Latest news with #COCOBOD
Zawya
16-05-2025
- Business
- Zawya
11-Member Ghana Cocoa Board Inaugurated with a Pledge to Revive the Sector
An eleven-member Board of Directors for the Ghana Cocoa Board (COCOBOD) has been officially inaugurated at a brief but significant ceremony at the Ministry of Finance, with a strong call to urgently reverse the fortunes of the ailing cocoa sector. The new board is chaired by Dr. Samuel Ofosu Ampofo and includes key figures such as the Minister for Finance, Dr. Cassiel Ato Forson; Governor of the Bank of Ghana, Dr. Johnson Asiama; Chief Executive Randy Abbey; Alhaji Alhassan Kobina Ghansah; Vincent Oppong Asamoah; Deputy Minister for Trade, Samson Ahi; Deputy Minister for Agriculture, John Dumelo; Alhaji Alhassan Bukari; Nana Charles Owusu and Eric Turkson. The inauguration was chaired by Energy Minister John Jinapor, who also serves as the Alternate Minister for Finance. In his remarks, Hon. Jinapor congratulated the new board members but expressed grave concern over the current state of COCOBOD. He noted that while the institution was once a shining symbol of Ghana's economic strength, recent years have seen a worrying noted that crop production, which previously peaked at 1 million metric tonnes, has slumped to about 500,000 metric tonnes. However, Mr. Jinapor expressed confidence in the calibre of the newly constituted board, stating that he was convinced they possessed the expertise and integrity to restore COCOBOD's lost glory. On his part, the Minister for Finance, Dr. Cassiel Ato Forson, expressed his gratitude for the opportunity to serve on the board once again, having previously been a member in his capacity as Deputy Finance Minister. He explained that the new law governing COCOBOD mandates the inclusion of both the Finance Minister and the Governor of the Bank of Ghana on its board. Dr. Forson underscored the enduring importance of cocoa to Ghana's economy, describing it as the 'jewel of the economy,' and lamented the massive mismanagement of COCOBOD in recent years. He outlined plans by government to introduce plantation farms by acquiring about 200 hectares of cocoa land, aiming to restore production levels to 1 million metric tonnes. The Finance Minister further tasked the board to decisively address the issue of diseased cocoa farms, especially in the Western Region, which continues to hamper productivity. He assured COCOBOD of the full support of the Finance Ministry in all its endeavours. Newly sworn-in Board Chairman, Dr. Samuel Ofosu Ampofo, expressed his appreciation to the President for the confidence reposed in the board. He described their appointment as both an honour and a call to duty, pledging on behalf of the members to lead a transformational agenda for the cocoa sector. Dr. Ofosu Ampofo promised to 'reset, retool, and reimagine' COCOBOD to restore it as a pivotal institution in Ghana's economy. He urged members of the political class to lead by example by actively engaging in farming to inspire the youth. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Zawya
16-05-2025
- Business
- Zawya
Ghana: Government to Acquire 200000 Hectares for Cocoa Plantation
The Minister for Finance, Dr. Cassiel Ato Forson, has announced an ambitious government plan to acquire 200000 hectares of land for cocoa plantations as part of efforts to revive Ghana's struggling cocoa sector and restore production levels to 1 million metric tonnes. Speaking at the inauguration of a new eleven-member Board of Directors for the Ghana Cocoa Board (COCOBOD) at the Ministry of Finance, Dr. Forson stressed the urgent need for bold interventions to address the sharp decline in cocoa production, which has fallen from a peak of 1 million metric tonnes to about 500,000 metric tonnes in recent years. Dr. Forson, who now serves on the COCOBOD Board by virtue of a new legal provision mandating the inclusion of the Finance Minister and the Governor of the Bank of Ghana, reaffirmed government's commitment to repositioning cocoa as the cornerstone of the national economy. 'Cocoa has always been the mainstay of our economy, and that must not change,' he said. 'Unfortunately, massive mismanagement in recent years has led to a worrying downturn in both production and financial stability. It is time to act decisively.' He disclosed that government, working through COCOBOD, would establish plantation farms by acquiring about 200000 hectares of cocoa land to significantly boost production levels. This, he explained, would complement existing smallholder farmer operations and ensure sustainable growth in the sector. Dr. Forson also highlighted the need to urgently tackle diseased farms, particularly in the Western Region, which continue to hamper output and affect the livelihoods of cocoa farmers. He pledged the Finance Ministry's unwavering support for COCOBOD as it embarks on this turnaround agenda. The Chairman of the newly inaugurated board, Dr. Samuel Ofosu Ampofo, promised to reset, retool, and reposition COCOBOD as a model institution. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
