COCOBOD recorded US$840m revenue loss in 2023/24 crop season – Finance Minister

Finance Minister Dr. Cassiel Ato Forson has revealed that COCOBOD incurred a revenue loss of $840 million in the 2023/2024 crop season due to forward sales contracts locked in at lower prices than current market rates.

Presenting the 2025 Budget, he stated that this situation has impoverished Ghanaian cocoa farmers and led to an under-supply of 330,000 tonnes of cocoa, which has been rolled over for future delivery.

Dr. Forson warned that the losses are likely to worsen, with an additional $495 million expected this year due to the continued rollover of contracts. He noted that for every tonne of cocoa delivered under these contracts, COCOBOD and farmers will lose $4,000 in revenue.

He also highlighted that cocoa production has dropped by nearly 50% over the past three years, raising concerns about the sector’s sustainability.