Prime News Ghana

Disregard reports of no buyers for Ghana cocoa - Cocobod

By Justice Kofi Bimpeh
Cocoa farmers in Ghana

The management of Ghana Cocoa Board, COCOBOD and its subsidiary, the Cocoa Marketing Company (CMC), have refuted reports that they could not get buyers for Ghana’s cocoa.

A press release released by Cocobod said Ghana and Cote d’Ivoire last week lifted the suspension of the sale of 2020/21 cocoa beans after officially announcing the new trading mechanism for the sale of cocoa.

“In line with trading practice, CMC on 19th June 2019, decided to do a market sounding after the introduction of a Living Income Differential (LID) and weigh the market reaction and its dynamics.

“We will like to correct the misrepresentation of the LID to mean a surcharge. The LID is part of the price component of the trading mechanism and not a surcharge as was reported by Bloomberg,” the release stated.

The press release signed by the Chief Executive of Cocobod said Management of Ghana Cocoa Board and its subsidiary Cocoa Marketing Company (CMC) Limited observed with worry the inaccurate interpretation and publication by Bloomberg and other media house on the sale of Ghana’s beans.

“We, therefore, entreat all to disregard the news about Ghana’s beans not finding a buyer which seems to fall in line with a certain negative narrative of a challenge in the implementation of the well-understood trading mechanism.

We wish to assure Ghanaian farmers and all stakeholders that, the new mechanism has been understood to be the official trading system, and we shall sell at a price for the benefit of our farmers and the sustainability of the cocoa industry,” the press release added.