The Ghana Cocoa Board (COCOBOD) has refuted claims by the Minority in Parliament that its Chief Govt Officer (CEO) lied about cocoa ahead gross sales.
COCOBOD, in an announcement, defined that it employed a diversified strategy to cocoa gross sales, utilising ahead, spot, and prepayment methods primarily based on market dynamics, funding, and collateral necessities.
“Using ahead gross sales is a deliberate technique geared toward value danger mitigation and inventory administration,” it added.
It additional famous that opposite to the impression conveyed, the allocation of 338,600 metric tonnes of cocoa as a assure for the syndicated mortgage didn’t suggest that the remaining amount can be or had been completely bought at spot costs.
“Ahead gross sales serve the twin objective of securing syndicated loans and strategically managing cocoa shares,” it added.
COCOBOD stated that on the time of figuring out the producer value for the 2023/2024 season, a considerable portion of the cocoa had been bought.
“The assertion by the CEO is correct and can’t be described as a lie.”
