Tag: cocoa sector
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Côte d’Ivoire, Ghana to no longer sell cocoa at origin differentials below zero
Côte d’Ivoire and Ghana have decided to no longer sell their cocoa at origin differentials below zero, from as much as 125 pounds below the ICE terminal market, their joint Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI) announced in Accra on Friday. The origin differential is an additional country quality premium that has traditionally been determined by…
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Parliament approves US$1.3 billion cocoa syndicated loan for next crop season
Parliament has approved a US$1.3 billion cocoa syndicated loan. The facility, which is the largest soft commodity deal in sub-Saharan Africa, will be used to finance cocoa purchases and related operational activities in the 2022/2023 crop season. Since the 1992/1993 crop season, COCOBOD has consistently and successfully, through the pre-export syndicated finance facility, obtained a…
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COCOBOD CEO confident cocoa production will hit 1.5m metric tonnes soon
CEO of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has announced that the ongoing rehabilitation of all areas which have been affected by the cocoa swollen shoot virus disease will increase cocoa production to 1.5 million tonnes in the medium term. Speaking at the Netherland Embassy’s Orange Cocoa Day event to highlight and garner…
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Usage of digital scales for weighing cocoa to take effect on October 8
Effective Friday, October 8, 2021, all Licensed Buying Companies (LBCs) in Ghana will be obliged to use digital weighing scales to measure the weight of cocoa being purchased by farmers. The introduction of this electronic means of weighing cocoa beans is to curb the practice where LBCs and Purchasing Clerks adjust their scales to cheat…
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Newly inaugurated COCOBOD board tasked to ensure prudent payments to LBCs
The Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto, has charged the newly inaugurated eleven-member board of the Ghana Cocoa Board (COCOBOD) to address the issue of delayed payments to Licensed Buying Companies (LBCs). For months now, the cocoa sector has been faced with the problem of Licensed Buying Companies carting cocoa from farmers…
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![COCOBOD should eye $5 billion from inter cropping cocoa sector [Article]](https://citibusinessnews.com/wp-content/uploads/2020/09/cocoa-4.jpg)
COCOBOD should eye $5 billion from inter cropping cocoa sector [Article]
The cocoa sector, for many years, has become the backbone or support for our exchange rate stability. The government, through COCOBOD every year issues a syndicated loan between US$1 billion and US$1.5 billion, purposely for the forward sale of cocoa for particular crop season. This has curbed the seasonal sharp depreciation of our fiat currency,…
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Government pledges to intensify efforts in adding value to cocoa
As Ghana prepares to celebrate the National Chocolate week, stakeholders in the cocoa sector have pledged to intensify efforts to add more value to the country’s cocoa. According to them, this would be done by focusing more on making beans available to local entrepreneurs to enhance their value addition ventures. Cocoa farming has for many…
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Gov’t targets 1.5 million tonnes cocoa production with US$600m stimulus package
Information Minister Kojo Oppong-Nkrumah has revealed that the government is targeting increasing cocoa production in the country to about 1.5 million metric tonnes through a new stimulus package which will invest at least US$600 million into the cocoa sector over a seven-year period. The Minister speaking at the press interaction on Sunday said the stimulus…
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Agric sector initiatives to help address youth unemployment – MasterCard Foundation CEO
The government of Ghana should be commended for efforts to improve the livelihoods of cocoa farmers through the determination of a floor price for the commodity. That is the claim of the President and CEO of the MasterCard Foundation, Reeta Roy. She is confident the move will boost agric as it will attract more youth…