Management of the Ghana Cocoa Board (COCOBOD) has refuted claims by some individuals and sections of the media that they have failed to get a buyer for its 2020/21 cocoa beans.
It has been suggested that because COCOBOD had increased its prices it is unable to get buyers for the cocoa beans.
But COCOBOD in a statement said there has not been any adjustment to the cost of cocoa beans as reported in the media.
According to COCOBOD, it only introduced a new trading mechanism, Living Income Differential (LID) together with Cote d’Ivoire in a bid to weigh market dynamics, and that it does not in any way mean an increase in cost of cocoa beans.
“We will like to correct a 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,” the release read.
COCOBOD further said they are committed to ensuring that the cocoa beans are sold at a reasonable price having the best interest of farmers at heart.
“We therefore entreat all to disregard the news about Ghana’s beans not finding a buyer which seems to fall in line with 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.
Source: 3news.com | Ghana