Ghana is expected to fall short of its cocoa production target for the 2024/2025 crop season, according to the Ghana Cocoa Board (COCOBOD).
Prior to the start of the season, COCOBOD projected a target of 610,000 metric tonnes of cocoa beans. However, with only a few months remaining, production currently stands at 590,000 metric tonnes.
Speaking on PM EXPRESS BUSINESS EDITION with host George Wiafe, the Chief Executive of COCOBOD, Dr. Ransford Abbey, said, “I don’t think that much will change, looking at the time we have to end the crop season.”
He added, “We could do about 600,000 [metric tonnes] at most, considering the fact that we’re now in the light crop season and we don’t see things turning around that much.”
Outlook for 2025/2026 Season
Despite the shortfall, Dr. Abbey remains optimistic about the 2025/2026 crop season, citing interventions aimed at boosting yields and motivating cocoa farmers.
“We will also look at some innovative measures to encourage the farmers to improve their yields,” he stated, adding that government initiatives are also expected to contribute positively to production levels in the next crop season.
Addressing COCOBOD’s Rising Debt
Dr. Abbey disclosed to JoyBusiness that COCOBOD is currently burdened with debts amounting to GHS33 billion. However, he expressed confidence in the organisation’s ability to reverse its financial fortunes by the end of 2028.
“We are hoping that in four years, the books will be looking good, in terms of returning COCOBOD to some good profits,” he said.
He further revealed that COCOBOD will implement cost-cutting measures to improve its financial standing in the years ahead.