Criticism of Ghana Cocoa Board’s Operations by Economist Steve Hanke
Professor Steve Hanke has labeled the Ghana Cocoa Board as corrupt, alleging it underpays farmers, while CEO Dr. Randy Abbey affirms efforts to improve the sector and enhance domestic processing capabilities.
In a recent statement, Professor Steve Hanke, an eminent economist from Johns Hopkins University, criticized the Ghana Cocoa Board (COCOBOD) for being corrupt. He accused COCOBOD of underpaying Ghanaian cocoa farmers, asserting that they receive only one-third of the market price. This claim highlights concerns regarding the treatment of farmers within the cocoa sector in Ghana.
In response, Dr. Randy Abbey, the CEO of COCOBOD, emphasized his dedication to enhancing value for cocoa farmers and revitalizing the sector. He pointed out that Ghana’s processing capacity remains underutilized, operating below 50%, which limits the country’s ability to capitalize on the lucrative global chocolate market.
Dr. Abbey noted that although Ghana stands as a premier cocoa producer, the nation has yet to fully harness the benefits of cocoa domestically. He confirmed that directives have been issued by the President to prioritize the export of processed cocoa products rather than raw beans, indicating a potential strategy for growth in the industry.
In conclusion, the comments from Professor Hanke raise significant questions about the operations of COCOBOD and its impact on Ghanaian cocoa farmers. Dr. Abbey’s commitment to reform and enhance the cocoa sector’s efficiency suggests a responsive approach to the allegations, aiming to improve both the livelihoods of farmers and the nation’s economic standing within the global market.
Original Source: www.ghanaweb.com
