{"id":153807,"date":"2024-02-20T15:03:14","date_gmt":"2024-02-20T15:03:14","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/02\/20\/gh%c2%a22bn-loss-due-to-global-cocoa-price-decline\/"},"modified":"2024-02-20T15:03:14","modified_gmt":"2024-02-20T15:03:14","slug":"gh%c2%a22bn-loss-due-to-global-cocoa-price-decline","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/02\/20\/gh%c2%a22bn-loss-due-to-global-cocoa-price-decline\/","title":{"rendered":"GH\u00a22bn loss due to global cocoa price decline"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board (COCOBOD), has linked the organization\u2019s GH\u00a22 billion loss in 2021 to the decline in the international market price of cocoa.<\/p>\n<p>He noted that the price of cocoa on the global market has experienced a significant drop of over 30 per cent in recent years, contributing to the substantial loss incurred.<\/p>\n<p>Speaking before the Public Accounts Committee (PAC) in Accra on Tuesday, Mr. Aidoo addressed measures being considered to recover from these losses and return to profitability.<\/p>\n<p>He assured that plans are well underway to address the challenges posed by the declining cocoa prices and implement strategies to mitigate further losses.<\/p>\n<p>\u201cChairman we are on the path of a turnaround. COCOBOD\u2019s financial situation is dictated by the international market Price, that\u2019s the world cocoa price, and we all know that from 2017 to the date in question, the price of cocoa in the world market has collapsed by 30%. And in 2020 that is also when we had our highest production.<\/p>\n<p>\u201cSo when prices collapsed at the time when we had increased yield. That is the direct cost and inventory go up whereas the revenue generated goes down.<\/p>\n<p>\u201cThat is what explains the huge deficit for the particular year. Essentially yes we had record production, the prices at the international market did not favour us,\u201d he stated.<\/p>\n<p>\u00a0<\/p>\n<hr\/>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:\u00a0https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board (COCOBOD), has linked the organization\u2019s GH\u00a22 billion loss in 2021 to the decline in the international market price of cocoa. He noted that the price of cocoa on the global market has experienced a significant drop of over 30 per cent in recent years, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":153808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-153807","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GH\u00a22bn loss due to global cocoa price decline - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/02\/20\/gh\u00a22bn-loss-due-to-global-cocoa-price-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GH\u00a22bn loss due to global cocoa price decline - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board (COCOBOD), has linked the organization\u2019s GH\u00a22 billion loss in 2021 to the decline in the international market price of cocoa. 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