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

Stop running commentary on our investigations - A-G warns EOCO

Attorney-General, Gloria Akuffo Ms Gloria Afua Akuffo, the Attorney-General has asked the Economic and Organised Crime Office (EOCO) to open itself to the public but to avoid running commentary on its investigations. According to her speaking in public about their investigations could only frustrates their efforts as well as give out too much information to criminals to change their mode of operations. “Criminals are always waiting to cover their tracks and therefore coming out to speak constantly about a matter, makes it easier for them to cover up and therefore frustrating the outcome of the investigations,” she stressed. She advised that the statutory body should avoid following rumours and suspicions so as not to not embarrass themselves. Ms Akuffo said this at EOCO’s maiden national stakeholders’ forum in Accra aimed at interacting with stakeholders and share information on cases investigated, prosecutions and convictions obtained as well as recoveries and confiscations made. ...

Ofori-Atta to present mid-year budget review Thursday

  The Minister of Finance, Mr. Ken Ofori-Atta, is expected to move for the adoption of the Mid-Year Review Budget Statement and Economic Policy of Government next week. The Mid-Year Budget, which is the Government’s supplementary estimate for the 2021 financial year, would be proposed to the House on Thursday, July 22, at the Parliament House, Accra. Mr. Alexander Afenyo-Markin, the Deputy Majority Leader, announced this on the floor of the House in Accra, on Friday, when he presented the  Business  Statement for the Ninth Week Ending Friday, July 23, 2021, of the current meeting of the Legislature. He said Tuesday, July 20, is a public holiday in respect of the Eid ul-Adha and would be observed as such. The Finance Minister would also answer a question on the cost of President Akufo-Addo’s official travels to France, Belgium, and South Africa in May, this year. He is expected to tell the House the cost of air travel of the President using chartered flight between 2013 an...

Open defecation will send many to hell - Top Man of God

Open Defecation(File Photo) The Royal Reign Chapel International has launched a campaign against open defecation. Founder and leader of the church, Reverend Fiifi Ankomah explaining the rationale behind the campaign said, the irresponsible acts by some individuals have cost the nation a lot hence the reason behind their campaign. According to him, he took the initiative to research the Bible to support his campaign and from what he gathered, open defecation is something evil and against the will of God. He said God who dwells among men does not do so when the people engage in open defecation. Quoting Deuteronomy 23:13-14 to buttress his point he said:    And you shall have a trowel with your tools, and when you sit down outside, you shall dig a hole with it and turn back and cover up your excrement.   14  Because  the  Lord  your God walks in the midst of your camp, to deliver you and to give up your enemies before you, therefore your camp must be ...