COCOBOD rejects Bloomberg non-acquisition report as "script prepared"

Company News of Monday, July 22, 2019

Source: thecocoapost.com

2019-07-22

Ghana's Cocoa Board (COCOBOD) official spokesman Fiifi Boafo on Friday rejected a Bloomberg report saying Ghana Cocoa had no buyers at its first appearance on the market since the $ 400 premium.

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 attract a vital income differential (LID) of $ 400, of which 70% is planned 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.

Just fifteen days after the introduction of the $ 400 premium, Bloomberg announced Friday, July 19, 2019 that Ghana had a disastrous performance in its first bid on the market finding no buyer for its cocoa.

However, in reaction to the Bloomberg report posted on Facebook, Mr. Fiifi Boafo, spokesperson for COCOBOD, the cocoa regulator in Ghana, rejected the report as a prepared scenario.

"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 deals were made because the prices were too high, they said.

"The West African producer, who usually only starts bidding in September or October, tests the market after him and Ivory Coast, a big producer, has introduced a premium of $ 400 a metric ton versus futures prices, "according to Bloomberg.