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The 2020/2021 Cocoa Freight Negotiations opened in Accra on Thursday with the Ghana Shippers' Authority assuring of its determination to negotiate competitive freight rates for ferrying Ghana's cocoa to the international markets.

The Cocoa Freight Negotiations, an annual event organised by industry players, is taking place in Ghana for the second time.

It brought together key stakeholders including the GSA, Cocoa Marketing Company, shipping lines, Ghana Ports and Harbour Authority, Ship Owners and Agents Association, marine insurance brokers and marine cargo surveyors.

Speaking at the opening ceremony in Accra on Thursday, Ms Benonita Bismarck, the Chief Executive of GSA, said the stakeholders would consider some factors including global freight and Bunker rates before fixing cocoa freight rates that would be mutually acceptable by all.

She noted that some shipping lines had already submitted proposals on the cocoa freight rates, however, there would be one-on-one dialogue to ensure that the freight rates were in the national interest.

"We shall ensure a cost-effective way to buy and ship Ghana's cocoa and shipping lines are obliged to comply by the freight rates when we agree on it," Ms Bismarck added.

Ms Bismarck observed that the global COVID-19 pandemic adversely affected shipping business activities with bunker prices slightly lower and freight rates stable.

Due to the pandemic, she said, Ghana's Transport Minister, Kwaku Ofori Asiama brought up an appeal on behalf of the government for shipping lines to waive off demurrage charges, which were agreed by the shipping lines to ameliorate the suffering of importers.