Tag: COCOBOD
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COCOBOD likely to announce 21% increase in farmgate price
The Ghana Cocoa Board is expected to announce a 21 percent increase in the farmgate price for the upcoming 2020/2021 crop season. Farmgate price is the price COCOBOD pays to farmers for their beans. If the price increase takes effect, Cocoa farmers will then be receiving GHS625 or $108 dollars per 64-kilogram bag, or GHS10,000…
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COCOBOD institutes measures to reduce losses after 2014/2015 shortfall
The Ghana Cocoa Board, has said that following the significant revenue losses recorded in the 2014/2015 crop season, it has put measures in place to avoid such shortfalls. COCOBOD lost about GHS216 million in revenue during the period under review, a situation it said has greatly affected its fortunes. Speaking at the Public Accounts Committee…
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Group rolls out initiative to aid creation of viable cocoa value chain in Ghana
The Ghana Agricultural and Rural Development Journalists Association (GARDJA) has rolled out a new cocoa advocacy initiative aimed at helping to create a sustainable cocoa value chain in Ghana. According to the association, the initiative is in collaboration with various cocoa farmer-based organisations and other stakeholders and will draw attention to pertinent issues militating against…
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Monitoring system needed to curb destruction of cocoa trees – Farmers association demands
The Concerned Farmers Association of Ghana has called on the government to put in place a monitoring system to check the destruction of cocoa trees in the country. According to the association, though the government gives farmers over 60 million seedlings annually, there is no monitoring system to track the number of seedlings that the…
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Gov’t requests US$1.3 billion syndicated loan to purchase cocoa for 2020/2021 crop season
Government is seeking parliamentary approval to borrow US$1.3 billion to finance the purchase of cocoa for the 2020/2021 crop season. An additional GHS6.5 million in tax waivers has also been presented to Parliament. The requests were made before the Finance Committee of Parliament on Monday, August 10, 2020. The House is expected to debate and…
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COCOBOD to shut down offices as some staff test positive for COVID-19
The Ghana Cocoa Board (COCOBOD) has announced a shut down all of its Head Offices and corporate subsidiaries and divisions in Accra for a fumigation exercise after some staff tested positive for COVID-19. The office will be closed from Wednesday July 8, 2020 to Friday, July 10, 2020. In a statement issued by the company,…
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Ghana on course to eradicate child labour in cocoa sector – COCOBOD CEO assures
The Chief Executive Officer of Ghana COCOBOD, Joseph Boahen Aidoo, says government has been able to erase the misconception that Ghanaian cocoa farmers exploit children on their farms. A recent report funded by the US Department of Labour, claimed that Ghana and Ivory Coast were using more than 2 million children on cocoa farms. Even…
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Low interest rates will empower local banks to fund cocoa purchasing – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said reduced domestic interest rates will empower local banks to participate in the cocoa syndicated loan. COCOBOD is seeking to raise 1.3 billion dollars to finance the 2020/2021 crop season. But some financial analysts have maintained that the funds used in purchasing cocoa beans…
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JICA and other DFIs provide $600 million syndicated loan to COCOBOD
COCOBOD, Japan International Cooperation Agency, JICA and other Development Finance Institutions have announced a $600 million credit facility for COCOBOD’s Productivity Enhancement Programmes (PEPs). The facility is part of a number of projects in line with the Ghana beyond Aid agenda. In November 2019, Development Finance Institutions (DFI) including African Development Bank (AfDB), Japan International…
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Banks have not held back support for 2020/2021 syndicated loan – COCOBOD clarifies
The Chief Executive of Ghana COCOBOD, Joseph Boahen Aidoo, has described as false media reports suggesting that banks have refused to finance a 1.3 billion dollar syndicated loan for the 2020/2021 crop season. Media reports in recent times said investors have withdrawn from financing COCOBOD due to the COVID-19 pandemic. But reacting to the reports…