Tag: COCOBOD

Ivory Coast, Ghana strengthens cocoa alliance to safeguard sector priorities

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WEST AFRICA – Ivory Coast and Ghana, the two West African nations who together produce more than 60% of the world’s cocoa, have pledged to further strengthen and expand the existing economic relations on cocoa and other related matters between their respective countries. In August 2020, the two countries formed the Ivory Coast-Ghana Cocoa Initiative (ICCIG) aimed to promote their cocoa industries internationally and defend their collective position in the global market. To that end, the two countries are expected to expedite action on the setting up of a permanent…

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Ghana boosts local consumption of cocoa-derivative products with week-long chocolate campaign

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GHANA – Ghana Cocoa Board (COCOBOD) in partnership with Ghana Tourism Authority, Ghana Investment Promotion Centre, cocoa processing companies and other stakeholders in the cocoa industry have officially launched the 2021 National Chocolate week. The event which commenced on 8th – 14th February is aimed to promote the consumption of chocolate and cocoa products in one of the world’s leading cocoa producing companies. Carried out under the theme: Eat Chocolate; Stay Healthy; Grow Ghana, the event is packed with activities to encourage the consumption of chocolate confectionery, beverages, and chocolate-infused…

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Ghana COCOBOD opens first farmer-owned cocoa fermentation centre

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GHANA – The Ghana Cocoa Board (COCOBOD) has opened the first farmer-owned cocoa fermentation centre in the country under its Fine-Flavour cocoa production initiative. The fermentation centre comes as a great relief to farmers and will eliminate theft of cocoa and exposure of cocoa beans to bad weather conditions during the post-harvest processes. According to reports by Africa Agribusiness, its development was jointly funded by Tachibana & Co. Ltd., Guittard Chocolate, Transroyal Ghana Limited and COCOBOD with technical support from the Cocoa Research Institute of Ghana (CRIG). During the official…

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Ghana Cocoa Board rolls out online portal dubbed Cocoa Management System

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GHANA – The Ghana Cocoa Board (COCOBOD) has introduced the Cocoa Management System, a comprehensive and integrated farmer database, to inform its operations and ensure effective and efficient management of the cocoa industry. The CMS is an online portal that will capture the demographics of cocoa farmers, farm sizes, input supplies, payment transactions and facilitate the roll out of the Cocoa Farmers’ Pension Scheme, reports Ghana News Agency. The system termed as a game-changer for the industry, will enhance transparency and be a link between the farmer, COCOBOD, service providers,…

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Ghana COCOBOD launches US$600m syndicated loan facility to boost sector operations

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GHANA – The Ghana Cocoa Board (COCOBOD) has officially launched the US$600 million syndicated loan facility which it signed with some Development Finance Institutions (DFI) to finance key components of the organisation’s productivity enhancement programmes. The loan facility aims to implement production, warehousing and processing interventions, adding value to Ghana’s cocoa sector. Mr Joseph Boahen Aidoo, CEO of Ghana Cocoa Board, speaking at the launch revealed that the organization has received the first tranche of US$200 million out of the US$600 million cocoa syndicated loan facility. “We are gathered here today to…

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Ghana’s Ministry of Food and Agriculture to take over COCOBOD operations

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GHANA – The Ministry of Food and Agriculture (MoFA) of Ghana is set to begin exercising formal ministerial responsibility over Ghana Cocoa Board (COCOBOD) as processes to legalize the new regime are nearing completion. This follows the second reading of the Ghana Cocoa Board (Amendment) Bill, 2017 last week in parliament, reports GhanaWeb. The goal of the Ghana Cocoa Board (Amendment) Bill seeks to modify Section 39 of the Provincial National Defense Council (PNDC) Law 81, which established COCOBOD, to vest ministerial responsibility of the activities of the Board in…

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Ghana to domestically process 50% of cocoa produce with US$600m AfDB facility

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GHANA – Ghana, the second largest producer of cocoa in the world, has reiterated its commitment towards locally processing half of the cocoa that it produces. The Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo echoed the government’s stand after holding a closed-door meeting with Executive Directors of AfDB at the COCOBOD headquarters, in Accra. According to the Public Affairs Manager of COCOBOD, Mr. Fiifi Boafo, the meeting was a precursor to the final processes for the disbursement of the US$600m AfDB credit facility to finance crucial projects…

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COCOBOD, Agri Plus partner to train cocoa farmers in Western region

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GHANA – The Cocoa Health and Extension Division (CHED) of the Ghana Western Region Cocoa Board (COCOBOD) partnered with Agri Plus to train CHED Officials, cocoa farmers and other stakeholders on the use of the newly introduced anti-capsid (Akate) insecticide aimed to increases cocoa yield. Transform Akate is a trademark for ISOCLAST Active, a new foliar-applied sap-feeding insecticide for control of a wide range of sap-feeding pests, is being manufactured Corteva Agriscience. ‘Transform Akate’ according to information available had undergone series of test and was initially piloted in the Ashanti…

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Ghana COCOBOD secures US$600m in funding to stimulate cocoa production

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GHANA – Ghana COCOBOD has inked a US$600 million syndicated receivables-backed term loan agreement with the African Development Bank (AfDB), Credit Suisse Group AG and Industrial and Commercial Bank of China (ICBC) to finance key components of the organisation’s productivity enhancement programmes. In delivering this facility, the AfDB has acted as Original DFI Lender and Initial Mandated Lead Arranger, is partnering with Credit Suisse as Original Commercial Lender, Global Commercial Coordinator, Co-Mandated Lead Arranger. Credit Suisse is also acting as Joint Commercial Underwriter and Bookrunner to structure and fund a…

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Ivory Coast, Ghana to re-examine cocoa industry ethical branding schemes

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WEST AFRICA – Ivory Coast and Ghana, the West African nations who together produce more than 60% of the world’s cocoa are planning to re-examine the cocoa industry’s ethical branding schemes following chocolate makers slowing to pay them a “living income” premium for their beans. This poses a major risk to chocolate makers operating in Western markets where consumer demand for sustainably sourced products is rising. Ivory Coast and Ghana introduced a $400 a tonne living income differential (LID) in July on cocoa sales for the 2020/21 season In a…

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