COCOBOD rejects "Bloomberg's inaccurate report"

Company News of Monday, July 22, 2019

Source: dailyguidenetwork.com

2019-07-22

The Ghana Cocoa Board (COCOBOD) and its subsidiary Cocoa Marketing Company (CMC) Limited said that Ghana had not failed to find a buyer for its 2020/21 cocoa beans.

Over the weekend, the media reported that Ghana had failed to find a buyer for its cocoa beans after lifting the ban on the sale of cocoa in the international market.

But in a statement signed by its chief executive, Joseph Boahen Aidoo, COCOBOD urged everyone to ignore the news that Ghana beans would not find a buyer that seems to fit a certain negative narrative of a challenge. in the implementation of a well understood market. mechanism.

Ghana and Côte d'Ivoire last week lifted the suspension of the 2020/21 cocoa bean sale following the official announcement of the new cocoa trade mechanism.

In accordance with commercial practice, CMC decided on June 19, 2019, after the establishment of a Vital Income Differential (LID), to probe the market and badess the market's reaction and dynamics.

"We would like to correct the misrepresentation of the LID in order to incur a surcharge. The LID is part of the price component of the trading mechanism and does not constitute a surtax as Bloomberg reported, "the statement said.

"The management of Ghana Cocoa Board and its subsidiary Cocoa Marketing Company (CMC) Limited have watched with concern the misinterpretation and publication by Bloomberg and other media of the sale of Ghanaian beans," he said. -he declares.