Cocobod To Investigate Shortfall Of 70,000 Tonnes

The Ghana Cocobod has begun investigations into a shortfall of about 70,000 tonnes of beans between official cocoa purchases and its inventory. An official of the Cocobod told Reuters after buyers reported inflated volumes of cocoa beans. A fall in cocoa output, combined with tight credit conditions, could have contributed to local buyers overstating cocoa purchases in order to gain advance funding. The government has a monopoly over the export of cocoa beans, but domestic purchasing of beans is carried out by licensed buying companies. They pay a fixed price to cocoa farmers before selling to Cocobod. However, there is usually a delay between official purchases and warehouse stocks as it takes time from when cocoa is bought for it to be graded and sealed. But traders say the time difference for this season is wider than usual.