-COCOBOD refutes media reports
The management of Ghana Cocoa Board has debunked reports going around that the country has not been able to get a buyer for its cocoa beans for 2020/21. This was after lifting the suspension on sale of cocoa beans days after announcing the new trading mechanism for the sale of cocoa together with Cote d’Ivoire.
According to COCOBOD, the Cocoa Marketing Company, a subsidiary company, embarked on a market sounding after the introduction of a ‘Living Income Differential (LID) and weigh the market reaction and its dynamics, in line with trading practice.
It said LID is not a surcharge as some media report has sort to suggest, however, it explained that it is part of the price component of the trading mechanism.
COCOBOD in a press statement had stated that it wished 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 Programme Officer, at the Office of the Chief Executive of COCOBOD, Mr. Fiifi Boafo, in a telephone interview said COCOBOD has not yet even made any moves on the market.