023/2024 crop season, COCOBOD was unable to supply 330,000 tonnes of cocoa to meet its contractual obligation… This sharp decline has affected the finances of Ghana Cocoa Board.”
According to the finance minister, COCOBOD’s outstanding debt amounts to GH¢32billion.
He indicated that out of the afore-mentioned amount, GH¢11.92 billion is due to be paid in 2025.
SA/AE
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