Skip to main content

COCOBOD closes purchases for 2018/19 main crop season

CEO of COCOBOD, Jospeh Boahen Aidoo
The Ghana Cocoa Board will on Thursday [May 30, 2019] cease its purchases of cocoa beans for the 2018/19 main crop season.

The decision was contained in a statement by the sector regulator to Citi Business News.

COCOBOD said that it will however allow Licensed Buying Companies (LBCs) to obtain returns from up country centres by extending the date by one more week to Thursday [June 6, 2019].

For this crop season, COCOBOD intends to purchase nine hundred thousand metric tonnes of cocoa beans.

This has been backed by the Board’s annual syndicated loan of 1.3 billion dollars secured from twenty-one banks at an interest rate of 2.5 percent.

This is the second consecutive time that the Ghana COCOBOD has secured 1.3 billion dollars for its purchases since the 1.8 billion dollars secured in the 2016/2017 crop year.

The fluctuating world market prices of cocoa impacted the drop in amount secured for the just ended cocoa season.

But Mr. Aidoo in an earlier interview with Citi Business News said his outfit will not be tempted to increase amount secured despite improvement in crop yield.

“When you syndicate, you collateralize cocoa for whatever amount you take. So when the price of cocoa is going down, you will be giving up more cocoa. Because world market price is continuing to fall, we need to tread cautiously…that is why we always go in for a manageable amount based on research by the Monitoring and Research Department of COCOBOD,” the CEO said.


Source: citibusinessnews.com

Comments

Popular posts from this blog

Invest your profits back into farming - COCOBOD boss to Cocoa Farmers

Joseph Boahen Aidoo is Chief Executive Officer of COCOBOD The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has charged cocoa farmers to be business minded in operating their farms and to partake fully in the various programmes introduced by COCOBOD to ensure good farm yields and to increase profits. "Good farming practices, like pruning, the timely application of fertilizers and proper pests control are essential at all times," he said. Joseph Boahen Aidoo stated this while interacting with farmers in the Ashanti and Brong Ahafo Regions, on the first day of his week-long tour of cocoa farms across the county. He was accompanied by the Deputy Chief Executive of Operations at COCOBOD, Dr Emmanuel Opoku, as well, as Directors and Research Scientists from COCOBOD. The tour is aimed at assessing the level of farmer participation in the various farm productivity improvement programmes implemented by COCOBOD; it is also...

Atwima Nwabiagya North NPP:Assibey warned over premature campaign

A group in the ruling party calling itself G rass   root campaigners of NPP  in the  A twima  N wabiagya  N orth  Constituenc y has drawn the  attention  of the National, Regional and Constituency executives  to warn  the 2012 independent Parliamentary candidate  Lawyer Di cks on Osei Assibey to desist from campaigning and declaring his intentions to be the parliamentary candidate of Atwima Nwabiagya North Constituency in 2024  on the ticket of the NPP . According to the group, Lawyer Dickson Osei Assibey    on Saturday 1 st   May , 2021   me t  more than 85 Polling station executives and party faithfuls  to lunch his bid to contest for parliamentary primaries in 2023. This  was organized by the two Electoral Area coordinators in the area . In a letter signed by the President of the Grass root Campaigners Marfo Kwabena Sakyi , it said  campaigning for parliamentary candidate position can ...

Police Stops NABCO Trainees from Hitting the Street on May 10

NABCO Trainees The Executive Body of the Coalition of NABCO Trainees has expressed gross despondency and disappointment in the Greater Accra Regional Police command for a deliberate action to retard their scheduled demonstration and to frustrate the leadership of the Coalition to give up on this genuine course. The Coalition explicitly state that the Command's position in a letter served to the Coalition dated 7th May 2019 requesting further extension of the scheduled date for the demonstration on Friday, 10th May and request for Renotification on account of noncompliance of section1(1) of the Public Order Act 1994 (which States that any person who desire to hold any special event in the public place to notify the police not less than 5days before the event) is deliberate action to withhold the planned demonstration. We will solidly state that there was a consensus Ad Idem and settlement between the command and coalition which resulted in rescheduling the date from Wedne...