Tag: Cocoa
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2023/2024 cocoa season: Stakeholders project increase in farm gate price to GHS 1,380
Ahead of Government’s announcement of the 2023/2024 farm gate price for cocoa, stakeholders are projecting an increase in producer price from the current GHS 800 to GHS 1,380 per bag of cocoa beans. This projected rise is as a result of prevailing rates on the international market. Government through the COCOBOD is scheduled to announce…
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Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period,…
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Ghana and Côte d’Ivoire partner to tackle cocoa smuggling
The Ghana Cocoa Board (COCOBOD) is set to partner Côte d’Ivoire to harmonize the pricing and trading policies of cocoa to help address the issue of cocoa smuggling. Reports suggest that some cocoa farmers in Ghana have been smuggling their cocoa beans to Côte d’Ivoire for sale due to the higher prices offered in that…
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Domestic cocoa production exceeds Ivory Coast
Latest data from the Cocoa Market Report by the International Cocoa Organization (ICCO) indicates that Ghana’s cocoa production has exceeded that of Ivory Coast over the half year 2022/23 crop season. As of 31 March 2023, cumulative arrivals of cocoa beans in Ivory Coast were lagging behind previous season levels, while the volume of graded…
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$1.13bn Cocoa Syndicated Loan: First tranche expected to hit BoG account today
The first tranche of the $1.13 billion cocoa syndicated loan is expected to hit the account of the Bank of Ghana today, October 26, 2022. Sources indicate that about $790 million is expected to come in from the consortium of banks. The $790m forex to be received by the BoG, is expected to bolster the…
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Cocoa price goes up by 21%; now GH¢800 per bag
Government has pegged the producer price for cocoa at GH¢800 per bag of 64kg. The new price takes effect from Friday, October 14, 2022, for the 2022-2023 crop season. This depicts a 21 percent increase from GH¢10,560 per tonne to GH¢12,800 per tonne. Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto made the announcement…
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EU not banning Ghana’s cocoa – EU Ambassador to Ghana
The European Union has dismissed claims of a ban of Ghana’s cocoa on the international markets. The Information Minister, Kojo Oppong Nkrumah, is said to have warned that Ghana could soon be unable to export cocoa and coffee to Europe due to new legislation. The law mandates European countries to formulate regulations that ensure that…
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Cocoa freight rates increased: 5% for containerised, 10% for bulk shipment
The Cocoa Marketing Company (CMC), Ghana Shippers Authority (GSA) and 18 shipping lines have agreed to increase basic freight rates for the 2022/2023 cocoa season to all destinations but the United Kingdom (UK). As a result, basic freight for containerised shipments to all destinations except UK has been increased by 5 percent and basic freight…
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We’ll increase investment in irrigation facilities to cocoa farms – COCOBOD CEO
Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has given the firm assurance that his outfit will increase investment in irrigation facilities to cocoa farms nationwide to address the impact of climate change on cocoa farms. The International Cocoa Organisation’s monthly report for April 2022, has forecasted cocoa production for the…
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Improve living conditions of ageing cocoa farmers – Chief to government
Nana Bekoe Ahwireng, Chief of Mpaem in the New Juaben North Municipality, has called for a critical look at the living conditions of ageing cocoa farmers and make the industry attractive to young people. “The cocoa industry is full of elderly people and the youth are hesitating to go into it because the living conditions…