Eric Opoku: Since Akufo-Addo Assumed Power, COCOBOD has Suffered Losses

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Eric Opoku alleges COCOBOD suffered losses since Akufo-Addo took office. Stay informed on agricultural sector assessments and policy debates.

Eric Opoku, the Asunafo South Member of Parliament, has claimed that since President Akufo-Addo took office, the Ghana Cocoa Board (COCOBOD) has suffered losses.He blamed the underwhelming performance of the Akufo-Addo-Bawumia administration, which took office in 2017. Eric Opoku, Ranking Member for Food, Agriculture, and Cocoa Affairs Committee, called the losses suffered under the current administration “unprecedented” in an interview with Bernard Avle on Point of View on Citi TV. We find it surprising that COCOBOD has been losing money under the administrations of President Akufo-Addo and Vice President Dr. Bawumia. They have suffered losses over the last seven years that have never before occurred in the history of cocoa. “That a specific government will experience losses for seven years in a row.

Furthermore, they claim that even though they are taking home three-fourths of the global market price this year, they would yet lose 2.6 billion. Therefore, we are unable to comprehend what is going on in COCOBOD,” he stated. Additionally, Eric Opoku took issue with the government’s allocation of just one-fourth of the profits from the global cocoa market to farmers.

“Assuming you are a producer of cocoa and because Ghana wants the farmer and the nation to benefit, we have to establish a regulator to ensure that we produce in larger quantities, and provide guaranteed prices to our farmers. And then we get enough from our cocoa for farmers and the nation. Then in a period, whatever we are getting from cocoa, the government says I’m getting three-fourths and I’m giving you [cocoa farmers] one-fourth. Everybody will complain”

SOURCE CITINEWS

 

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