The Ghana Cocoa Board (COCOBOD) has announced a downward revision of its cocoa production target for the upcoming 2024/2025 season, adjusting it from 810,000 metric tons to 650,000 metric tons due to adverse weather conditions.
COCOBOD Chief Executive Officer Joseph Boahen Aidoo revealed the revised target during a press briefing on August 20, 2024.
He attributed the reduction to severe weather conditions, including prolonged droughts and erratic rainfall patterns, adversely affecting cocoa yields.
“Given the current climatic challenges, we are no longer confident in reaching the previously projected 810,000 metric tons. We have therefore revised the target to 650,000 metric tons for the 2024/2025 season,” Aidoo said.
Aidoo also noted that COCOBOD is working with farmers to address these challenges through various support programs and interventions.
Despite the adjusted target, Aidoo expressed confidence in COCOBOD’s financial stability, underscoring that the organization’s new strategy of self-funding cocoa purchases without relying on offshore loans will help mitigate the impact of the production shortfall.
