Accra, Ghana – The Ghana Cocoa Board (COCOBOD) has dismissed claims made by the Minority in Parliament that its Chief Executive Officer (CEO) oversold cocoa through forward sales. In a statement released in Accra, COCOBOD clarified that the allocation of 338,600 metric tonnes of cocoa as collateral for the syndicated loan does not mean the rest of the cocoa stock has been or will be sold exclusively at spot prices. Forward sales are used by COCOBOD both as a financial tool for securing loans and as a strategic method for managing cocoa stocks.
According to Ghana News Agency, a significant portion of the cocoa for the 2023/24 season was sold in advance for reasons such as securing loans and managing stock levels, thereby validating the CEO’s previous remarks and refuting accusations of dishonesty. COCOBOD emphasized its use of a diversified approach to selling cocoa, which includes forward sales, spot transactions, and prepayment strategies. These strategies are tailored to market dynamics, funding needs, and collateral requirements. The statement also reassured stakeholders that any surplus in the average achieved price over the US$2,600 benchmark set by the Producer Price Review Committee (PPRC) will be considered and used to benefit the farmers. COCOBOD reaffirmed its commitment to maintaining a transparent and fair cocoa production and trading environment.