Shippers cut Ghana’s cocoa export freight by 9.4 per cent



Shippers ferrying Ghana’s cocoa exports to Europe will cut their freight charges by 9.4 per cent for the October-September season to compensate the country for recent global bean price falls, Benonita Bismarck, head of the Ghana Shippers Authority, has said.

He said from yesterday, shippers would charge 35 pounds per tonne for cocoa shipments to Europe, compared with the 39 pounds its members received in the previous season.

“The reduction in the tariffs was mainly due to recent price volatilities in global cocoa prices. The price of cocoa is down by 40 per cent so we think a 9.4 per cent reduction somehow compensates for it,” she told reporters at the end of a negotiation meeting in Accra.

Ghana, lost around 2 billion cedis ($410 mln) last year due to a sharp fall in global bean prices.

The country operates a two-cycle cocoa season consisting of the main crop, which is mainly exported to Europe at a premium, and a light crop harvest which is discounted by around 20 per cent to local grinders.

At least 700,000 tonnes of premium beans from the main crop harvest is exported annually, the cocoa marketing company said. Reuters

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