Professor Steve Hanke criticizes COCOBOD for underpaying Ghanaian cocoa farmers, claiming they only receive one-third of the market price. COCOBOD CEO Dr. Randy Abbey emphasizes the need to improve processing capacity and export of processed cocoa products to enhance benefits for farmers and the country.
Professor Steve Hanke, an esteemed American economist and Professor of Applied Economics at Johns Hopkins University, has characterized the Ghana Cocoa Board (COCOBOD) as a notably corrupt entity within Ghana’s cocoa sector. He contends that the board is deceiving Ghanaian farmers by compensating them with merely one-third of the prevailing market price for cocoa.
In a statement on his social media platform, Professor Hanke emphasized, “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.” Meanwhile, Dr. Randy Abbey, the Chief Executive Officer of COCOBOD, has expressed his dedication to ensuring that cocoa farmers receive equitable compensation for their harvests and aims to revitalize the cocoa sector.
Dr. Abbey highlighted that Ghana possesses a significant domestic processing capacity of 504,780 tonnes; however, existing processing companies are operating at less than half of their potential. This inefficiency, according to him, restricts Ghana’s capacity to fully benefit from the lucrative global chocolate market. He articulated, “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.”
The CEO noted that he has been tasked by the President to implement strategic measures that will enhance Ghana’s export of processed cocoa products in lieu of raw cocoa beans, thereby maximizing the sector’s potential.
In summary, Professor Steve Hanke’s characterization of COCOBOD as a corrupt institution raises significant concerns regarding the treatment of Ghanaian cocoa farmers. Dr. Randy Abbey’s commitment to enhancing the sector’s efficiency and maximizing exports of processed cocoa reflects a strong effort to address these issues and strengthen Ghana’s position in the global cocoa industry.
Original Source: www.ghanaweb.com
