FINANCE MINISTER Dr. Cassiel Ato Baah Forson has been inaugurated as a member of the newly constituted Board of Directors of the Ghana Cocoa Board (COCOBOD), signaling a renewed commitment to revitalizing the nation’s struggling cocoa industry.
In his inaugural remarks, Dr. Ato Forson commended his colleague board members, led by Chairman Dr. Samuel Ofosu Ampofo, and expressed confidence in their collective ability to implement decisive measures aimed at restoring the fortunes of Ghana’s cocoa sector.
“Cocoa has always been the backbone of our economy—a proud symbol of Ghana’s heritage and a lifeline for millions of farmers and families across the country,” Dr. Ato Forson stated. “Unfortunately, in recent years, COCOBOD has faced daunting challenges. But I believe this is a challenge we are more than capable of overcoming.”
The Finance Minister highlighted the government’s plan to acquire approximately 200 hectares of land for plantation farms. This initiative aims to complement the efforts of smallholder farmers and restore cocoa production to the one million metric tonne mark.
Dr. Ato Forson assured the new board and stakeholders within the cocoa value chain of the Ministry of Finance’s full support in repositioning COCOBOD as a cornerstone of Ghana’s economic recovery and growth agenda.
“The road ahead will be tough—but together, we will rebuild and reclaim cocoa’s rightful place as the jewel of our economy,” he affirmed.
COCOBOD has been grappling with significant challenges in recent years. Cocoa production has declined by nearly 50% over the past three years, with the board unable to supply 330,000 tonnes of cocoa in the 2023/2024 crop season, leading to substantial revenue losses.
Additionally, COCOBOD’s debt has climbed to GH¢32.5 billion, raising concerns about the sustainability of the cocoa industry and the government’s role in addressing these challenges.
The new board, under the leadership of Dr. Ofosu Ampofo and with the inclusion of Finance Minister Ato Baah Forson, is expected to spearhead reforms aimed at enhancing efficiency, increasing cocoa production, and ensuring fair compensation for farmers.
As Ghana seeks to navigate its economic challenges, the revitalization of the cocoa sector remains a top priority for the government and stakeholders alike.
Source: Nationaltymes.com
