You are here:

Ghana to contend with cocoa smuggling

cocoa smugglingThe Managing Director of Cargill Ghana Ltd Kojo Amoo-Gottfried has hinted that the rate at which the cedi is depreciating against other foreign currencies is becoming a threat to Ghana’s cocoa sector as more people are smuggling cocoa beans to neighboring Ivory Coast.

As of November last year, the cedi had lost 17 percent to the US dollar on the forex market, compared to 16.2 percent depreciation by the South African rand.

The cedi has already depreciated by three per cent against the major international currencies in January this year.

The US dollar, which used to sell on the local foreign exchange market for GH¢2.20 before the 2013 Christmas, is now selling at GH¢2.60, while the British pound, which used to be sold for about GH¢3, is now selling at GH¢4.20.

According to Mr. Amoo- Gottfried, THE Ivorian CEFA is more stable because it is linked to the euro, so people smuggle cocoa from Ghana to Ivory Coast to ensure that got value for their money.

“Most cocoa farmers around border towns are smuggling the cocoa beans to the various neigbouring countries to get value for their cocoa rather than selling them in Ghana,” he said.

He however believes the cocoa sector is doing well and has a brighter future as compared to some other countries, but fears the depreciation of the currency can destroy the sector.

Amoo-Gottfried said government must work hard to stabilize the cedi against other foreign currencies to help cocoa farmers enjoy value for their produce.

Source: Myjoyonline

Do you have a story or an article to publish? Please email us at [email protected].

Posted by: Ghana News -SpyGhana.com

Spyghana.com is a premier news source that covers daily news of Ghana, Africa and the World over.

Related articles
 

Leave a Reply
 

Your email address will not be published. Required fields are marked (*)

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Get in touch
 

Spyghana.com is a premier news source that covers daily news of Ghana, Africa and the World over. Today, the site is updated 24 hours a day, seven days a week with follow-ups and breaking news, as well as original reporting, entertainment and sports. And our traffic has grown accordingly.

Recent Comments
 

  • ghana / 2014-07-30 19:35:41

    Point of correction, the NDC government has not created anything yet. They're masters of looting ....

  • Mark / 2014-07-30 18:08:38

    This article about Vidal , is a complete load of rubbish. The obviousness in the bias towards...

Photo on Flickr
 

    Back to Top