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

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

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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COCOBOD in partnership with Ghana Municipal Government distributes coffee seedlings to farmers

GHANA – The Seed Production Division of COCOBOD Ghana, in partnership with the Dormaa Central Municipal Assembly of Bono, east region of Ghana has distributed 123,360 coffee seedlings to 226 farmers in the Municipality at a cost of GH¢10,000. Mr Drissa Ouattara, the Dormaa Central Municipal Chief Executive (MCE), stated that the Ministry of Food and Agriculture had also distributed cocoa fertilisers and pesticides against swollen shoot, black pod, and Akate diseases to the farmers. The MCE expressed the hope for bumper harvest in all crop growing areas due to…

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COCOBOD patners with Dameter, Beft Agro limited to boost cocoa production

GHANA – The Ghana Cocoa Board (COCOBOD) has partnered with Beft Agro Limited and Demeter Ghana Limited, two specialist importers of fertilisers to Ghana, to provide Cocoa Farmers in the Western Region with a new product called Omya Calciprill, to tackle soil acidity. Studies has shown that soil acidity is one of the major constraints on cocoa cultivation and further limits the levels of key nutrients such as Nitrogen, Potassium and Phosphorus. This leads to low Cocoa yields thereby affecting farmers reports Ghana Web. Omya Calciprill is a high-quality soil…

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Ghana Cocoa Board unveils accredited Quality Control Company Laboratory

GHANA – Quality Control Company (QCC), a subsidiary of Ghana cocoa Board has launched its QCC laboratory accredited by the International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC), for inspection of cocoa activities and testing on pesticide residue. The two important and enviable accreditations (ISO 17020 and 17025) granted to QCC’s laboratory are aimed at assuring the global market of the premium quality of cocoa produced in Ghana. Mr Samuel Maxwell Karikari Addo, Managing Director, QCC, said that the accreditation has offered their inspectors high levels of professionalism,…

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Ghana to increase cocoa farmgate price by 5.2% amid strong sales prospects

GHANA – Ghana is set to raise cocoa farmgate prices by 5.2% for the 2019/20 season, the first increase in four years, supported by strong sales of export contracts to chocolate makers and cocoa houses. The farmgate price will rise to US$1,523.81 (GH¢8,000) per tonne for the season starting in October from US$1404.33 (GH¢7,600) per tonne last season. The price has been unchanged for the past three seasons in Ghana, the world’s second-biggest cocoa producer. Ivory Coast, the biggest producer, will also raise its farmgate price. “The price will be…

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Ghana and Cote D’Ivoire lift suspension on 2020/2021 cocoa sales

WEST AFRICA – Ghana and Cote D’Ivoire, the world’s two largest cocoa producers have lifted the suspension of cocoa sales for the 2020/2021 season. The two West African countries, on June 12 announced the decision to suspend the sale of their 2020/2021 produce in order to pave way for the implementation of the proposed minimum US$2,600 price per tonne of cocoa beans. The amount was the first-floor price to be set by the two top growers, bringing to an end the century-old pricing structure that makes cocoa producers price takers.…

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World’s leading cocoa producers agree on ‘additional’ US$400 income for farmers

COTE D’IVOIRE – Ghana and Cote D’Ivoire, the world’s leading cocoa producers accounting for 65% of global cocoa output, have firmed up on their decision on the cocoa floor with a follow-up meeting in Abidjan. Having already agreed to a minimum price for a tonne of cocoa, the two countries have announced a US$400 per tonne (Living Income Differential) to be paid to cocoa farmers, as part of a set of measures they believe will further cushion cocoa farmers. “Following series of engagement with key stakeholders, Cote D-Ivoire and Ghana…

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Cocoa prices expected to increase amid poor weather conditions

NIGERIA – A Financial Derivatives Company’s (FDC’s) commodity updated has projected an increase in coca prices at the international market due to persisting poor weather conditions in the major producing countries. According to the Daily Independent, FDC analysts said that although cocoa prices were down by 2.86% to $2,274 per metric ton in the past few weeks, prolonged worsening weather in Ivory Coast, the major producing country, could affect prices. International cocoa traders also backed the forecasts reiterating that increase in prices should be expected as any drop in production…

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Ghana’s Cocoa Processing Company announces new board members.

GHANA – Ghana’s Cocoa Processing Company Limited (CPC) has announced new board of members as the company seeks to capitalize on the cocoa sector to improve its sectors, reports Ghana News Agency. The new board which was sworn into office by the Minister for Food and Agriculture, Dr Owusu Afriyie Akoto includes Mr Kwaku Owusu Baah (Chairman), Nana Agyenim Boateng, Mr Ben Abdullah Banda and Mrs Philomena Okyere. Dr Owusu Afriyie charged them to work hard as a team and add value to cocoa and its products to make it…

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