Chief Execu\u00adtive Officer of the Ghana Cocoa Board (CO\u00adCOBOD), Joseph Boahen Aidoo, says the decision to finance cocoa purchase for the 2024\/2025 crop season through zero borrowing arrangement formed part of gov\u00adernment\u2019s plan to make the sector more viable and sustainable.<\/p>\n He explained that the zero borrowing arrangement marked a major shift from the existing sys\u00adtem of financing cocoa purchase over the years through loans from external sources, and constitut\u00aded a new financing innovation designed to reduce the cost of borrowing to the board.<\/p>\n Taking his turn at the bi-weekly Minister\u2019s Briefing organised by the Ministry of Information in Accra yesterday, Mr Aidoo said under the new zero financing arrangement, international buyers would pay directly into the Cocoa Marketing Company\u2019s account on behalf of COCOBOD.<\/p>\n This he explained effectively eliminates the previous arrange\u00adment where funds were raised overseas through syndicated loans, which had become increasingly expensive.<\/p>\n \u201cThe financing arrangement be\u00ading pursued now is a homegrown model, and so far, so good,\u201d he emphasised.<\/p>\n Furthermore, he said \u201cWe are unburdened with any interest and ancillary costs, which significantly reduces the financial pressure on the industry.\u201d<\/p>\n The CEO said COCOBOD had within the last few years undertaken a number of measures to enhance the cocoa sector while adopting a lot more of innovation in its operations.<\/p>\n These innovations, he said included innovations in cocoa farming productivity enhancement practices and hand-pollination.<\/p>\n He said the sector had achieved a lot in cocoa productivity and this had mainly been driven by innovative strategies introduced under the current administration.<\/p>\n Mr Aidoo said the Productivity Enhancement Programme (PEP) was one such innovation which had transformed cocoa yields across the country.<\/p>\n \u201cBefore this administration, only five per cent of farmers prac\u00adtised pruning, despite its known benefits. Today, pruning has become a standard practice, in\u00adcreasing productivity from 450 kg per hectare in 2016 to the current 800 kg per hectare,\u201d he said.<\/p>\n He said pruning apart from improving airflow, and sunlight exposure, had also improved overall tree health, leading to bet\u00adter flower development and pod formation while reducing pest and disease spread.<\/p>\n As a result of this interven\u00adtion, he said some farmers had increased their yields to as high as 6.7 tonnes per hectare, stressing that \u201cA feat once thought impos\u00adsible in Ghana.\u201d<\/p>\n \u201cWe now have farmers pro\u00adducing up to 1,000 fruits per tree, with some even registering over 3,000 fruits through hand polli\u00adnation in the Western Region,\u201d he emphasised.<\/p>\n Mr Aidoo said hand-pollination had become a game-changer for cocoa productivity in the country, becoming a major breakthrough marking another significant break\u00adthrough compensating for the nat\u00adural shortage of insect pollinators in cocoa farms.<\/p>\n He explained that the inter\u00advention began in 2018 with the deployment of 10,000 trained youth to teach farmers the tech\u00adnique, however, it had now been expanded to include 30,000 farm crews across Ghana.<\/p>\n \u201cHand pollination has enabled farmers to push their produc\u00adtivity to new heights, with some achieving 4,000 kg per hectare. The initiative has also created jobs for thousands of young people in rural areas,\u201d he said.<\/p>\n Furthermore, he said digitalisa\u00adtion and sustainability had been embraced as part of measures to modernise the sector.<\/p>\n Mr Aidoo said COCOBOD had put in place a comprehen\u00adsive integrated farmer database which aligned with international sustainability protocols, including the European Union\u2019s Deforesta\u00adtion-Free Regulation.<\/p>\n Watch the latest edition of BizHeadlines below:<\/b><\/p>\n![\"COCOBOD](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/616\/61673016.295.jpg\" "\\"COCOBOD")
COCOBOD CEO, Joseph Boahen Aidoo<\/span><\/span><\/p>\n<\/div>\n