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Drop in cocoa prices will not affect Ghana – COCOBOD

Business News of Wednesday, 13 June 2018

Source: citinewsroom.com

Fresh CocoaThe price of Cocoa on international market has depreciated since May 1 2018

Management of Ghana Cocoa Board has assured that it will implement effective measures to ensure that its revenue from the sale of cocoa is not affected by the recent drop in cocoa prices on the international market.

According to the Head of Public Affairs at COCOBOD, Noah Amenyah, the company is implementing a number of strategies such as slowing down the sale of cocoa when prices tumble.

The price of Cocoa according to the International Cocoa Organization (ICCO) has dropped by about 18 percent in the last 6 weeks from over US 2,700 Dollars on May 1, 2018 to over US 2,300 Dollars as at June 11, 2018.

Speaking to Citi Business News, Mr. Amenyah said COCOBOD is committed to ensuring that revenue from Cocoa is sustained to support government’s revenue mobilization agenda. “We have seen the price of Cocoa go very low. We have also recently seen the price pick up. So we are still watching the trend. Generally, the trend is upward compared to the previous years. This means that we will have a better income than the previous years. So there is no need to panic.”

Mr. Amenyah assured that COCOBOD was employing tested strategies like “Forward selling and Spot Selling” to maximize earnings from the commodity.

“The system that COCOBOD operates ensures that we are able to take advantage of price peaks and avoid shortfalls so that we can maximize our gains.”

Apart from the above-mentioned strategies, Mr. Amenyah explained that his outfit was looking at ways to build demand for cocoa by developing new markets for the commodity and also boosting local demand and patronage.

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