The Ghana Cocoa Board, has said that following the significant revenue losses recorded in the 2014/2015 crop season, it has put measures in place to avoid such shortfalls.
COCOBOD lost about GHS216 million in revenue during the period under review, a situation it said has greatly affected its fortunes.
Speaking at the Public Accounts Committee (PAC) sitting in Parliament on Wednesday, September 2, 2020, the Deputy Chief Executive Officer of COCOBOD, Ray Ankrah, highlighted some reasons that accounted for their poor performance.
“The very first reason for the loss is the big drop in the gross profit percentage. The gross profit percentage is expressed as a percentage of gross profit of our total revenue multiplied by 100. The gross profit percentage measures for each cedi sale we make, and how much we are going to make out of that to cover our overhead”.
“In 2014/2015, our gross profit percentage was 17.9 percent. That dropped from 17.9 to 11.6 percent. So immediately, you have lost something there to enable you to cover your overheads.”