The Chief Executive Officer (CEO) of Ghana Cocoa Board (COCOBOD), Mr. Joseph Boahen Aidoo has disclosed that Ghana gets only $2 billion in terms of revenue from the $100 billion cococa industry despite its production of 20% of the world’s cocoa beans.
The CEO made the disclosure when a delegation from Standard Group visited COCOBOD.
“Ghana is the second leading producer of cocoa as we account for roughly 20 per cent of the world cocoa production but the income we get from the entire cocoa value chain which involves production, processing and manufacturing of chocolates is just $2 billion,” he said.
The situation he said was a result of the country’s inability to add value to its cocoa beans, as about 80 per cent of the cocoa produced is exported in its raw form.
He continued: “Together with Cote d’voire, we produce about three million tonnes of cocoa beans which translate into about 60 per cent of the world’s cocoa but the revenue generated from the sale of cocoa for the two countries doesn’t even add up to $6 billion, and this is sad.’’
Touching on the amount of money farmers receive for their produce he said: “The farmers in Ghana who are producing about three bags per acre and are the anchor in the entire cocoa value chain get about only three per cent of this amount.’’
“We are talking about 800,000 farm households and in effect we have about 1.2 million farmers involved and most of them are smallholder farmers operating about 2.5 hectares,” he added.
The Head of the delegation from the Standard Bank Group, Mr Steve Hall, in explaining the rationale behind their visit said it was part of the bank’s efforts to drive economic growth in Africa.
“We are not here just to bank Africa, but the purpose resides in the fact that we see Africa as an entire continent and a home, and we are here to drive its growth.
“We are also here as an executive team to learn about how we can play our role in making this our home and be able to drive the growth of Africa. We are on a journey to learn around these things so that as an executive we can help transition the bank into one that can really drive Africa’s growth,” he concluced.