Business News of Thursday, 6 February 2020
Source: www.ghanaweb.com
Export for cocoa beans rises up slightly - COCOBOD
The rise follows a previous recorded season which stood at 591,000 tonnes for export
According to figures published by the Ghana COCOBOD, export for cocoa beans has amounted 596,000 tonnes for January 2020.
The rise follows a previous recorded season which stood at 591,000 tonnes for the export of the natural resource.
The Ghana COCOBOD, however, has projected that cocoa production this season is expected to reach 850,000 tonnes with harvest for cocoa beans slated for October, and it is expected to continue until mid-year.
COCOBOD says “it is hopeful the supply of fertilizer and the introduction of improved seeds will help the country increase its production in the future.”
Meanwhile, Ivory Coast and Ghana who produce more than 60 percent of the world’s cocoa, have banded together to form a cartel which is already paying off as announced by President Akufo-Addo.
Inspired by OPEC, the oil producers’ cartel, the two nations announced last year a fixed price premium of $400 a tonne over the benchmark cocoa futures price, for every contract sold by either country for the 2020/21 season.
