President John Mahama has revealed that the Ghana Cocoa Board (COCOBOD) is currently facing a total debt of GH₵32.5 billion.
Delivering his State of the Nation Address (SONA), the President noted that GH₵9.7 billion of this debt is due by the end of September 2025.
The debt has significantly impacted COCOBOD’s ability to meet its obligations. During the 2023/2024 crop season, COCOBOD was unable to supply 333,767 metric tonnes of cocoa, which had been sold at $2,600 per tonne.
The previous management rolled over these contracts into the 2024/2025 season, resulting in substantial losses for the board and cocoa farmers.
“For every tonne of cocoa delivered this year to fulfill these contracts, COCOBOD and Ghanaian farmers will lose $4,000 in revenue,” Mahama stated.
As of now, COCOBOD has supplied 210,000 tonnes from the rolled-over contract, resulting in a new loss of $840 million for both COCOBOD and farmers.
The President warned that COCOBOD and the farmers would lose an additional $495 million by the time the board completes the supply of the remaining rolled-over contracts.
Additionally, Mahama highlighted that cocoa road commitments alone total GH₵21.7 billion, of which only GH₵4.4 billion is included in the total debt of GH₵32.5 billion.
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