Ghana faces major setback as 120,000 metric tons of cocoa lost to smuggling

Ghana has lost approximately 120,000 metric tons of cocoa beans to smuggling between 2022 and 2023, according to the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahene Aidoo.

Addressing a press conference in Accra on Monday (14 October) Mr Aidoo highlighted the severity of the issue, stressing that the smuggling crisis threatens the sustainability of the country’s cocoa industry—a cornerstone of the national economy.

“About 100,000 to 120,000 metric tons of cocoa was smuggled out of Ghana, especially in the last two years. Now for last year and this year in particular, this has been so,” Mr. Aidoo revealed.

The CEO attributed the increase in smuggling to disparities in cocoa prices between Ghana and neighbouring countries, exacerbated by the international market’s “inverted” trading system. “When you say it is inverted, it means that today, the spot price has become more appreciable,” he explained.

Despite collaborative efforts between COCOBOD and other government agencies to curb the illicit trade, progress has been limited. Mr. Aidoo expressed concern that the incentives driving smugglers—such as the allure of higher prices in neighbouring markets—have made it increasingly difficult to contain the problem.

The loss of such a significant quantity of cocoa adds pressure to Ghana’s cocoa sector, which is already navigating global market challenges and production costs.

SOURCE: DAILY MAIL GH

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