Professor Steve Hanke has criticized Ghana’s Cocoa Board for corrupt practices, claiming it pays farmers only one-third of the market price for cocoa. In response, CEO Dr. Randy Abbey emphasized his commitment to improving farmers’ welfare and the cocoa sector, aiming to increase domestic processing and exports of cocoa products.
Professor Steve Hanke, an American economist from Johns Hopkins University, has characterized the Ghana Cocoa Board (COCOBOD) as a corrupt entity responsible for unfair practices against local farmers. He asserts that COCOBOD compensates cocoa producers with merely one-third of the actual market price, effectively undermining their livelihoods.
In response to these allegations, Dr. Randy Abbey, the CEO of COCOBOD, assured farmers of his dedication to enhancing their market conditions and revitalizing the cocoa sector. He highlighted that Ghana possesses a domestic processing capability of 504,780 tonnes, but current processing operations function below half of this capacity, limiting the country’s potential in the lucrative global chocolate market.
Dr. Abbey pointed out that despite Ghana’s status as a leading cocoa producer, the nation has not fully capitalized on the crop’s benefits regarding domestic consumption. He also mentioned that the President has tasked him with implementing strategies to boost exports of processed cocoa products rather than just raw beans, aiming to augment the industry’s contributions to the economy.
In summary, Professor Steve Hanke has condemned the Ghana Cocoa Board for corruption and inadequate compensation to farmers. In contrast, Dr. Randy Abbey has pledged to enhance market conditions and domestic processing capabilities, addressing the challenges faced by the Ghanaian cocoa sector. Efforts are underway to shift focus towards processing cocoa products, which could significantly benefit the industry.
Original Source: www.ghanaweb.com
