Professor Steve Hanke has labeled COCOBOD as corrupt, claiming it underpays local cocoa farmers. In contrast, Dr. Randy Abbey, CEO of COCOBOD, aims to enhance the sector’s efficacy and farmer compensation, advocating for increased processing capacity and export of cocoa products.
Professor Steve Hanke, an esteemed American economist at Johns Hopkins University, has characterized the Ghana Cocoa Board (COCOBOD) as a notably corrupt institution. He claims that the board is deceiving local cocoa farmers by compensating them at merely one-third of the actual market price for cocoa. Hanke articulated his views on March 9, 2025, via his social media platform, asserting, “The Ghana Cocoa Board rips off Ghanaian farmers. The board pays farmers only one-third of the market price for cocoa. The Cocoa Board is a typical corrupt Ghanaian institution.”
In response, Dr. Randy Abbey, the Chief Executive Officer of COCOBOD, reaffirmed his dedication to ensuring that cocoa farmers receive fair compensation and to revitalizing the cocoa sector. He pointed out that Ghana, possessing a domestic processing capacity of 504,780 tonnes, operates its processing companies at below 50% of this capacity. This reality significantly restricts Ghana’s ability to capitalize on the lucrative global chocolate industry.
Dr. Abbey emphasized, “Ghana has long been recognized as one of the world’s leading producers of cocoa, yet we are yet to reap the full benefits of this beloved crop in terms of domestic consumption.” Furthermore, he indicated that the President has instructed him to enhance Ghana’s exports of processed cocoa products rather than merely raw cocoa beans.
The remarks made by Professor Steve Hanke highlight significant concerns regarding the compensation of Ghanaian cocoa farmers by COCOBOD, suggesting systemic corruption. Meanwhile, Dr. Randy Abbey’s commitment to reforming the sector and expanding Ghana’s processed cocoa export capacity indicates ongoing efforts to address these issues and improve the industry for local producers.
Original Source: www.ghanaweb.com
