COCOBOD has denied reports that Ghana’s Cocoa Marketing Company failed to get buyers when it offered to sell beans for the first time since lifting the suspension on cocoa sales.
The nation’s cocoa trader offered beans July 17 for the 2020/2021 season.
COCOBOD explained it opened trading to test the market ahead of the season in September.
“In line with trading practice, CMC on 19th June 2019, decided to do a market sounding after the introduction of a Living Income Differential (LID) and weigh the market reaction and its dynamics.”
“We will like to correct the misrepresentation of the LID to mean a surcharge. The LID is part of the price component of the trading mechanism and not a surcharge as was reported by the Bloomberg,” a COCOBOD statement, signed by Hon. Joseph Boahen Aidoo, CEO, on Monday said.
The Management of Ghana Cocoa Board and its subsidiary Cocoa Marketing Company (CMC) Limited have observed with worry the inaccurate interpretation and publication by Bloomberg and other media house on the sale of Ghana’s beans.
“We, therefore, entreat all to disregard the news about Ghana’s beans not finding a buyer which seems to fall in line with a certain negative narrative of a challenge in the implementation of well-understood trading mechanism.
“We wish to assure Ghanaian farmers and all stakeholders that, the new mechanism has been understood to be the official trading system, and we shall sell at a price for the benefit of our farmers and the sustainability of the cocoa industry,” the statement added.
