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

COVID-19:FY 2020 supports Institutions and youth in Atwima Nwabiagya North

As part of social intervention measures to minimize the risk of Coronavirus(COVID-19), the aspiring Member of Parliament for Atwima Nwabiagya North Mr Frank Yeboah(FY 2020), has presented some items to institutions within the constituency. They are Barekese Market, Dabaa Hospital, Adankwame police, Wurapon Community Health Center, Abira Health Center, Adankwame youth, Asuofua Market, Atwima Koforidua Market, Koforidua youth, Barekese fufuo, Mount Sinai Hospital Koforidua, Akropong Police station, Akropong Health Center, Asuofua Health Center, Asuofua Police station, Barekese police station and Barkese Health Center. Presenting the items on behalf of the aspiring MP, leader of team FY 2020, Isaac Bonsu said the reason for making the donation to the institutions and the constituents as a whole is to help reduce the risk of transmission of the Coronavirus. Team FY 2020 presented items such as antiseptic liquid soap, Veronica buckets, tissue papers, hand sanitiz...

2016 Election rigged – Mahama

Charlotte Osei and Former President John Dramani Mahama Former President John Dramani Mahama has cast doubts over the integrity of the elections which ousted him from power, claiming the polls were rigged. It’s the most strident remark he has made about the 7th December 2016 polls in recent times, suggesting that he is still smarting from the anguish of losing power in an election he believed he was going to win hands down come what may. The elections he lost registered him in the annals of local politics as the first sitting President to lose polls after just a term in office – the cause of his persistent sulking. He presented his impression about the 2016 polls last week at the Oxford University Said Business School Distinguished Speaker Seminar organized in collaboration with the African Studies Centre and the Oxford Africa Business Alliance. The presentation was shortly after making the headlines for describing as ‘useless’ the invitation by the Criminal Inve...

A/R : Pregnant Woman Dies After Taking Anointing Oil

Anointing Oil A 20 year old pregnant woman, Agyeiwaa Rebecca has met her untimely death at Trede in the Atwima Kwanwoma District of the Ashanti region after taking anointing oil which was given to her by her pastor Odi News Network can confirm. According to the deceased mother Madam Akua Mansah, her daughter Rebecca Agyeiwaa, had gone to the church for prayers to protect her pregnancy. “She had been bleeding, and for fear of miscarriage went to the pastor for prayers and the pastor allegedly gave her an anointing oil to drink, Madam Akua Mansah added She said the deceased begun to bleed even more and when was rushed to the Komfo Anokye Teaching Hospital, she kept mentioning the name of the pastor before she passed on last Saturday. The pastor has since been arrested and assisting in investigations at the Ashanti Regional Police Command in Kumasi. More soon..... Source; Odiasempa Kwaku Mensah/Odi News Network

Odi News Network

Search This Blog