The Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Honorable Joseph Boahen Aidoo, has announced a series of groundbreaking achievements in cocoa financing and farmer support.
Speaking at a media briefing held at the Ministry of Information in Accra, Hon. Aidoo highlighted COCOBOD’s strategic shift from reliance on external borrowing to a more sustainable and cost-effective financing model, as well as its commitment to improving the welfare of cocoa farmers through record-setting producer prices.
“Since 2017, COCOBOD has worked relentlessly to ensure that our farmers receive the maximum benefit from their hard work.
“One of the most significant milestones has been the shift from 32 years of external borrowing for crop financing. Today, we have achieved zero borrowing, meaning zero cost of borrowing for financing cocoa purchases.”
Hon. Joseph Boahen Aidoo, Chief Executive Officer (CEO) of COCOBOD
The CEO’s address showcased COCOBOD’s commitment to empowering cocoa farmers and strengthening the capacity of Ghana’s domestic financial institutions.
He explained that by reducing dependence on external financing sources, COCOBOD has not only improved the efficiency of cocoa purchases but has also relieved the organization from high interest rates associated with dollar-denominated loans.
The CEO explained that the new financing model leverages pre-financing from Licensed Buying Companies (LBCs), enabling COCOBOD to source funds domestically and reduce the burden of high-dollar interest rates.
This shift, he said, has not only improved the efficiency of cocoa purchases but has also empowered Ghanaian financial institutions.
In addition to highlighting COCOBOD’s financial strategies, Hon. Aidoo shared a historic achievement for cocoa farmers in Ghana.
“In 2024, we made history by increasing the producer price to GHS 48,000 per ton, the highest in Ghana’s history.
“This marks a cumulative increase of 531.58% in producer prices from 2016/17 to the current cocoa season.”
Hon. Joseph Boahen Aidoo, Chief Executive Officer (CEO) of COCOBOD
This record price, Hon. Aidoo explained, is a critical part of COCOBOD’s broader mission to enhance farmer welfare and ensure that cocoa farming remains a viable and profitable occupation in the long term.
“Our payment of remunerative prices guarantees that they can invest in their farms, improve productivity, and ultimately, enjoy a better quality of life,” Hon. Aidoo added.
Focus on Farmer Welfare and Financial Stability
Hon. Aidoo emphasized COCOBOD’s commitment to the long-term welfare of cocoa farmers, highlighting several key initiatives designed to enhance their financial stability.
Chief among these initiatives is the introduction of the Cocoa Farmers Pension Scheme, which ensures that cocoa farmers can achieve financial independence in their later years.
“Through our integrated Cocoa Management System, we have registered over 790,000 farmers, which has paved the way for direct payments and pension contributions, ensuring that no cocoa farmer is left behind,” Hon. Aidoo remarked.
The Cocoa Farmers Pension Scheme is the first of its kind in Ghana’s history, and it provides cocoa farmers with the opportunity to contribute toward their pensions throughout their working lives.
This, according to Hon. Aidoo, is a critical step toward improving the economic well-being of farmers, many of whom had previously faced financial uncertainty in their old age.
“Our goal is to ensure that our cocoa farmers not only thrive today but are also protected for the future.
“The pension scheme, along with our continued efforts to offer remunerative prices, demonstrates our commitment to the long-term financial independence of Ghana’s cocoa farmers.”
Hon. Joseph Boahen Aidoo, Chief Executive Officer (CEO) of COCOBOD
Hon. Aidoo concluded by reaffirming COCOBOD’s commitment to empowering Ghanaian cocoa farmers and ensuring that the cocoa sector remains a major driver of economic development.
With COCOBOD now standing as a model for sustainable financing and farmer welfare, the CEO expressed optimism about the future of Ghana’s cocoa industry. The elimination of external borrowing, higher farmer incomes, and the continued development of local financial institutions are expected to reinforce Ghana’s position as a global leader in cocoa production.
READ ALSO: MTN Shows Commitment To Sustainability Through Project Zero
