Steve Hanke accuses COCOBOD of shortchanging Ghanaian cocoa farmers

Renowned American economist Steve Hanke has alleged that the Ghana Cocoa Board (COCOBOD) is exploiting local cocoa farmers by paying them only a third of the market price for their produce.

Describing COCOBOD as a “typical corrupt Ghanaian institution,” Hanke’s remarks on social media have sparked fresh debates about pricing and fairness in the cocoa sector.

His comments come as COCOBOD’s new CEO, Dr. Randy Abbey, pushes for increased domestic cocoa processing and consumption to stabilize prices.

Dr. Abbey has emphasized the need for policies that boost local processing, reduce reliance on raw cocoa exports, and create new economic opportunities.

President Mahama has reportedly directed COCOBOD to prioritize processed cocoa exports over raw bean sales.