Chief Executive of the Ghana Cocoa Board (COCBOD), Joseph Boahene Aidoo, has indicated that the board may not be able to pay cocoa farmers for the current crop season due to a hit that cocoa prices have taken on the world market due to coronavirus.
In a radio interview monitored by WhatsUp News, Mr. Joseph Boahene Aidoo said the available math indicates that the Board may not be able to pay farmers what is due them as the virus has also hamstringed the Board’s move to secure necessary funds.
“..now that Covid has come they are not even buying let alone pay the LID. Meanwhile, every farmer is looking forward to seeing LID on top of his or her producer price. So we are in serious trouble actually.”
According to him, small holder farmers are likely to suffer the brunt of the impact of the virus.
Ghana’s Cocoa industry has some 800,000 rural farmers and rakes in some US$2billion for Government annually.
Already, Mr. Boahene Aidoo has indicated that already COCOBOD has lost US$1billion in revenue as chances for securing syndication loan for the 2020 and 2021 crop season hangs in a balance.