The Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Randy Abbey, has revealed that Ghana’s cocoa is losing buyers from the international market as they turn to cheaper alternatives from other producing countries.
Speaking at a media briefing, COCOBOD CEO, said the relatively high price of Ghanaian cocoa has become a key factor influencing buyers’ decisions.
“The buyers now find our beans as too expensive, and therefore they have shifted to other markets where they can get the beans far cheaper, because these are business decisions,” Mr Abbey explained.
According to him, the development has affected the marketing of part of Ghana’s cocoa crop under the current financing arrangement. While COCOBOD has already sold more than 530,000 metric tonnes of cocoa, about 50,000 metric tonnes are yet to attract buyers.
“We have sold over 530,000 tonnes of the crop. We have another under 50,000 that we are yet to find buyers for, and that is when the buyers started shifting,” he said.
Mr Abbey noted that the unsold cocoa may partly explain delays in payments to some farmers, as beans that have not been marketed are more likely to be linked to outstanding payments.
He assured that COCOBOD is engaging key stakeholders to address the pricing challenges and secure buyers for the remaining stock, while taking steps to reduce the impact on farmers and the broader cocoa industry.
Beyond the immediate marketing concerns, the COCOBOD CEO disclosed that the Board is considering a new funding model for cocoa purchases, with emphasis on value addition rather than the continued heavy reliance on exporting raw cocoa beans.
“We are looking at a model that does not tie hands with respect to the collateralisation of the raw bean, because we want a funding model that also facilitates or supports value addition,” he said.
Mr Abbey added that discussions on the new funding approach are ongoing, stressing that it remains a top priority for management.
“The full details will be made known, but obviously, this is on top of the agenda,” he noted.
COCOBOD says it remains committed to safeguarding farmers’ livelihoods while repositioning Ghana’s cocoa sector to remain competitive in an increasingly price-sensitive global market.
