The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahene Aidoo, has attributed the trend of cocoa bean smuggling in the country to the volatility of the international market trading system.

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This statement follows COCOBOD's recent announcement that Ghana lost 120,000 metric tons of cocoa beans to smuggling between 2022 and 2023.At a press conference in Accra on Monday, October 14, Mr. Aidoo expressed his concerns about the detrimental effects of smuggling on Ghana's cocoa industry.

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He noted that, despite the joint efforts of COCOBOD and various governmental agencies, little progress has been made in addressing this illegal trade.Cocoa bean smuggling, a long-standing issue in Ghana, has intensified in recent years, largely due to the attractive prices available in neighboring countries.

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Mr. Aidoo elaborated that fluctuations and instability in the international cocoa market including rapid changes in prices, demand, and supply are driving this illicit activity.He explained that unstable market conditions incentivize individuals and groups to engage in illegal practices, such as smuggling cocoa to take advantage of more favorable prices abroad.The situation has been exacerbated by poor harvests in both Ghana and Ivory Coast, the world's top two cocoa producers, resulting in a four-year supply deficit.

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Consequently, global cocoa and chocolate prices have surged this year.In contrast to Ghana, cocoa prices are higher in Ivory Coast and Togo, primarily due to a more stable CFA franc currency and a less regulated market.

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By the end of June this year, Ghana had only produced 429,323 metric tons of cocoa since the season began in September, representing less than 55% of the average output for the same period in previous years.

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This decline suggests that production for 2023/24 is set for its most significant drop in over two decades.To date, more than ten individuals have been sentenced to prison for smuggling this year, with sentences ranging from three months to ten years.

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