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Buyers Shun Ghana Cocoa Over High Prices – Randy Abbey
Buyers on the international market are increasingly shying away from Ghana’s cocoa, citing higher prices compared to beans from other producing countries, the Ghana Cocoa Board (COCOBOD) has disclosed.
According to COCOBOD, more than 530,000 metric tonnes of cocoa have been sold under the current financing arrangement, but close to 50,000 metric tonnes remain unsold largely because buyers consider Ghana’s cocoa relatively expensive.
Speaking at a media briefing, COCOBOD Chief Executive Officer Randy Abbey explained that the price differential has influenced purchasing decisions, pushing some buyers to seek cheaper alternatives elsewhere.
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“The buyers now find our beans too expensive, and therefore they have shifted to other markets where they can get the beans far cheaper, because these are business decisions,” he said.
Mr Abbey noted that the situation has had knock-on effects for some farmers, particularly those who are yet to receive payment for their produce.
“We have sold over 530,000 tonnes of the crop. We have another under 50,000 that we are yet to find buyers for, and that is when the buyers started shifting,” he explained, adding that unpaid beans are likely among the unsold stock.
COCOBOD says it continues to engage stakeholders as it works to address the pricing challenge and secure buyers for the remaining cocoa.
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