COCOBOD to close purchases for 2018/19 main crop season

The Ghana Cocoa Board (COCOBOD) will cease purchasing cocoa beans for the 2018/19 main crop season on Thursday [May 30, 2019].

Cocoa

This was contained in a statement issued by the sector regulator.

However, COCOBOD said that it will extend the date by one more week to Thursday [June 6, 2019] to allow Licensed Buying Companies (LBCs) to obtain returns from up country centres.

For the 2018/2019 cocoa season, COCOBOD plans to purchase nine hundred thousand metric tonnes of cocoa beans.

This is supported by the Board’s annual syndicated loan of $1.3 billion secured from twenty-one banks at an interest rate of 2.5 percent.

This is the second consecutive time that the Ghana COCOBOD has secured 1.3 billion dollars for its purchases since the 1.8 billion dollars secured in the 2016/2017 crop year.

The changing world market prices of cocoa caused the drop in amount secured for the just ended cocoa season.

But in an earlier interview with Accra-based Citi FM, COCOBOD’s CEO Mr. Aidoo said his outfit will not be tempted to increase amount secured despite improvement in crop yield.

“When you syndicate, you collateralize cocoa for whatever amount you take. So when the price of cocoa is going down, you will be giving up more cocoa. Because world market price is continuing to fall, we need to tread cautiously…that is why we always go in for a manageable amount based on research by the Monitoring and Research Department of COCOBOD,” the CEO said.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]

Alikiba's Wife Amina reveals name of their 2nd born son for the first time

Alikiba's Wife Amina reveals name of their 2nd born son for the first time