CEO of the Ghana Cocoa Board (COCOBOD), Joseph Boahene Aidoo, has disclosed that Ghana experienced a significant loss of 120,000 metric tons of cocoa beans due to smuggling between 2022 and 2023.
This loss represents a critical threat to Ghana’s cocoa sector, a key contributor to the national economy.
The issue of cocoa smuggling, historically present in Ghana, has worsened recently, largely driven by the more competitive cocoa prices in neighboring countries. Addressing the media in Accra on October 14,
Mr. Aidoo expressed grave concern over the escalating trend. He noted that despite coordinated efforts from COCOBOD and governmental bodies, there has been limited success in controlling the illegal trade.
Mr. Aidoo explained that between 100,000 and 120,000 metric tons of cocoa were illicitly exported over the two-year period, with 2022-2023 seeing the most pronounced impact. He attributed the rise in smuggling to the distorted structure of the international cocoa market, which has created financial incentives for smugglers to capitalize on price disparities between Ghana and its neighbors. “This surge is due to an inverted international trading system where spot prices have become more attractive,” he remarked.
Godfred Sey/ Ahotoronline.com
