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

Full Statement : Corruption Watch, others Assesses Amidu's Works as OSP after one year

Martin Amidu, Special Prosecutor Director for Advocacy and Policy Engagement, CDD-Ghana, Dr. Kojo Pumpuni Asante on behalf of Corruption Watch, the CSO Coalition on the OSP and ADISS, on Monday 13th May 2019 at a Roundtable Discussion at Coconut Groove Hotel in Accra, presented an assessment of the Office of the Special Prosecutor led by Mr Martin A B K Amidu, after one year in office. It would be recalled that during the 2016 election campaign, then candidate Nana Akufo-Addo promised to create an office for Special Prosecutor to aid the work of the Attorney General and Minister of Justice in the fight against corruption if elected. And true to his promise, on January 11 2018, the president announced popular anti-graft campaigner, Martin Amidu as the first ever Special Prosecutor. The announcement was greeted by excitement from most Ghanaians due to the vigorous nature Amidu fought against his party (the NDC) in the infamous judgement debt paid to busines...

UN Special Rapporteurs urge Ghana to withdraw the anti-LGBTI Bill.

UN human rights experts urged Ghana’s Government to reject a proposed ‘family values’ bill, saying it seeks to establish a system of State-sponsored discrimination and violence against the LGBTI community. The bill’s first reading took place on August 2, 2021, and its consideration is expected to resume in October 2021. “The draft legislation argues that any person who deviates from an arbitrary standard of sexual orientation or gender identity is immediate to be considered dangerous, sick or anti-social,” said the experts. “Such laws are a textbook example of discrimination. “The proposed law promotes deeply harmful practices that amount to ill-treatment and are conducive to torture, such as so-called ‘conversion therapy’ and other heinous violations like unnecessary medical procedures on intersex children, and so-called corrective rape for women,” they added. The independent experts, appointed by the Human Rights Council, presented an analysis of the dra...

Dogboe takes time off boxing

Isaac Dogboe Isaac Dogboe's journey in the pugilistic sport is far from over, even though he is to take a lengthy break. The 24-year-old will remain in the sport but will take time off and resume his university education, he has exclusively confirmed to Joy Sports. The former world champion gained admission to the Penster University last year but had deferred studies due to the demands of his boxing career. This decision to return to school comes after a one-on-one meeting with his father, Paul, who led his corner on the night of his humiliating loss to WBO super bantamweight champion, Emmanuel Navarette. "I am good and glad I was not injured. It's rather unfortunate I couldn't win the bout and I guess sometimes these things happen. I am grateful to all for the massive support for this bout,” he told Joy Sports in Arizona. He mentions that he will take time off to get himself back into school, and re-strategize to make a return to the ...

Odi News Network

Search This Blog