We did not peddle lies about forward sales – COCOBOD replies Minority

Cocoa regulator, COCOBOD, has dismissed claims made by the Minority in Parliament which suggested that its CEO, Joseph Boahen Aidoo had peddled falsehood about cocoa forward sales.

In a statement issued by COCOBOD and sighted by GhanWeb Business, the regulator clarified that it adopted a rather diverse measure to cocoa sales, utilizing forward, spot and prepayment strategies based on market dynamics, funding and collateral requirements.

“The use of forward sales is a deliberate strategy aimed at price risk mitigation and stock management,” COCOBOD stated.

The statement further said despite the assertions made by the Minority, an allocation of 338,600 metric tonnes of cocoa, serving as a guarantee for the syndication loan agreement, does not indicate that the remaining quantity will either be sold or had been sold at spot prices.

It also clarified that at the time where producer price for the 2023/2024 crop season was determined by COCOBOD, a substantial portion of cocoa had already been sold.

Meanwhile, the Ghana COCOBOD concluded that “the statement by the CEO is accurate and cannot be described as a lie.”

MA/SA

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