Tag: COCOBOD
-
Ghana, Cote d’Ivoire in historic meeting with cocoa buyers in Accra to discuss floor price
Ghana and Cote d’Ivoire will today begin a two-day meeting in Accra with buyers, processors of cocoa beans from all over the world to discuss proposals of setting a minimum price for the cocoa bean produced by the two countries. The meeting has been necessitated by the fact that the two countries only get US$6…
-
Farm gate prices should be influenced more by farmers – Stakeholders
Stakeholders in the cocoa value chain in Ghana have bemoaned the low level of impact of farmers on the Cocoa Producer Price Review Committee when it comes to the setting of farm gate prices for cocoa. According to them even though farmers are represented on the committee, they don’t wield much power to influence the…
-
COCOBOD seeks US$2billion bond to clear ‘legacy’ debts
The Ghana Cocoa Board (COCOBOD) has disclosed its long term plan to issue a bond to correct the books of the company. The industry regulator believes the move should help it renew confidence amongst its lenders and sustain its role in developing Ghana’s cocoa sector. The bond is expected to raise about 2 billion dollars…
-
COCOBOD closes purchases for 2018/19 main crop season
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…
-
Minority opposes IMF’s calls to reduce producer price of cocoa
The Minority in Parliament has called on the government to ignore calls from the International Monetary Fund (IMF) to reduce the producer price of cocoa from the current GH¢7,600 per tonne. According to the IMF, it has become critical for government to reduce the producer price of cocoa to ensure that the Ghana Cocoa Board…
-
Ghana risks losing top cocoa producer slot – Lecturer warns
The Dean of Students at the Bunso University College of Agriculture and Environmental Studies, Dr. Francis Awotwe says Ghana is likely to lose its slot as the top cocoa producer in Africa if government does not show more commitment to improving the sector. He said the continued use of mercury soaked lands for cocoa cultivation may…
-
Cedi depreciates by 11% against the dollar over one year period
The cedi has depreciated by 11 percent between January 2018 and the same period this year [2019]. The local currency is now trading at 4 cedis 91 pesewas to a dollar on the interbank foreign exchange market. This is also remarkable as some currency analysts have predicted that the cedi could hit 5 cedis to…
-
GAWU, ICU petition President over COCOBOD issues
The General Agricultural Workers’ Union (GAWU) and the Industrial and Commercial Workers’ Union (ICU) have expressed their displeasure over what they say are unwarranted remarks by the Board Chair of the Ghana COCOBOD. The labour unions say the development is inimical to the operations of the cocoa sector as it could block future investments. Mr.…
-
BoG to save cedi’s free fall with $650mn of cocoa syndicated loan
About 650 million dollars from the cocoa syndicated loan is to hit the Bank of Ghana’s account today. This is because the COCOBOD will make the first draw down from the loan to be lodged at the central bank’s account. The figure represents fifty percent of the 1.3 billion dollars that the Ghana COCOBOD secured…
-
Cocoa prices remain at GH¢7,600 per tonne
The government has kept the price of cocoa unchanged for yet another time. This means the industry regulator will be buying a tonne of cocoa beans for GH¢7,600 from cocoa farmers for the 2018/2019 crop year; same as it did for the just ended crop season. But the Ghana Cocoa Board (COCOBOD) wants the government to…