HON. MINISTER OF FINANCE INAUGURATES BOARD FOR GHANA COCOA BOARD

Dr. Kwabena Duffuor, Minister of Finance and Economic Planning has charged the Board of Directors of the Ghana Cocoa Board to ensure that Ghana regains her position as the leading producer of cocoa in the world.

“You must expand cocoa production up and beyond the level that would enable the country re-capture its position as the world’s leading producer”.

Dr. Duffuor said this when he inaugurated the 10-member Board of Directors for the Ghana Cocoa Board in Accra. They took the oath of Secrecy and the Official oath. Present were Hon. Fifi Kwetey, Deputy Minister of Finance and Economic Planning and some officials of Ministry and COCOBOD.

He said they must intervene in the industry in manner that will result in significant improvement not only in the production levels but also in the improvement of the welfare and livelihood of farmers.

The Minister further charged them to introduce policies and programmes that will make cocoa farming attractive and lucrative to the youth saying “the new cadre of cocoa farmers should not only be technologically knowledgeable but also have all the necessary support and incentives to expand the country’s production to its full potential”

Dr Duffuor noted that by making cocoa farming more productive and profitable through the use of improved technology and high yielding seedlings, incomes of farmers will increase, rural poverty will reduce, quality of life of cocoa farmers will improve significantly and there will be a reduction in rural urban migration.

On cocoa processing, the Minister expressed disappointment with the inability of COCOBOD to meet the supply demand of the local processing industries and asked that it should be addressed as a matter of urgency to boost investor confidence.

The Minister also deplored the emerging trend in the industry where some staff have registered companies that are awarded various contracts saying this should cease immediately because it breeds corruption.

“COCOBOD would also have to drastically reduce its operational costs and generate income from other sources, including its landed properties such as the one on the Spintex Road which is generating profit to private individuals instead of to the Board”.

Dr Duffuor urged the Board to also revise the Cocoa Strategy Document and consider the possibility of introducing a fixed percentage of the net FOB price as export duty payment rather than the current form where export duty payment is residual.

The Chairman of the Board, Dr. Percival Kuranchie expressed members’ appreciation to the President and the Minister for their nomination and pledged the Boards commitment to the task assigned them.

Other members of the board are, Mrs. Afriyie Haffer, Dr, Agyemang-Atuahene Kuntor, Mr. Anthony Fofie (MD), Nana Yiadom Boakye, Prof. Kofi Nketsia Afful, Mr. Charles Tetteh Kwao Dodoo, Governor of the Bank of Ghana, Mr. Paul Asimenu and Mrs. Benice Adiku-Heloo. The Governor of BOG and Prof. Kofi N. Afful would be sworn in next week as they are currently out of the country.
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