{"id":1052868,"date":"2022-04-11T15:40:19","date_gmt":"2022-04-11T15:40:19","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/04\/11\/cocobod-records-%c2%a242-14m-loss-in-2020\/"},"modified":"2022-04-11T15:40:19","modified_gmt":"2022-04-11T15:40:19","slug":"cocobod-records-%c2%a242-14m-loss-in-2020","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/04\/11\/cocobod-records-%c2%a242-14m-loss-in-2020\/","title":{"rendered":"COCOBOD records \u00a242.14m loss in 2020"},"content":{"rendered":"

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Joseph Boahen<\/figcaption><\/figure>\n<\/div>\n

Ghana Cocoa Board (COCOBOD) posted a net loss of \u00a242.14 million in 2020 compared to a net profit of \u00a21.478 billion in 2019, a 102.85% decline.<\/p>\n

This was largely due to the impact of COVID-19 on production of cocoa beans and its purchases.<\/p>\n

According to the 2020 State Ownership Report, net profit margin was 0.24% compared to the net profit margin of 0.20 percent in 2019.<\/p>\n

The cocoa regulator recorded total revenue of \u00a210.741 billion in 2020, which was a 5.42% increase from total revenue of \u00a210.189 billion generated in 2019.<\/p>\n

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Also, revenue from operations was \u00a210.273 billion in 2020 (2019: \u00a29.762 billion). On average, COCOBOD\u2019s total revenue increased by 19% per annum between 2016 and 2020.<\/p>\n

In 2020, COCOBOD reported direct cost of \u00a28.139 billion, representing a marginal increase of 0.06% from \u00a28.134 billion in 2019. Direct cost, on average, increased by 6.31% per annum between 2016 and 2020.<\/p>\n

In terms of liquidity, COCOBOD\u2019s current ratios were 0.82 and 0.75 in 2020 and 2019, respectively.<\/p>\n

This indicated that the company may have difficulty in servicing its short-term obligations as they fall due.<\/p>\n

The free cash flow position of COCOBOD was also negative \u00a2115.14 million in 2020 compared to \u00a2496.52 million in FY2020.<\/p>\n

Key operational results<\/strong><\/p>\n

Average export price of cocoa per tonne in 2020 was estimated at $2,477, representing a 5.40% increase from projected price per tonne of 2,350. This resulted in higher operating revenues of \u00a210.28 billion.<\/p>\n

Production volume of cocoa beans was 775,488 metric tonnes, falling short of projected volume of 850,000 metric tonnes. The shortfall was attributed to diseased and moribund\/overaged cocoa tree stock coupled with relatively longer dry weather conditions during the crop season.<\/p>\n

Also, 773,378 metric tonnes of cocoa beans were sold, which was 9.01% below projected sales of 850,000 metric tonnes due to lower production volumes. <\/p>\n

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