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Stakeholders in the Ghana’s Cocoa trade have agreed an average 5 per cent increment in the basic freight rate for the 2024/2025 cocoa season.
The stakeholders, which include Cocoa Marketing Company (CMC), Ghana Shippers’ Authority (GSA), and 17 shipping lines, reached the agreement after a successful negotiations.
However, the Bunker (Fuel) Adjustment Factor (BAF) remains the same as last year.
The new rates, based on last year’s negotiations, will come into effect on October 1, 2024.
The Chief Executive Officer of the Ghana Shippers’ Authority, Kwesi Baffour Sarpong, who disclosed this in an interview in Accra yesterday said the agreement provided stability for Ghana’s cocoa export sector, which is crucial to the nation’s economy.
The shipping rates for cocoa per tonne to various global destinations for the 2024/2025 season are €56.72 to Northern Europe, €64.83 to Estonia, €63.67 to Mediterranean Europe, between US$105.46 and US$111.39 to the Far East, and US$122.05 to Brazil.
Mr Sarpong stated that the primary factors influencing the decision were global market conditions impacting shipping and logistics worldwide.
Additionally, he said maintaining competitive freight rates for Ghana’s cocoa, particularly in light of increasing competition from neighboring countries was a key consideration.
Some of the shipping lines involved in the negotiations included Arkas Line, Maersk Line, Mediterranean Shipping Company, Gold Star, ZIM Shipping Lines, Grimaldi, Messina Lines, Pacific International Line (PIL), UNICARGO, Breadbox Shipping Lines, and Orient Overseas Container Line (OOCL).
Mr Sarpong expressed his gratitude to the shipping lines for their ongoing partnership with Ghana.
He commended them for their vital role in facilitating international trade, acting as trusted intermediaries between the Cocoa Marketing Company and global buyers.
He also highlighted that despite the Western Region being the primary source of the nation’s cocoa, many shipping lines have been reluctant to call at the Takoradi Port to transport the commodity.
He, however, stated that with YilPort’s recent commencement of operations at the Takoradi Port, he is optimistic that the situation would improve.
“With YilPort’s entry, which brings advanced technology, efficient handling systems, and international expertise, the cocoa export process will become more streamlined and quicker,” he told the media.
He further added that, “The improved port infrastructure and services provided by YilPort are expected to reduce delays, minimize costs, and ensure that cocoa shipments reach their global destinations in optimal condition. This development will not only bolster Ghana’s cocoa trade but also reinforce the country’s reputation as a reliable exporter on the global stage.”
He also expressed gratitude to the Minister of Transport (MoT), Mr Kwaku Ofori Asiamah, and the ministry for their guidance throughout the process.
The Cocoa Freight Negotiation is an essential annual event that brings together key stakeholders in Ghana’s cocoa export sector.
The primary aim of these negotiations is to agree on freight rates for the upcoming cocoa season. These rates are critical as they influence the cost of transporting cocoa beans from Ghana globally.
The event is important for maintaining Ghana’s competitiveness in the global cocoa market, especially given the stiff competition from neighboring West African countries like Côte d’Ivoire.
The success of these negotiations is crucial for both Ghana’s cocoa sector and the shipping lines, as it ensures a smooth and cost-effective export process for one of the country’s most valuable commodities.
BY TIMES REPORTER
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