The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD) Joseph Boahen Aidoo has explained that the forward sales strategy of cocoa beans is critical to the growth and sustainability of the sector.
He made the statement in reaction to calls by some Civil Society Organisations for COCOBOD to review its forward sales of cocoa marketing system amidst soaring market prices.
Speaking to Joy Business after a visit to some farms in the Western and the Central regions, Mr. Boahen Aidoo explained that the use of forward sales is a deliberate strategy aimed at price risk mitigation and stock management.
“I am not ruling out spot for sales but it is always better to do forward sales. The buyer himself want forward sales just as the sellers. At all times, forward sales have been better than spot”.
Mr. Boahen Aidoo explained that “The situation only changed for last year due to some announcement from the World Meteorological Centre on the El Nino which caused the market to panic a bit which resulted in people raising the price of cocoa.
