Jinapor urges cost-cutting measures at COCOBOD amid financial challenges

Minister of Energy and Green Transition, John Jinapor, is worried about cocoa production. He also expressed concern over the rising debt in the sector.

At the inauguration of COCOBOD's new board, he shared alarming statistics. The sector's debt has increased from GH₵400 million in 2017 to GH₵2.6 billion now. This situation requires urgent attention.

Jinapor noted that COCOBOD has faced troubling issues recently. He emphasized that everyone should be concerned about its current state. Cocoa production has dropped significantly as well.

In the 2016/2017 season, cocoa production was around one million metric tonnes. Now, it has fallen to roughly 500,000 metric tonnes and continues to decline. Jinapor compared this trend to oil production.

He urged the new board to focus on cost-cutting and operational efficiency. Their main goal should be increasing cocoa production and adding value to it.

Jinapor explained that including financial leaders on the board aims to improve fiscal discipline. The Finance Minister and the Governor of the Bank of Ghana are part of this effort. They will help monitor financial practices closely.

He expressed confidence in the new board's ability to turn things around. The board is chaired by Dr. Samuel Ofosu Ampofo, a Policy Advisor at the Vice President's Office. Other members include Dr. Johnson Asiama and Dr. Cassiel Ato Forson.

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