The Chief Executive Officer of Ghana Cocoa Board (Cocobod), Anthony Fofie, says the country is edging closer to achieving the production target of 1 million metric tonnes of cocoa by 2012\/13.<\/p>\n
\u201cThe season is going on well \u2013 we are very close to 700,000 tonnes now,\u201d Fofie told Business Financial &Times during the launch of Cocoa Marketing Company\u2019s (CMC) 50th anniversary celebrations in Accra. Available data indicate that Cocobod purchased 693,000 metric tonnes of beans through the first 15 weeks of the 2010-11 main crop ended Feb 20, representing a 40.4 percent increase over same period last season.<\/p>\n
Cocobod management had reviewed upward its pre-season cocoa output forecast from 700,000 tonnes to 800,000 tonnes for the 2010\/11 crop year, the highest in the history of cocoa production in Ghana. Speaking at the launch, CMC Managing Director, Nana-Oduro Owusu said: \u201cOver the years, the company has adopted a forward sales and pricing strategy which makes the sale of cocoa beans in advance of and during the crop year.\u201d<\/p>\n
Nana-Oduro added that the company\u2019s success in external borrowing for trade facilities, which in the last sixteen crop years has enabled the Board finance cocoa purchases, was made possible by the collateral arrangements provided by the company by way of its forward contracts.<\/p>\n
\u201cMonies borrowed over the last sixteen years have risen from US$140 million in the 1993\/94 crop year to US$1.2 million in the 2010\/11 crop year,\u201d disclosed Nana-Oduro. According to him, the main objective of the company is to sell to the external market at the best prices obtainable and to undertake its external marketing functions in keeping with laid-down regulations.<\/p>\n
\u201cThe company believes that this will achieve high customer satisfaction and in a manner that will maximise the foreign exchange earnings for Ghana,\u201d he said. He noted that a 100,000 tonne capacity complex is nearing completion at Kedjeibi in the Western Region, to increase the current capacity to 488,000 tonnes.<\/p>\n
He appealed to Cocobod for additional warehouses to enable the company prepare adequately for the 1 million tonne production target set by the country. The launch also featured the unveiling of the company\u2019s new logo. The theme for the celebration is \u2018Cocoa Trade – Sustaining the Momentum towards Achievement of the One Million Metric Tonne Production Target\u2019. <\/p>\n
CMC is a wholly-owned subsidiary of Cocobod and has the sole responsibility for the sale and export of cocoa beans. The company is also responsible for receiving, storing, evacuating and port handling of all cocoa taken from Licenced Buying Companies. The company manages warehouses at Tema, Takoradi and Kaase in Kumasi.<\/p>\n
Meanwhile, ICE cocoa prices hit a 32-year peak on Friday as fighting intensified in top producer Ivory Coast, fuelling concerns about future cocoa supplies from the region, reports Reuters<\/p>\n
“Most of the people that we speak to are now leaving the country because it’s too dangerous,” a European trader said, adding the industry is at a standstill.<\/p>\n
The spread of clashes in the world’s top cocoa grower comes amid faltering diplomatic efforts to resolve a dispute between incumbent president Laurent Gbagbo and rival Alassane Ouattara, internationally recognised as the winner of a November election.<\/p>\n
“The (cocoa) trade is in a difficult position; on the one side Ouattara wants them to continue to buy from the farmers because they need the money, on the other Gbagbo says keep exporting because he needs the money,” plus there’s EU sanctions in place, the trader said.
The industry’s activity has become increasingly limited following a cocoa export ban imposed by Ouattara and EU sanctions against the country.<\/p>\n
Benchmark May cocoa futures traded up US$2, or 0.1 percent, at US$3,627 a tonne as at 1011 GMT. <\/p>\n<\/div>\n
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