Skip to main content

COCOBOD recorded US$840m revenue loss in 2023/24 crop season – Finance Minister

 The Finance Minister Dr. Cassiel Ato Forson has disclosed that COCOBOD made a revenue loss of US$840 million in the 2023/2024 crop season.

This, the Minister attributed to the forward sales contracts locked-in at lower prices, than current market rates thereby impoverishing the Ghanaian farmer. 

Presenting the 2025 Budget in Parliament, Dr. Ato Forson revealed that COCOBOD was unable to supply 330,000 tonnes of cocoa to meet its full contractual obligation in the 2023/2024 crop season.

According to him, the under-supply has been rolled over for subsequent supply by the new administration.

Mr Speaker, these 2023/24 forward sales contracts locked-in at lower prices than current market rates, have resulted in revenue losses of US$840 million for both COCOBOD and impoverished the Ghanaian farmer”.

He explained that the roll-over contracts will result in additional losses of US$495 million this year.

This implies that for every tonne of cocoa delivered this 19 years in fulfilment of the rolled-over contracts, COCOBOD and the Ghanaian farmer will lose US$4,000 in revenue”.

In addition, Dr Forson said cocoa production dropped by nearly 50% over the past three years.

Labels:

Comments

Post a Comment

Popular posts from this blog

US-Based Doctor Supports Weija Leprosarium, Underprivileged Children In Ankaase With Cash & Food Items

 In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more

Mfantsiman Girls to Host 65th Speech & Prize-Giving Day

  Mfantsiman Girls Senior High School is set to host the 65th Speech and Prize-giving Day and Homecoming from 14th to 16th March at Saltpond in the Central region. This year’s Speech and Prize-giving day is being hosted by the 2000-year group, and over 5000 old girls and students of Mfantsiman Girls are expected to attend the programme. Under the theme, ‘Leveraging New Media Technology to Optimize Girl Child Education,’ the event will emphasize the importance of harnessing technology to address the unique challenges faced by girls in accessing quality education, particularly in marginalized communities. By leveraging new media technology, we can create inclusive, interactive, and engaging learning environments that empower girls to reach their full potential. The theme will also serve as a call to action, encouraging students, educators, and stakeholders to explore innovative ways to integrate technology into girl child education, ultimately driving positive change and promoting a...
Post a Comment
Read more