Minister-Designate for Food and Agriculture, Eric Opoku, has revealed a significant decline in Ghana’s cocoa production, marking its lowest level in two decades.
During his vetting by Parliament’s Appointments Committee, Opoku cited recent data from the Ghana Cocoa Board (COCOBOD), indicating production figures of 530,000 metric tonnes for the current season. He emphasized that regardless of the exact figure, the decline in production is a serious concern.
This sharp decline has placed a considerable financial strain on the sector. Ghana previously secured an $800 million syndicated loan to purchase 850,000 tonnes of cocoa. However, the failure to meet this production target has resulted in a loan default.
“The inability to produce 850,000 tonnes meant defaulting on the loan,” Opoku stated. “The remaining 374,000 tonnes have been rolled over to this year, adding to the sector’s financial burdens.”
Addressing this debt and other liabilities is now crucial for the progress and sustainability of the cocoa sector.
