Cocoa farmers
The huge drop in the prices of cocoa beans on the international market is expected to take a toll on the local industry.
According to Joseph Boahen Aidoo, Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), cocoa farmers in Ghana would not be entitled to any hike in producer price and bonus for the 2017/18 cocoa season because of the fall in prices.
Over the past couple of years, the price of the cocoa bean has dropped from around $3,000Â a tonne to about $1,900Â a tonne.
And the development is said to have cost Ghana nearly $1 billion in revenue.
On the local front, for every tonne of cocoa beans farmers produce, they are paid GH¢7,600 while for every kilo bag of beans, they earn around GH¢475.
In the precious season, the price witnessed an 11 percent upward adjustment.
Mr Boahen Aidoo told Joy Fm that his outfit was putting measures in place to forestall any effect on production next season, adding that farmers would be guaranteed their minimum price.
Cocobod debt
The Ghana Cocoa Board, according to its CEO, owed so much at nearly GH¢10 billion.
The debt, he mentioned, was due to mismanagement by the previous management led by Dr. Stephen Opuni.
The situation, he added, was affecting the smooth operation of the board.
He noted that the company, however, has been putting in place measures to pay off the debts.
During previous Kufuor administration, COCOBOD made history when Ghana produced a record 1 million tonnes of cocoa. Â Currently, it has dropped to 778,000 metric tonnes.
Syndicated loan
COCOBOD last year signed agreement for an initial amount of US$1.8 billion to buy tonnes of cocoa beans, but the international banks in April 2016 gave additional US$200 million, raising the loan to US$2 billion.
Parliament also approved up to US$2billion for the 2016/2017 crop season, but COCOBOD decided to secure US$1.8billion so as to request for the rest later.
By Samuel Boadi