Professor Steve Hanke has labeled the Ghana Cocoa Board (COCOBOD) as corrupt, claiming it pays cocoa farmers only one-third of the market price. In contrast, Dr. Randy Abbey, COCOBOD’s CEO, is committed to ensuring fair compensation for farmers and enhancing cocoa processing capacity to better benefit from the global chocolate market.
Professor Steve Hanke, an esteemed American economist at Johns Hopkins University, has condemned the Ghana Cocoa Board (COCOBOD) as a significantly corrupt institution within Ghana’s cocoa sector. He argues that the board is deceiving local farmers by compensating them with merely one-third of the prevailing market price for their cocoa.
On his X page, dated March 9, 2025, he stated, “The Ghana Cocoa Board rips off Ghanaian farmers. The board pays farmers only one-third of the market price for cocoa. The Cocoa Board is a typical corrupt Ghanaian institution.”
In response, Dr. Randy Abbey, the Chief Executive Officer of COCOBOD, has emphasized his dedication to ensuring cocoa farmers receive fair value for their products while striving to revitalize the cocoa sector. He pointed out that Ghana’s inherent processing capacity is considerable, at 504,780 tonnes, but current processing entities function at less than 50% capacity.
Dr. Abbey noted that this underperformance restricts Ghana from reaping full benefits from the lucrative global chocolate market. He remarked, “Ghana has long been recognized as one of the world’s leading producers of cocoa, yet we are yet to reap the full benefits of this beloved crop in terms of domestic consumption,” as reported by 3news.com.
Additionally, he communicated that the President has tasked him with implementing strategies aimed at increasing the export of processed cocoa products rather than simply raw cocoa beans, in an effort to enhance the cocoa industry’s profitability.
In summary, Professor Steve Hanke’s criticism of the Ghana Cocoa Board highlights concerns regarding the unfair compensation to farmers and the alleged corruption within the institution. Meanwhile, COCOBOD’s Chief Executive Officer, Dr. Randy Abbey, aims to enhance the value received by farmers and optimize Ghana’s cocoa processing capabilities in order to better capitalize on the global market. A focus on processing may provide a pathway to improved outcomes for farmers and the cocoa sector as a whole.
Original Source: www.ghanaweb.com
