The Deputy Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Ray Ankrah, has attributed the GH¢216 million revenue losses experienced by the company during the 2014/2015 crop season to big drop in the gross profit percentage.
He told the Public Accounts Committee (PAC) of Parliament during its sitting on Tuesday, September 2 that COCOBOD has introduced measures to prevent these losses from recurring.
He said: “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
He added: “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.”
(By Laud Nartey)