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Company News of Monday, July 22, 2019
Source: thecocoapost.com
2019-07-22
Joseph Boahen Aidoo, Executive Director of the Ghana Cocoa Board (COCOBOD)
Joseph Boahen Aidoo, chief executive of the Ghana Cocoa Board (Cocobod), badured that the difference in living income of 400 USD introduced jointly with Côte d'Ivoire on cocoa was not a extra charge.
"We would like to correct the misrepresentation of the lid to indicate a surtax," he said.
A press release issued in Accra and signed by the head of COCOBOD, stated that the LID was part of the price component of the trading mechanism and did not constitute a surcharge, as Bloomberg reported.
The clarification comes on the heels of the Bloomberg newspaper last Friday, claiming that Ghana Cocoa had no more buyers from its first appearance on the market since 400 US dollars.
Cocobod's chief executive, Joseph Boahen Aidoo, rejected claims in a Bloomberg report that Ghana had failed to get buyers for its cocoa.
"The management of Ghana Cocoa Board and its cocoa marketing subsidiary (CMC) has made it clear that it did not fail to find a buyer for its 2020/21 cocoa beans, as has been widely circulated in the media and reproduced in the national media. media, "he said
The statement further explained that CMC had only begun a market testing program after the introduction of a $ 400 premium on each tonne of cocoa, agreed with Côte d'Ivoire.
"In accordance with commercial practice, the CMC decided on June 19, 2019 to conduct a market survey after the introduction of a vital income differential and to weigh the market reaction and its dynamics," said Mr. Boahen Aidoo.
Subsequently, Cocobod's Public Affairs Officer, Fiifi Boafo, revealed that officials from Ghana and Ivory Coast would meet on September 11, 2019 in Abidjan (Côte d'Ivoire) to find a durable solution.
"The problem is related to the capacity of the industry. Ghana and Côte d'Ivoire agreed to meet with all international partners for a meeting on September 11 to discuss pricing and other trade mechanisms. We do not doubt that the new exchange mechanism will be accepted by all, "he said.
Earlier on Saturday, Boafo criticized the report on Facebook and accused Bloomberg of continuing a program.
"CMC [Cocoa Marketing Company] Yesterday, Bloomberg claimed that beans in Ghana had not found a buyer. I'm sure they already prepared a script, "Boafo said.
According to the Bloomberg report, "The Ghanaian cocoa company, in charge of selling the country's cocoa, offered Wednesday beans for 2020-20 to traders, said the population, who asked not to be identified because the information are confidential ".
No transactions were concluded because the prices were too high, they said
"The West African producer, who usually starts bidding only around September or October, is testing the market after him and Ivory Coast, a major producer, has introduced a premium of $ 400 per metric ton over at futures prices, "according to Bloomberg.
Ghana and Côte d'Ivoire, the world's largest cocoa producers earlier this month, announced that every tonne of cocoa sold on the market would have a vital income differential (LID) of $ 400, of which 70% is expected to increase farmers' incomes.
The two countries together produce more than 60% of world cocoa production, but low market prices have always put farmers in abject poverty. Recent measures should allow improvements.
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