{"id":67309,"date":"2024-02-22T19:42:06","date_gmt":"2024-02-22T19:42:06","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=67309"},"modified":"2024-02-22T17:43:51","modified_gmt":"2024-02-22T17:43:51","slug":"cocoa-market-is-currently-bullish-cocobod-ceo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo","title":{"rendered":"Cocoa market is currently bullish \u2013 COCOBOD CEO"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Cocoa prices are currently doing well on the international market hence Ghana is going to soon experience a better picture of its local market, Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has said.<\/b><\/p>\n

He noted that the cocoa sector in Ghana performed poorly between the period 2017 and 2020 because the prices on the world market had collapsed by 30 percent.<\/p>\n

Although production went up in 2020, the prices were not the best on the international market, a situation that affected the local market as well, he added.<\/p>\n

The International Monetary Fund (IMF) recently said that the state-owned entity mandated with facilitating cocoa production and exercising export monopoly\u2014has long registered losses due to the absence of a systematic mechanism for setting producer purchase price (PPP), significant quasi-fiscal activities (roads construction and input subsidy programs), and large administrative costs.<\/p>\n

The debt accumulated by COCOBOD over the past few years became too expensive to service and had to be restructured.<\/p>\n

Appearing before the Public Accounts Committee (PAC) of Parliament on Tuesday, February 20, over GH\u00a22 billion loss in 2021 Mr Joseph Boahen Aidoo said \u201cMr Chairman we are on the path of a turnaround. COCOCOB\u2019s financial situation is dictated by the international market price, that is the word cocoa price. and we all know that from 2017 to the date in question prices of cocoa in the world market had collapsed by 30 percent.<\/p>\n

\u201cIn 2020 that is also when we had our highest reduction, so when prices collapsed at the time when we had increased yield, definitely, your direct course and inventory go up whereas the revenue generated goes down. That is what explains the huge e deficit for that period. essentially, yes we had record production but prices at the international market did not favour us. \u201d<\/p>\n

Assuming the prices on the world market keep falling, what are you going to do to break even as a company? he was asked by the chair of the PAC James Kluste Avedzi.<\/p>\n

In answer, he said \u201cFor the past years what we have been doing is taking measures to cut down the cost of operations and other activities. But currently, as we speak the market is going bullish, cocoa prices have relished, there is an ever record so we strongly believe that in the coming years, we are going to see a better picture. It\u2019s bullish, it is not something that is going to ease too soon because the fundamentals are going to keep the prices there for the next three years.\u201d<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Cocoa prices are currently doing well on the international market hence Ghana is going to soon experience a better picture of its local market, Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has said. He noted that the cocoa sector in Ghana performed poorly between the period 2017 […]<\/p>\n","protected":false},"author":84,"featured_media":67308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-67309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nCocoa market is currently bullish \u2013 COCOBOD CEO - Ghana<\/title>\n<meta name=\"description\" content=\"Cocoa prices are currently doing well on the international market hence Ghana is going to soon experience a better pi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cocoa market is currently bullish \u2013 COCOBOD CEO\" \/>\n<meta property=\"og:description\" content=\"Cocoa prices are currently doing well on the international market hence Ghana is going to soon experience a better pi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T19:42:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1708611121.021849.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"779\" \/>\n\t<meta property=\"og:image:height\" content=\"476\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Cocoa market is currently bullish \u2013 COCOBOD CEO\",\"datePublished\":\"2024-02-22T19:42:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo\"},\"wordCount\":437,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1708611121.021849.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cocoa-market-is-currently-bullish-cocobod-ceo\",\"name\":\"Cocoa market is currently bullish \u2013 COCOBOD CEO - 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