International buyers are increasingly turning away from Ghana’s cocoa due to its relatively high prices compared to beans from other producing countries, the Ghana Cocoa Board (COCOBOD) has revealed.
According to COCOBOD Chief Executive Officer Dr Randy Abbey , more than 530,000 metric tonnes of cocoa have been sold under the current financing arrangement. However, nearly 50,000 metric tonnes remain unsold, largely because buyers consider Ghana’s cocoa too expensive.
Speaking at a media briefing, COCOBOD Chief Executive Officer, Randy Abbey, explained that the widening price differential has significantly influenced purchasing decisions on the global market, forcing some buyers to look elsewhere for cheaper alternatives.
“Buyers now find our beans too expensive and have therefore shifted to other markets where they can obtain cocoa at far lower prices. These are purely business decisions,” Mr. Abbey stated.
He noted that the development has had ripple effects across the sector, particularly for farmers who are yet to receive payment for their produce.
“We have sold over 530,000 tonnes of cocoa. There are just under 50,000 tonnes for which we are still trying to secure buyers. It is at this point that buyers began shifting to other markets,” he explained, adding that some of the unpaid cocoa beans are likely part of the unsold stock.
Despite the challenge, COCOBOD says it remains in active engagement with key stakeholders and international partners as it seeks to address the pricing concerns and secure buyers for the remaining cocoa.