COCOBOD Archives - Wontumi Online

26 Nov

COCOBOD Makes Breakthrough In Converting Shea To Biodiesel

Wontumi10 CommentsBusinessCOCOBOD

The Ghana Cocoa Board (COCOBOD), through the Cocoa Research Institute of Ghana (CRIG), has successfully produced biodiesel from shea butter, according to Chief Executive Officer Joseph Boahen Aidoo. Speaking at a durbar of chiefs and cocoa farmers in Offinso, Konongo Odumase, and Juaso in the Ashanti Region, Mr. Aidoo said CRIG’s research has significantly reduced the gestation period of shea plants from 35-40 years to just three years. This development, he explained, is set to revolutionize shea farming in the northern parts of the country, opening new economic opportunities for farmers. Mr. Aidoo observed that as shea cultivation expands, the…

16 Oct

Zero Borrowing Arrangement Makes Cocoa Sector More Sustainable – COCOBOD CEO

Wontumi1BusinessCOCOBOD, Joseph Boahen Aidoo

Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, says the decision to finance cocoa purchase for the 2024/2025 crop season through zero borrowing arrangement formed part of government’s plan to make the sector more viable and sustainable. He explained that the zero borrowing arrangement marked a major shift from the existing system of financing cocoa purchase over the years through loans from external sources, and constituted a new financing innovation designed to reduce the cost of borrowing to the board. Taking his turn at the bi-weekly Minister’s Briefing organised by the Ministry of Information in Accra…

12 Sep

COCOBOD Combat-Ready Against Cocoa Smuggling – Joseph Boahen Aidoo

Wontumi1BusinessCOCOBOD

The Ghana Cocoa Board (COCOBOD) has stated its readiness to intensify its efforts to combat cocoa smuggling across the country’s borders with support from the military. According to the Board, it was overwhelmed by the increasing cases of cocoa smuggling activities in the country. The Chief Executive of the COCOBOD, Joseph Boahen Aidoo, disclosed this to the journalists after meeting cocoa farmers from growing areas at GNAT Hall in Kumasi, last Friday. “We have written to the Minister of Defense, requesting military intervention, while the police and other security forces have been assisting,” he stress. Aidoo noted that there had…

23 Aug

Minority’s Claim We Were Rejected By International Banks False – COCOBOD

Wontumi1BusinessCOCOBOD, Minority

COCOBOD has strongly denied allegations made by the Minority, led by Dr. Cassiel Ato Forson that it was rejected by international banks in its attempt to secure a $1.5 billion loan for the 2024/2025 cocoa crop season due to poor financial health. In a statement issued on August 22, 2024, COCOBOD refuted these claims, stating that syndicated banks had indeed submitted term sheets in response to its Request for Proposals (RFP), demonstrating confidence in its creditworthiness. COCOBOD also criticised the Minority for spreading "falsehoods and inaccuracies" about the cocoa sector and rejected the claim that its move to source funding domestically was…

21 Aug

COCOBOD Announces Date For 2024/2025 Crop Season

Wontumi1BusinessCOCOBOD, Crop season

The Ghana Cocoa Board (COCOBOD) has announced September 1 as the start date for purchasing cocoa for the 2024/2024 main crop season. The Chief Executive Officer(CEO) Joseph Boahen Aidoo disclosed this at a media briefing on Tuesday. ‘’We are still putting measures in place and if things go well, we start the season on 1st September” he said. Even though he did not disclose a new price for cocoa, he said his outfit will always give the farmers the best. Mr Aidoo emphasized that while global buyers largely determine cocoa prices, the Board is exploring ways to mitigate the impact…

13 Aug

COCOBOD Sets Record Straight On Loan Default

Wontumi1BusinessCOCOBOD

The Ghana Cocoa Board (COCOBOD) has addressed inaccuracies regarding the repayment of a GH¢1.99 billion cocoa bill arranged between 2010 and 2013. In a statement, COCOBOD clarified that, the debt was incurred during the tenure of the National Democratic Congress (NDC) government. COCOBOD highlighted that due to the NDC’s inability to repay the bill, it was converted into a 10-year loan, with repayment initially set to begin in 2016. However, an extended moratorium delayed repayment until 2018. COCOBOD emphasized that the challenges in repaying this loan were not influenced by the COVID-19 pandemic, as the repayment process commenced well before…

12 Aug

COCOBOD Invests ¢943M In Cocoa Rehabilitation, Confident Of Producing 800k Tons Next Year

Wontumi1BusinessCocoa Rehabilitation, COCOBOD

The Ghana Cocoa Board (COCOBOD) has invested almost a billion cedis last year to rehabilitate aged cocoa farms and those ravaged by swollen shoot diseases to help increase national production in the short to medium term. The amount adds to similar spending in previous years to replace farms attacked by the virus, leading to reduced cocoa production in recent years. The Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, said in an interview that the initiative was part of efforts to sustain cocoa production and the livelihoods of farmers. He was, therefore, confident that the country would produce more than…

12 Aug

COCOA FARMERS PENSION DEDUCTIONS KICKS OFF IN THREE DISTRICTS

Evans ManassehNewsCOCOBOD

The Ghana Cocoa Board (COCOBOD) has commenced the pilot phase of deducting cocoa farmers' contributions to the Cocoa Farmers Pension Scheme, marking a historic milestone in Ghana’s cocoa sector. This initiative, which began on August 6, 2024, ensures real-time deduction of the farmers’ 5% contribution, paving the way for a nationwide rollout during the main crop season starting on October 1, 2024. Mr. Stephen Kissi of Assin Amoani, a cocoa farming community in the Assin Fosu District, is among the first group of farmers to participate in this pioneering exercise. At 38 years old, with five years of experience and…

18 Jul

COCOBOD Attributes Profit To Impact Of Debt Restructuring Of Cocoa Bills

Wontumi1BusinessCOCOBOD

The Ghana Cocoa Board (COCOBOD) has attributed its profit posted for the 2022/2023 crop season to the restructuring of the cocoa bills worth ¢7.9 billion. The cocoa regulator returned to profit after ending a six year losing streak, following the restructuring. Chief Executive Officer, Joseph Boahen Aidoo said the impact of the restructuring exercise has been positive. Speaking after a visit to some cocoa farms in the Western and Central regions of Ghana, Mr. Boahene Aidoo said the cocoa regulator posted some ¢2.3 billion profit through some key measures put in place by the regulator and the government. “Imagine paying…

17 Jul

Restructured Debt Helps Cocobod Post $149.8M Profit – Auditor General’s Report

Wontumi1BusinessCOCOBOD

Ghana’s cocoa marketing board (Cocobod) made a GH¢2.3 billion ($149.84 million) profit in 2022/23, helped by the restructuring of its debt, the Auditor General said in a report obtained by Reuters on Tuesday. The report showed that the cocoa regulator posted its first profit after six straight years of losses. Ghana, the world’s number two cocoa producer has been restructuring its $30 billion debt, including debt from the cocoa sector, to be able to implement a $3 billion, three-year International Monetary Fund program and recover from its worst economic crisis in a generation. Last month, it finalised a deal with its official…