FITCH prediction of a drop in Gold prices: Cocoa can bring us more gains than Gold, We should restructure cocoa industry like GoldBod – Nana Biribireba
Following recent predictions by Fitch Ratings that global gold prices are expected to decline in the coming months, Nana Biribireba Boateng, CEO of Christal Mining Consult, has called for an urgent national rethink on Ghana’s economic priorities.
Speaking on Kessben FM, the mining executive stressed that Ghana must look beyond gold and focus on revamping its cocoa industry, which, according to him, holds even greater long-term potential for economic growth.
Nana Biribireba highlighted that while gold has long been a cornerstone of Ghana’s export economy, the volatility of international markets makes it a less stable revenue stream. He argued that the cocoa industry, if restructured and managed strategically like the recently reformed gold sector under the Ghana Gold Refinery and GoldBod initiatives, could generate more consistent and sustainable economic gains for the country.
He pointed to the success of the GoldBod (Gold Board), which has brought increased regulation, transparency, and value retention to the gold sector through initiatives like local refining, formalization of small-scale mining, and partnerships that prioritize Ghanaian interest.
According to him, the cocoa industry, currently facing issues related to pricing, farmer welfare, and export dependency, needs a similar overhaul.
Nana Biribireba also called for more investment in research and development, farmer education, and industrial processing within the cocoa value chain. He emphasized the need for a national cocoa board that is not only regulatory but entrepreneurial, actively seeking new markets, innovating product lines, and reinvesting in local communities.
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