The Ghana Cocoa Board (COCOBOD) says it has released funds to qualified Licensed Buying Companies (LBC) to enable them to purchase cocoa from farmerss in the 2016/2017 cocoa season.
It said in a statement here Tuesday that the funds were released to the LBCs for cocoa purchases on a revolving basis with each LBC beig given a specific amount based on tits bank guarantee. After they have purchased and delivered quality cocoa equivalent to the amount released, additional funds will be disbursed them for further for cocoa purchases.
According to COCOBOD, a rumour being speculated within the cocoa fraternity, especially among the farmers, that funds for cocoa purchase are unavailable is false. It said that it had secured in September a 1.8 billion US dollars loan for cocoa purchases for the 2016/2017 season.
It also reminded that the producer price announced by the government on Oct 1 for the 2016/2017 crop season remained at 475 cedis (about 41.50 US dollars) per bag, an amount which includes a bonus of 5.00 cedis per bag, and which represents 77.45 per cent of the net Free on Board (FOB) price of cocoa.
Farmers were advised to insist at the point of sale that they be paid 475.00 cedis per 64-kilogramme gross weight bag.
Source: NAM NEWS NETWORK