Ghanatodayonline.com News, Politics, Health, Education & More
The Ghana Cocoa Board (COCOBOD) has revealed that international buyers are increasingly avoiding Ghana’s cocoa due to higher prices relative to beans from other producing nations.
During a media briefing, COCOBOD Chief Executive Officer (CEO) Dr Randy Abbey stated that the price difference has greatly impacted purchasing choices, leading some buyers to choose less expensive options in other markets.
“The buyers now find our beans as too expensive, and therefore they have shifted to other markets where they can get the beans far cheaper, because these are business decisions,” he said.
“We have sold over 530,000 tonnes of the crop. We have another under 50,000 that we are yet to find buyers for, and that is when the buyers started shifting,” he explained, adding that unpaid beans are likely among the unsold stock.
He stated that the situation has impacted the marketing of some of Ghana’s cocoa yield under the existing financing deal. COCOBOD has sold over 530,000 metric tonnes of cocoa, yet nearly 50,000 metric tonnes are still unsold.
During a media briefing, COCOBOD CEO Randy Abbey stated that the price difference has greatly affected purchasing choices, leading some buyers to choose lower-priced options in other markets.
He stated that the situation has impacted the marketing of some of Ghana’s cocoa harvest under the existing financing terms. COCOBOD has currently sold over 530,000 metric tonnes of cocoa, yet nearly 50,000 metric tonnes are still unsold.
He confirmed that COCOBOD is engaging stakeholders to tackle the pricing issue and find buyers for the remaining inventory, while striving to reduce the effects on farmers and the broader cocoa industry.
In the meantime, Mr. Abbey revealed that COCOBOD is investigating a new funding approach for cocoa acquisitions, emphasizing value addition instead of maintaining the significant dependence on export raw cocoa beans.
Source: Ghanatodayonline.com
