COCOBOD Archives - Page 6 of 6

16 Mar

Retrenched COCOBOD Workers Petition Parliament Over Unpaid Compensations Since 1993/94

wontumionlineBusinessCOCOBOD

A group of cocoa farmers and ex-workers of Cocobod who were retrenched between the years 1993 and 1994 have petitioned Parliament over their unpaid compensation. According to the group, over 14,000 of them got laid off following the burning of some Cocoa farms during the Rawlings’ administration. The group further explained that following over two decades of court battles for their compensation, they finally got a court verdict for their compensation but it has not been paid. Mr William Boadu, secretary of the group told the media in Parliament that they want the Members of Parliament (MPs) to intervene. The…

03 Mar

Galamsey Is Making Cocoa Farming Expensive – COCOBOD

wontumionlineBusinessCOCOBOD, Galamsey, Joseph Boahen Aidoo

The Ghana Cocoa Board (COCOBOD) is lamenting over activities of illegal mining (galamsey) operators in some cocoa growing areas of the country, which it describes as making farming expensive. According to the Chief Executive of COCOBOD, Joseph Boahen Aidoo, the menace is adversely affecting water resources, used for irrigation, thereby destroying the environment. He was speaking to joy Business after inaugurating a committee to promote the consumption of cocoa in the country. The nine member committee chaired by the Deputy Director of Public Affairs of COCOBOD, Fiifi Boafo, is to ensure adequate promotion of cocoa products and domestic consumption in…

01 Mar

Ghana’s Average Cocoa Consumption Hits 1 Kilogramme Per Annum

wontumionlineBusinesscocoa consumption, COCOBOD, Joseph Boahen Aidoo

The country’s consumption of cocoa and chocolate products have increased significantly from an average of 0.5 kiogramme to 1 kilogramme per annum. Ghana Cocoa Board (CCOBOD) has thus described as a huge milestone, considering the low level of consumption in the country previously. Speaking to inaugurate the National Planning Committee for the promotion of cocoa consumption in the country, Chief Executive of COCOBOD, Joseph Boahen Aidoo said the country needs to consume more cocoa locally to generate more value for cocoa farmers. “The inauguration of the committee is crucial in Ghana COCOBOD’s quest to increase consumption to about 5 kilogrammes…

24 Jan

Cocoa Bills Default: Bog, COCOBOD Agree To Allow Banks To Use COCOBOD’s Deposits To Pay Retail Customers

wontumionlineBusinessBanks, BoG, Cocoa bills, COCOBOD

The Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks have agreed to allow banks to use COCOBOD’s deposits/placements at the banks to cater for retail customers who may not want a rollover of their cocoa bills. This is coming after the BoG initially directed banks not to pay customers their maturing cocoa bills investments, following cash flow challenges facing COCOBOD. In a statement, the Central Bank said it expects that this short-term cash flow challenges facing COCOBOD will be resolved soon to enable the cocoa regulator meet its obligations to investors. “COCOBOD has assured us that the…

23 Jan

COCOBOD Default Further Dampens Investor Confidence

wontumionlineBusinessCOCOBOD, Ghana Cocoa Board

Ghana Cocoa Board (COCOBOD) has defaulted on payments of its matured 182-day bill for the first time, rolling over outstanding securities of GH¢940.4million, albeit without investors consent. The development led to confusion and concern for investors expecting payments to be made on these securities. According to market information, the outstanding payments were made to investors who were credited but later had the credit reversed and automatically rolled over without their consent. This sudden default has raised many questions among investors, as they now have to decide whether to sell their securities to willing investors or seek legal redress. Fred Duvor,…

05 Oct

Cocoa Sector Reforms Coalition Delighted Over $1.13bn Syndicated Loan

wontumionlineBusinessCocoa, COCOBOD

The Coalition for Cocoa Sector Reforms (CCSR-Gh) has expressed excitement over the $1.13bn Syndicated Loan signed by the Ghana Cocoa Board (COCOBOD) and the Ministry of Finance. The coalition believes that this will go a long way to help cocoa farmers in the country. They said it is insightful to note that, the industry has contributed over 25bn to this economy in terms of syndicated loans over the past 30yrs. This is quite significant and remarkable. It justifies the magnificent importance of the industry to the economy, more importantly, this period of depreciating currency. COCOBOD on Monday October signed the…

15 Sep

Galamsey Is Affecting Cocoa Production Numbers – COCOBOD

wontumionlineBusinessCocoa, Cocoa prices, Cocoa production, COCOBOD

The Public Affairs Manager at Ghana Cocoa Board (COCOBOD), Fiifi Boafo, says illegal mining (galamsey) is adversely affecting cocoa production numbers. Workers dry cocoa beans in a village. According to him, if the current trend of devastation by illegal miners is not halted, the cocoa sector will suffer severely in the future He further opined that the illegal miners are brazenly taking their activities to huge investments by COCOBOD in cocoa-growing areas across the country. “Some of them actually use other coercive means of taking over the cocoa farms. Some go to the traditional authorities who force usually the migrant…

13 Sep

Cocoa Farmers Demand 30% Increase In Price For 2022/23 Crop Season

wontumionlineBusinessCocoa, Cocoa Day, COCOBOD

Cocoa farmers in Ghana have warned that the country could lose more productive cocoa farms to illegal mining if cocoa prices remain unchanged. The call comes ahead of this year’s Cocoa Day (October 1, 2022), which marks the beginning of the cocoa year. In Ghana, the day is very significant as it coincides with the government’s annual announcement of the cocoa producer or farmgate price for the ensuing cocoa season. A bad signal to cocoa farming Although the government is yet to make any public statement on the matter, unofficial sources have cited Cocobod’s indebtedness as a reason an increment…