Professor Hanke Critiques COCOBOD Amidst Efforts for Cocoa Sector Reform

Professor Steve Hanke critiques COCOBOD, accusing it of corruption that results in Ghanaian farmers receiving only one-third of market prices for cocoa. In contrast, COCOBOD’s CEO, Dr. Randy Abbey, emphasizes ongoing efforts to improve farmer compensation and the cocoa sector’s overall value, aiming for more processed product exports.

Professor Steve Hanke, an American economist, has identified the Ghana Cocoa Board (COCOBOD) as an institution rife with corruption. He claims that COCOBOD is shortchanging Ghanaian cocoa farmers by compensating them with only one-third of the market price for cocoa, labeling it as a typical corrupt entity within Ghana.

In response, Dr. Randy Abbey, the Chief Executive Officer of COCOBOD, pledged to enhance the value received by cocoa farmers and to revitalize the cocoa sector. He highlighted that Ghana’s domestic processing capacity stands at 504,780 tonnes, yet companies are operating at less than half of this capacity.

Dr. Abbey remarked that this shortfall limits Ghana’s potential to capitalize on the lucrative global chocolate market. He expressed the need for improvement in domestic cocoa consumption, asserting the government’s directive to boost exports of processed cocoa products rather than merely raw cocoa.

Overall, the situation outlined highlights a stark contrast between accusations of corruption against COCOBOD and the efforts being made to improve the conditions for cocoa farmers in Ghana.

The discourse surrounding COCOBOD underscores critical issues of farmer remuneration and the economic potential of Ghana’s cocoa sector. While Professor Hanke presents serious allegations of corruption, COCOBOD’s leadership stresses commitment toward enhancing farmer income and elevating the country’s position in the global market. Both perspectives highlight the importance of reform in maximizing the benefits of Ghana’s cocoa industry.

Original Source: www.ghanaweb.com