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 tradithis ng 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]]>