Joseph Boahen Aidoo, the Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), emphasized the crucial role of cocoa in Ghana’s economic landscape. Speaking on the “Your Ghana, My Ghana” show on Graphic’s Online TV, Aidoo underscored the significance of the cocoa sector, labeling it as the “oxygen” of the nation’s economy.
Aidoo elucidated that the economic well-being of Ghana is intricately linked to the performance of its cocoa sector. He elucidated, “Anytime the cocoa money is not in, the cedi suffers—meaning the cedi is deprived of the needed oxygen,” elucidating the direct impact of cocoa revenue on the stability of the national currency.
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Ghana, known as the world’s second-largest cocoa producer, heavily relies on cocoa for foreign exchange earnings and as a major source of employment, especially in rural areas. However, Aidoo acknowledged persistent challenges facing the sector, including low crop yields, declining production capacity, and various agricultural issues.
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The Ghana Cocoa Board (COCOBOD) CEO refuted allegations of exploitation of cocoa farmers, stating that farmers receive the lion’s share of proceeds from cocoa sales, approximately 96 percent. He highlighted the extensive support provided by Ghana Cocoa Board (COCOBOD), including free seedlings, farm spraying services, and logistical assistance, to enhance cocoa production.
Edward Kareweh, the General Secretary of the Ghana Agricultural Workers’ Union (GAWU), echoed Aidoo’s sentiments on the importance of the cocoa sector to Ghana’s economy. Kareweh emphasized the need for national attention to sustain the sector’s viability, stressing the retention of cocoa revenues within the country as a significant benefit.
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Addressing concerns about cocoa pricing, Kareweh acknowledged discrepancies between world market prices and farmers’ earnings but emphasized the need for environmental conservation to safeguard cocoa production. He cautioned against illegal mining activities, known as galamsey, which pose a threat to cocoa cultivation.
In conclusion, Aidoo and Kareweh underscored the pivotal role of cocoa in Ghana’s economic prosperity and called for concerted efforts to address challenges facing the sector. With cocoa serving as the backbone of Ghana’s economy, ensuring its sustainability is paramount for the nation’s future growth and development.