The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Ransford Abbey, has announced that the upcoming cocoa season will open earlier than usual to address financial and operational challenges.
Speaking on Asempa FM’s Ekosii Sen show, Dr. Abbey cited the absence of the annual syndicated loan and the need to discourage hoarding by some farmers as key reasons for the decision.
“Last season we opened in September. We’ve observed that some farmers hoard cocoa in anticipation of a new price. This year, because we are not doing syndication, we’ve decided to open the season even earlier,” he explained.
He further stated that the early opening is part of efforts to meet critical financial obligations, including the repayment of cocoa bills.
“We have commitments, including cocoa bills worth GH¢2 million due in September, and the funds must reflect in our accounts by August,” Dr. Abbey noted.
The decision, he added, is expected to stabilize cocoa supply and support COCOBOD’s financial planning in the absence of the syndicated loan facility.
Source: Farida Seidu | Adomonline
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